Frontier IP Group plc Placing to raise £3 million (8301Z)
17 March 2017 - 11:10PM
UK Regulatory
TIDMFIPP
RNS Number : 8301Z
Frontier IP Group plc
17 March 2017
This announcement contains inside information
Frontier IP Group
("Frontier IP" or the "Company")
Placing to raise GBP3 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 GBP3
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
Cenkos Securities plc (Nominated T: 0131 220 6939
Adviser and Joint Broker)
Neil McDonald / Beth McKiernan
Peterhouse Corporate Finance T: 020 7469 0935
Limited (Joint Broker)
Lucy Williams
Kreab (Financial PR) T: 020 7074 1800
Robert Speed / Matthew Jervois
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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