Last checked at 14 Jun 2021 07:02
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO THE UNITED STATES, CANANDA OR JAPAN.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE UK VERSION OF MARKET ABUSE REGULATION (EU) 596/2014 WHICH IS PART OF UK LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY, AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY SECURITIES OF DRAPER ESPRIT PLC.
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.
THIS ANNOUNCEMENT AMOUNTS TO A FINANCIAL PROMOTION FOR THE PURPOSES OF SECTION 21 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 ("FSMA") AND HAS BEEN APPROVED BY PRIMARYBID LIMITED WHICH IS AUTHORISED AND REGULATED BY THE FINANCIAL CONDUCT AUTHORITY (FRN 779021)
14 June 2021
Draper Esprit plc
("Draper Esprit" or the "Company")
PrimaryBid Offer
Draper Esprit (AIM: GROW, Euronext Growth: GRO), a leading venture capital firm investing in some of Europe's fastest growing private technology companies, is pleased to announce a conditional offer for subscription via PrimaryBid (the "PrimaryBid Offer") of up to 603,500 new ordinary shares of 1 pence each in the Company ("PrimaryBid Shares") at an issue price of 800 pence per PrimaryBid Share (the "Placing Price"), being a discount of 4.6 per cent to the closing mid-price on 11 June 2021. The Company is also conducting a placing of new ordinary shares at the Placing Price by way of an accelerated bookbuild process (the "Placing") as announced earlier today.
The PrimaryBid Offer and the Placing are conditional on the new ordinary shares to be issued pursuant to the PrimaryBid Offer and the Placing being admitted to trading on AIM and the Euronext Growth Market ("Admission"). Admission is expected to be take place at 8.00 a.m. on 16 June 2021. The PrimaryBid Offer will not be completed without the Placing also being completed.
The Company will use the funds raised to:
Direct follow on and new deal flow | · Direct follow-on opportunities which Draper Esprit has already identified within its core portfolio and emerging companies as well as new deal flow |
Larger rounds | · As European technology companies continue to mirror US investment trends, Draper Esprit wants to be able to lead more often in larger rounds as a result of its strong balance sheet and co-investment structure
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Fund of Funds programme | · Draper Esprit will continue to support seed funds within the existing portfolio and identify other strong seed fund teams to back across Europe · This allows the Company to identify potential deal-flow opportunities from within its seed stage portfolio
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The Company is a shareholder in PrimaryBid.
PrimaryBid Offer
The Company values its retail investor base and is therefore pleased to provide private and other investors in the UK with the opportunity to participate in the PrimaryBid Offer by applying exclusively through the PrimaryBid mobile app available on the Apple App Store and Google Play. PrimaryBid does not charge investors any commission for this service.
The PrimaryBid Offer, via the PrimaryBid mobile app, will be open to individual and institutional investors in the UK following the release of this announcement. The PrimaryBid Offer is expected to close no later than 12.00 noon on 14 June 2021. The PrimaryBid Offer may close early if it is oversubscribed.
The Company reserves the right to scale back any order at its discretion. The Company and PrimaryBid reserve the right to reject any application for subscription under the PrimaryBid Offer without giving any reason for such rejection.
No commission is charged to investors on applications to participate in the PrimaryBid Offer made through PrimaryBid. It is vital to note that once an application for PrimaryBid Shares has been made and accepted via PrimaryBid, an application cannot be withdrawn.
It is a term of the PrimaryBid Offer that the total value of the PrimaryBid Shares available for subscription at the Placing Price does not exceed the Sterling equivalent of €8 million.
For further information on PrimaryBid or the procedure for applications under the PrimaryBid Offer, visit www.PrimaryBid.com or email PrimaryBid at enquiries@primarybid.com.
The PrimaryBid Shares will be issued free of all liens, charges and encumbrances and will, when issued and fully paid, rank pari passu in all respects with the Company's existing ordinary shares.
Draper Esprit plc Martin Davis (Chief Executive Officer) Ben Wilkinson (Chief Financial Officer) | +44 (0)20 7931 8800 |
PrimaryBid Limited Fahim Chowdhury / James Deal | enquiries@primarybid.com |
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Details of the PrimaryBid Offer
The Company highly values its retail investor base which has supported the Company alongside institutional investors over several years. Given the longstanding support of retail shareholders, the Company believes that it is appropriate to provide retail and other interested investors in the UK the opportunity to participate in the PrimaryBid Offer. The Company is therefore making the PrimaryBid Offer available in the UK exclusively through the PrimaryBid mobile app.
The PrimaryBid Offer is offered under the exemptions against the need for a prospectus allowed under the Prospectus Rules. As such, there is no need for publication of a prospectus pursuant to the Prospectus Rules, or for approval of the same by the Financial Conduct Authority. The PrimaryBid Offer is not being made into any jurisdiction other than the United Kingdom.
There is a minimum subscription of £250 per investor under the terms of the PrimaryBid Offer which is open to existing shareholders and other investors in the UK subscribing via the PrimaryBid mobile app.
For further details please refer to the PrimaryBid website at www.PrimaryBid.com. The terms and conditions on which the PrimaryBid Offer is made, including the procedure for application and payment for PrimaryBid Shares, is available to all persons in the UK who register with PrimaryBid.
Investors should make their own investigations into the merits of an investment in the Company. Nothing in this announcement amounts to a recommendation to invest in the Company or amounts to investment, taxation or legal advice.
It should be noted that a subscription for PrimaryBid Shares and investment in the Company carries a number of risks. Investors should consider the risk factors set out on PrimaryBid.com before making a decision to subscribe for PrimaryBid Shares. Investors should take independent advice from a person experienced in advising on investment in securities such as the PrimaryBid Shares if they are in any doubt.
This announcement is not for publication or distribution, directly or indirectly, in or into the United States of America. This announcement is not an offer of securities for sale in the United States. The securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States, except pursuant to an applicable exemption from registration. No public offering of securities is being made in the United States