Last checked at 23 Jun 2021 07:00
Draper Esprit plc (the "Company" or "Draper")
Notification of proposed admission to the Main Markets and cancellation of trading on AIM and Euronext Growth
At the time that the Company announced its full year results on 14 June 2021, Draper (dual listed, AIM: GROW, Euronext Growth: GRW), a leading venture capital firm investing in and developing high growth digital technology businesses, stated that preparations to move its listing to the premium listing segment of the Official List of the Financial Conduct Authority and the secondary listing segment of the official list of the Irish Stock Exchange plc, trading as Euronext Dublin ("Euronext Dublin") and to trading its ordinary shares (the "Ordinary Shares") on London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities and the regulated market of Euronext Dublin (the "Main Markets") (together "Admission"), were well advanced.
The Company directors believe that the Company is now of a size and scale to justify its migration from the AIM market of the London Stock Exchange ("AIM") and the Euronext Growth Market to the Main Markets. The Company has a proven track record and an ambitious asset management strategy focused on accelerating its support to UK and European high-growth technology businesses in need of longer term investment which the Company is able to provide via its balance sheet and a growing base of third party funds. The Company directors believe that Admission will further enhance the Company's profile and brand recognition with investee companies, extend the Company's shareholder base to a wider group of institutional investors, assist in the recruitment, retention and incentivisation of all employees; and support the Company's growth strategy.
The Company hereby gives notice of the intended cancellation of trading of its Ordinary Shares on AIM and the Euronext Growth Market.
Admission will be through an introduction of the existing Ordinary Shares. The Company is not offering any new Ordinary Shares nor any other securities in connection with the proposed Admission or the publication of the related prospectus. It is expected that the Company will publish its prospectus in connection with Admission on or around 15 July 2021 and it is expected that Admission will occur no earlier than 21 July 2021. Trading in the Ordinary Shares on AIM and Euronext Growth will be cancelled simultaneously with Admission. The Ordinary Shares will continue to be registered with their existing ISIN number GB00BY7QYJ50. The Company's ticker symbol in the UK will continue to be GROW and in Ireland will continue to be GRW. On Admission, there will be 152,999,853 Ordinary Shares in issue. The prospectus will, when issued, be made available on the Company's website at www.draperesprit.com.
The Company's existing shareholders should consult their own tax advisers as to the tax implications of the Company's proposed move to the Main Markets.
Further announcements will be made in due course.
Enquiries
Draper Esprit plc Martin Davis (Chief Executive Officer) Ben Wilkinson (Chief Financial Officer)
| +44 (0)20 7931 8800 |
Numis Securities Nominated Adviser & Joint Broker Simon Willis Richard Thomas Jamie Loughborough
| +44 (0)20 7260 1000 |
Goodbody Stockbrokers Euronext Growth Adviser & Joint Broker Don Harrington Charlotte Craigie Linda Clarke
| +44 (0) 20 3841 6202 |
Powerscourt Public relations Elly Williamson Jane Glover | +44 (0)7970 246 725 / +44 (0)7713 246 126 |
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in Europe, investing in disruptive, high growth technology companies. We believe the best entrepreneurs in Europe are capable of building the global businesses of the future. We fuel their growth with long-term capital, access to international networks and decades of experience building businesses.
Currently, Draper Esprit is a shareholder in a diverse portfolio of 71 companies with 17 of those part of our core portfolio representing c.68% of Gross Portfolio Value. Our core companies include UiPath, Aircall, Graphcore and Revolut. We invest across four sectors: Consumer Technology, Enterprise Technology, Hardware and Deeptech, and Digital Health and Wellness, with highly experienced partners constantly looking for new opportunities in each. We look for high growth companies with strong IP, powerful technology, and the management teams to deliver success. They operate in new markets, with serious potential for global expansion. We also look for businesses with the potential to generate strong margins to ensure rapid, sustainable growth in substantial addressable markets.
Draper Esprit provides an opportunity for public market investors to access these fast-growing tech businesses, without having to commit to long term investments with limited liquidity. Since IPO in June 2016, we have deployed circa £550m+ capital into fast growing technology companies and have realised over £300m. We raised gross proceeds in October 2020 and June 2021 (c.£110m and £111m respectively) to help us capitalise on a European VC market which is expanding rapidly but is still less than one quarter of the combined size of the US and European market by value. It will also allow us to capitalise on the transition to a digital future that has been given added impetus as a result of the recent pandemic.
For more information, go to https://draperesprit.com/