.1 May 2020 08:33
("Tekcapital" or the "Company")
Conditional Placing to raise £925,000
Notice of General Meeting
Tekcapital plc, (AIM: TEK) the UK intellectual property investment group focused on creating marketplace value from investing in university technology, announces that it has conditionally raised a total of £925,000 (US$1.15 million) (before expenses) by way of the issue of, in aggregate, 9,250,000 new ordinary shares of 0.4 pence each in the Company (the "New Ordinary Shares"), at 10 pence per share (the "Placing Price") (together, the "Placing").
Key Highlights:
- £925,000 (US$1.15 million) (before expenses) raised by means of a conditional fundraise through the issue of, in aggregate 9,250,000 Placing Shares at 10 pence per share.
- Funds raised will primarily be committed to Tekcapital's portfolio of companies and to provide additional working capital for the Company.
- The Placing Price represents a discount of approximately 13 per cent. to the closing mid-market price of 11.5 pence on 30 April 2020, being the last trading day prior to the release of this announcement of the Placing.
- The Placing Shares will represent approximately 11.78 per cent. of the Existing Ordinary Shares and will, when issued, represent approximately 10.54 per cent. of the Enlarged Share Capital.
- The Placing, details of which are set out below, was undertaken by the Company's broker SP Angel Corporate Finance LLP.
- The Placing will be subject to Tekcapital's shareholders' approval at a general meeting (the "General Meeting") to be at 10.00a.m. on 19 May 2020.
- A Circular which sets out details of the conditional Placing and also includes a Notice of General Meeting will be sent to shareholders later today (the "Circular").
- Certain Directors who hold Existing Ordinary Shares have irrevocably undertaken to vote in favour of the Resolutions, in respect of their shares, representing 11 per cent of the Existing Ordinary Shares.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc commented:
"We are pleased to announce the completion of this placing as it will enable us to accelerate the further development of our portfolio companies."