(correcting that Mercia received GBP4.8 million for selling stake in Native Antigen.)
Mercia Asset Management PLC - regionally-focused specialist asset manager - Nets GBP4.8 million from stake in Native Antigen Co Ltd after company sold to LGC, a global leader in the life sciences tools sector, for a total cash consideration of up to GBP18.0 million.
Mercia held a 29.4% fully diluted direct holding in NAC and will receive initial cash proceeds of GBP4.8 million, with up to a further GBP0.4 million receivable upon finalisation of customary closing working capital calculations.
"Keeping to our commitment of realising balance sheet investments within a three to seven-year period from initial investment, NAC is the fourth full cash exit from our direct investment portfolio. It has been an excellent investment for Mercia and this sale is a strong demonstration of the value which our differentiated model can create; for investors in our managed funds, shareholders in Mercia and the founders we back. NAC is an example of an innovative regional business sourced through Mercia's network, supported initially by our managed fund capital and then scaled using our own balance sheet capital," said Mercia Chief Executive Mark Payton.
Current stock price: 19.75 pence
Year-to-date change: down 24%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
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Mercia Asset (MERC)