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Frontier IP goes to 20% premium

Mon, 31st Jan 2011 18:12

Frontier IP has gone to a 20% premium to its placing price by the end of the first day's dealings on AIM. The intellectual property developer raised £1m gross from a placing at 50p a share as part of its move from Plus-quoted to AIM. The shares closed the first day at 60p each. That values Frontier IP at £4.18m. Frontier IP is an intellectual property developer with relationships with the University of Dundee and Robert Gordon University in Aberdeen. It takes stakes in companies set up to exploit technology developed at the two universities. There are plans to link up with other universities. The company joined Plus-quoted in May 2009. The original Plus-quoted flotation price was 100p a share - 1p a share prior to a 100-for-one consolidation in December 2010 - when the business reversed into Plus-quoted shell ARH Leisure Management. At that time £630,000 was raised. The net proceeds of the latest placing are £800,000 and they will be used to invest in these university spin-offs and funds set up to invest in these types of business. There was still £330,000 in the bank at the end of June 2010.Frontier IP currently has stakes in seven spin-offs. Those held at the end of June 2010 were valued in the balance sheet at £179,000.AIM-quoted asset manager Sigma Capital's stake in Frontier IP has been reduced from 77.4% to 46.7%. This means Sigma will no longer consolidate Frontier IP's results and Frontier IP will be eligible for VCT and EIS investment. IP Group has taken a 7% stake in Frontier IP.

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