Last checked at 17 Mar 2017 12:10
This announcement contains inside information
Frontier IP Group
("Frontier IP" or the "Company")
Placing to raise £3 million
Frontier IP, which specialises in the commercialisation of intellectual property, is pleased to advise that it has successfully completed a placing to raise gross proceeds of £3 million (the "Placing") through the issue of 7,500,000 ordinary shares of 10 pence (the "Placing Shares") at 40 pence per Placing Share (the "Placing Price").
The net proceeds of the Placing will be utilised to accelerate the Company's growth and to develop and expand its resourcing in areas of key activity, both in the UK and overseas. This fundraising will enable the Company to continue to develop and grow its portfolio, key relationships and allied advisory roles.
The Placing was conducted by the Company's nominated adviser and joint broker, Cenkos Securities plc.
Application has been made for the Placing Shares, which will rank pari passu with the existing ordinary shares in the Company, to be admitted to trading on AIM. Admission is expected to take place on 22 March 2017.
Following the transaction, the Company's total issued share capital will comprise 38,278,520 ordinary shares, each with voting rights. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, securities of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Neil Crabb, Chief Executive Officer of Frontier IP, commented:
"We are delighted to announce the successful completion of this fundraising, which was over-subscribed, and welcome the support of both existing and new investors. Frontier IP is now well-positioned to accelerate its growth through the development of its existing portfolio and the identification and development of new opportunities in the UK and beyond."
For further information:
Frontier IP Group Plc | T: 0131 240 1251 |
Neil Crabb, Chief Executive Company website: www.frontierip.co.uk |
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Cenkos Securities plc (Nominated Adviser and Joint Broker) | T: 0131 220 6939 |
Neil McDonald / Beth McKiernan |
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Peterhouse Corporate Finance Limited (Joint Broker) | T: 020 7469 0935 |
Lucy Williams |
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Kreab (Financial PR) | T: 020 7074 1800 |
Robert Speed / Matthew Jervois |
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Notes to Editor
About Frontier IP Group plc
www.frontierip.co.uk
Frontier IP specialises in assisting institutions and companies in the commercialisation and exploitation of their intellectual property. It establishes formal and informal relationships with sources of exploitable IP, principally universities. Its core business is building and growing a portfolio of equity stakes in spin-out companies by taking an active involvement in the commercialisation and funding of these businesses.