Molten Ventures Regulatory News (GROW)

THIS ANNOUNCEMENT, INCLUDING THE APPENDIX (TOGETHER, THE "ANNOUNCEMENT") AND THE INFORMATION IN IT, IS RESTRICTED, AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT HAS BEEN ISSUED BY AND IS THE SOLE RESPONSIBILITY OF THE COMPANY.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND IS NOT AN OFFER FOR SALE OR SUBSCRIPTION IN ANY JURISDICTION IN WHICH SUCH OFFER, SOLICITATION OR SALE WOULD BE UNLAWFUL UNDER THE SECURITIES LAWS OF ANY SUCH JURISDICTION. THIS ANNOUNCEMENT IS NOT AN OFFER OF OR SOLICITATION TO PURCHASE OR SUBSCRIBE FOR SECURITIES IN THE UNITED STATES.

This announcement contains inside information.

Draper Esprit plc

("Draper Esprit" or the "Company")

COMPLETION OF AN OVERSUBSCRIBED PLACING AND SUBSCRIPTION RAISING £115 MILLION

Draper Esprit (AIM: GROW, ESM: GRW), a leading venture capital firm involved in the creation, funding and development of high-growth digital technology businesses across Europe, is pleased to announce that, further to the announcement made earlier today, it has secured funding commitments to raise gross proceeds of £115 million at an issue price of 420 pence per share (the "Issue Price") by way of the conditional placing of 20,238,095 new Ordinary Shares (the "Placing Shares") and a subscription of 7,142,857 new Ordinary Shares (the "Subscription Shares"). The Placing was oversubscribed.

The allotment of the Placing Shares and Subscription Shares is conditional, inter alia, upon the Company obtaining approval of the Shareholders at a general meeting of the Company to be convened for 10.00 a.m. on 13 June 2018 (the "General Meeting") to grant the Directors the authority to allot the Placing Shares and Subscription Shares and to dis-apply statutory pre-emption rights which would otherwise apply to such allotment.

Enquiries

EXPECTED TIMETABLE

Notes:

The Placing and the Subscription

20,238,095 Placing Shares have been placed with new and existing institutional investors at the Issue Price and 7,142,857 Subscription Shares have been subscribed for by BBI at the Issue Price to raise aggregate gross proceeds of £115 million. Neither the Placing nor the Subscription is underwritten by Numis and Goodbody. The New Ordinary Shares will represent approximately 27.7 per cent. of the Enlarged Share Capital.

The Placing and the Subscription are conditional, inter alia, on the approval of Resolutions 1 and 2 at the General Meeting of the Company to be held at the offices of Gowling WLG (UK) LLP, 4 More London Riverside, London SE1 2AU, at 10.00 a.m. on 13 June 2018 and upon Admission of the Placing Shares and Subscription Shares to trading on AIM and ESM. It is expected that Admission will occur at 8.00 a.m. on 14 June 2018.

The Placing Agreement

Pursuant to the terms of the Placing Agreement, Numis and Goodbody have agreed, subject to certain conditions, to use their reasonable endeavours to place the Placing Shares at the Issue Price.

The Placing Agreement contains certain warranties from the Company in favour of Numis and Goodbody in relation to, inter alia, certain matters relating to the Company and its business. In addition, the Company has agreed to indemnify Numis and Goodbody in relation to certain liabilities either may incur in respect of the Placing. Numis and Goodbody have the right to terminate the Placing Agreement in certain circumstances prior to Admission including, without limitation, in the event of a material breach by the Company of its obligations under the Placing Agreement, the occurrence of certain force majeure events or a material adverse change in the financial condition of the Group. The Placing Agreement is also subject to various conditions including the Subscription Agreement becoming, in all other respects, unconditional. Neither the Placing nor the Subscription is being underwritten.

In consideration for their services in relation to the Placing and Admission and conditional upon completion of the Placing, Numis and Goodbody will be paid a commission based on the aggregate value of the Placing Shares at the Issue Price.

The Subscription agreement

Pursuant to the Subscription Agreement, BBI has agreed to subscribe for 7,142,857 Subscription Shares at the Issue Price. The Subscription is conditional, inter alia, on: (i) the passing of Resolutions 1 and 2 at the General Meeting; (ii) Admission occurring by not later than 8.00 a.m. on 14 June 2018 (or by such later time and/or date as agreed between the parties but in any event not later than 8.00 a.m. on 30 June 2018); (iii) the Placing Agreement becoming unconditional, save for any condition relating to the Subscription Agreement or to Admission; and (iv) the Company raising at least £60 million in aggregate through the issue and allotment of new Ordinary Shares which are the subject of Admission comprising at least £30 million by private investors.

The Company has undertaken, subject to the availability of suitable investment opportunities, under the Subscription Agreement to procure that during the period from Admission to the fourth anniversary of Admission, the amount invested by the Company, its subsidiaries and subsidiary undertakings into companies which are incorporated and headquartered in the UK and/or companies with substantial operations located in the UK, will be at least £60 million, subject to compliance, in the reasonable opinion of the Directors, with the Company's investing policy and provided that nothing shall require the Directors to breach their fiduciary or statutory duties to the Company.

Admission and dealings

Application will be made to the London Stock Exchange and the Irish Stock Exchange (trading as Euronext Dublin) for the New Ordinary Shares to be admitted to trading on AIM and ESM respectively. The New Ordinary Shares will, when issued, rank pari passu in all respects with the Existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid following Admission.

It is expected that Admission will become effective and that dealings in the New Ordinary Shares will commence at 8.00 a.m. on 14 June 2018.

related party transactionS

Invesco Perpetual has conditionally subscribed for 6,571,428 Placing Shares at the Issue Price which constitutes a related party transaction pursuant to the AIM Rules and the ESM Rules.

The Directors consider, having consulted with Numis (the Company's nominated adviser) and Goodbody (the Company's ESM adviser), that the terms of the subscription by Invesco Perpetual are fair and reasonable insofar as the Shareholders are concerned.

General Meeting

A notice convening the General Meeting to be held at the offices of Gowling WLG (UK) LLP, 4 More London Riverside, London SE1 2AU, at 10.00 a.m. on 13 June 2018 will be sent to Shareholders later today. At the General Meeting, the following Resolutions will be proposed:

Resolutions relating to the Placing and the Subscription (Resolutions 1 and 2)

Resolutions 1 and 2 will be proposed to grant the Directors the authority to allot the New Ordinary Shares (which are equivalent to approximately 27.7 per cent. of the Enlarged Share Capital) without first offering them to existing Shareholders on a pre-emptive basis.

The Directors believe it would not be in the Shareholders' best interests to incur the significant additional expense that would be required to implement a fully pre-emptive offer of Ordinary Shares to Shareholders. The Directors have therefore concluded that seeking general authority from Shareholders to issue the New Ordinary Shares other than on a pre-emptive basis is the most flexible and cost effective method available to the Company.

Resolutions relating to general authority to allot Ordinary Shares and waiver of pre-emption rights (Resolutions 3, 4 and 5)

Resolution 3 will, if passed, renew the Company's general authority to allot equity securities up to an aggregate nominal amount of £326,676.00 representing approximately 33 per cent of the Company's issued ordinary share capital, but reflecting the increased number of Ordinary Shares comprised in the Enlarged Share Capital, without first offering them to existing Shareholders on a pre-emptive basis.

Resolutions 4 and 5 will, if passed, renew the Company's general authorities on a non-pre-emptive basis at (i) 5 per cent. of the Company's issued ordinary share capital, but reflecting the increased number of Ordinary Shares comprised in the Enlarged Share Capital, and (ii) an additional 5 per cent. of the Company's issued ordinary share capital, but reflecting the increased number of Ordinary Shares comprised in the Enlarged Share Capital.

The authority sought under these Resolutions will expire at the earlier of the conclusion of the annual general meeting of the Company in 2018 and 30 September 2018.

IMPORTANT NOTICE

The information contained in this announcement is for information purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy, fairness or completeness.

This announcement does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, Ordinary Shares in any jurisdiction. The offer and sale of Ordinary Shares has not been and will not be registered under the applicable securities laws of Canada, Australia, Japan, New Zealand or the Republic of South Africa. Subject to certain exemptions, the Shares may not be offered to or sold within Canada, Australia, Japan, New Zealand or the Republic of South Africa or to any national, resident or citizen of Canada, Australia, Japan, New Zealand or the Republic of South Africa.

The Ordinary Shares have not been, and will not be, registered under the Securities Act, or the securities laws of any other jurisdiction of the United States. The Ordinary Shares may not be offered or sold, directly or indirectly, in or into the United States (except pursuant to an exemption from, or a transaction not subject to, the registration requirements of the Securities Act). No public offering of the Ordinary Shares is being made in the United States. The Ordinary Shares are being offered and sold only outside the United States in "offshore transactions" within the meaning of, and in reliance on, Regulation S under the Securities Act.

The Ordinary Shares have not been approved or disapproved by the United States Securities and Exchange Commission, any state securities commission in the United States or any other regulatory authority in the United States, nor have any of the foregoing authorities passed on or endorsed the merits of the Placing or the accuracy or adequacy of the information contained in this announcement. Any representation to the contrary is a criminal offence in the United States.

The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, Japan or the Republic of South Africa and, subject to certain exceptions, may not be offered or sold within Australia, Canada, Japan or the Republic of South Africa or to any national, resident or citizen of Australia, Canada, Japan or the Republic of South Africa.

The distribution of this announcement outside the UK and Ireland may be restricted by law. No action has been taken by the Company, Numis or Goodbody that would permit (i) a public offer of Ordinary Shares in any jurisdiction or (ii) possession of this announcement in any jurisdiction outside the UK and Ireland, where action for that purpose is required. Persons outside the UK and Ireland who come into possession of this announcement should inform themselves about the distribution of this announcement in their particular jurisdiction. Failure to comply with those restrictions may constitute a violation of the securities laws of such jurisdiction.

Numis, which is a member of the London Stock Exchange, is authorised and regulated in the UK by the FCA and is acting as nominated adviser to the Company for the purposes of the AIM Rules and as joint broker to the Company in connection with the Placing. Numis is not acting for, and will not be responsible to, any person other than the Company for providing the protections afforded to its customers or for advising any other person on the contents of this announcement or on any transaction or arrangement referred to in this announcement. Numis' responsibilities as the Company's nominated adviser under the AIM Rules are owed solely to the London Stock Exchange and are not owed to the Company, any Director or to any other person. No representation or warranty, express or implied, is made by Numis as to, and no liability is accepted by Numis in respect of, any of the contents of this announcement.

Goodbody, which is authorised and regulated by the Central Bank of Ireland, is acting as ESM Adviser for the purposes of the ESM Rules and joint broker to the Company. Persons receiving this announcement should note that Goodbody is acting exclusively for the Company in connection with the Placing and is not acting for any other person and will not be responsible to any person for providing the protections afforded to customers of Goodbody or for advising any other person in connection with the Placing. Goodbody's responsibilities as the Company's ESM Adviser and broker under the ESM Rules are owed solely to the Irish Stock Exchange (trading as Euronext Dublin) and are not owed to any other person. No representation or warranty, express or implied, is made by Goodbody as to, and no liability is accepted by Goodbody in respect of, any of the contents of this announcement.

FORWARD-LOOKING STATEMENTS

This announcement contains (or may contain) certain forward-looking statements with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition and performance and which involve a number of risks and uncertainties. The Company cautions readers that no forward-looking statement is a guarantee of future performance and that actual results could differ materially from those contained in the forward-looking statements. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "predict" or other words of similar meaning. Examples of forward-looking statements include, amongst others, statements regarding or which make assumptions in respect of the planned use of the proceeds of the Placing and the Subscription, the Group's liquidity position, the future performance of the Group, future interest rates and currency controls, the Group's future financial position, plans and objectives for future operations and any other statements that are not historical fact. By their nature, forward-looking statements involve risk and uncertainty because they relate to future events and circumstances, including, but not limited to, economic and business conditions, the effects of continued volatility in credit markets, market-related risks such as changes in interest rates and foreign exchanges rates, the policies and actions of governmental and regulatory authorities, changes in legislation, the further development of standards and interpretations under IFRS applicable to past, current and future periods, evolving practices with regard to the interpretation and application of standards under IFRS, the outcome of pending and future litigation or regulatory investigations, the success of future acquisitions and other strategic transactions and the impact of competition. A number of these factors are beyond the Company's control. As a result, the Company's actual future results may differ materially from the plans, goals, and expectations set forth in the Company's forward-looking statements. Any forward-looking statements made in this announcement by or on behalf of the Company speak only as of the date they are made. These forward looking statements reflect the Company's judgement at the date of this announcement and are not intended to give any assurance as to future results. Except as required by the FCA, the London Stock Exchange, the Irish Stock Exchange (trading as Euronext Dublin), the AIM Rules, the ESM Rules or applicable law, the Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

INFORMATION TO DISTRIBUTORS

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the Placing Shares have been subject to a product approval process, which has determined that the Placing Shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, distributors should note that: the price of the Placing Shares may decline and investors could lose all or part of their investment; the Placing Shares offer no guaranteed income and no capital protection; and an investment in the Placing Shares is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Placing. Furthermore, it is noted that, notwithstanding the Target Market Assessment, Numis and Goodbody have only procured investors who meet the criteria of professional clients and eligible counterparties.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the Placing Shares.

Each distributor is responsible for undertaking its own target market assessment in respect of the Placing Shares and determining appropriate distribution channels.

DEFINITIONS

The following definitions apply throughout this announcement, unless the context requires otherwise: