IP Group PLC Mirriad raises £26.2m; proposed admission to AIM
08 December 2017 - 6:05PM
RNS Non-Regulatory
TIDMIPO
IP Group PLC
08 December 2017
FOR RELEASE ON 8 December 2017
IP Group plc - Portfolio company Mirriad announces GBP26.2m
fundraising and proposed admission to AIM
IP Group plc (LSE: IPO) ("IP Group" or "the Group"), a leading
developer of intellectual property-based businesses, is pleased to
note that portfolio company Mirriad Advertising plc ("Mirriad" or
"the Company"), the global video technology company and developer
of native in-video advertising, has successfully priced its Initial
Public Offering (the "IPO") and has applied for the Admission of
its entire issued and to be issued share capital to AIM, a market
operated by London Stock Exchange plc.
Mirriad has announced the raising of GBP26.2 million gross
proceeds through a conditional placing of 42,258,065 new ordinary
shares of GBP0.00001 pence each in the Company ("Shares") at 62
pence per Share (the "Placing Price") to institutional and other
investors (the "Placing").
On admission to AIM, Mirriad will have a total of 101,896,911
Shares in issue, equating to a market capitalisation of
approximately GBP63.2 million at the Placing Price.
Following completion of the Placing and Admission, IP Group will
be beneficially interested in 27,726,904 Shares in Mirriad,
representing 27.2% of Mirriad's enlarged issued share capital,
valued at GBP17.2 million at the Placing Price. IP Group has
committed GBP3.7 million to the Placing.
Mirriad is a global video technology company engaged in the
development of native in-video advertising. Through Marketplace,
its IP-protected proprietary technology, Mirriad can insert branded
products and signage into existing video content as ad units. NIVA
enables brands and advertisers to plan and run multi-title
campaigns across all three screens - on TV, online and on mobile.
With its existing blue-chip customer base in each of its key
markets, Mirriad has a first-mover advantage poised to exploit a
large and growing content monetisation market.
Admission is expected to occur on 19(th) December at 8:00 am,
under the ticker symbol 'MIRI'. Numis is acting as Nominated
Adviser, Broker and Joint Bookrunner in relation to the placing and
admission to trading on AIM. Baden Hill is acting as Joint
Bookrunner.
Mark Popkiewicz, Chief Executive of Mirriad, commented: "We are
delighted to announce the pricing of Mirriad's imminent admission
to AIM. This is an important milestone for the Group. Our
proprietary technology, blue-chip customer relationships and
operational momentum ensures we are ideally-placed to grow rapidly
and drive returns for all stakeholders."
Dr Mark Reilly, IP Group's Head of Technology, said: "Our
involvement with Mirriad is a great example of the value that IP
Group can add to innovative technology companies, contributing
business building expertise and practical support. We are very
pleased to see the company reach this milestone having supported
its growth in recent years."
For more information, please contact:
IP Group plc www.ipgroupplc.com
Alan Aubrey, Chief Executive
Officer +44 (0) 20 7444 0050
Greg Smith, Chief Financial
Officer +44 (0) 20 7444 0062/+44
Liz Vaughan-Adams, Communications (0) 7979 853802
Charlotte Street Partners
Andrew Wilson +44 (0) 7810 636995
Martha Walsh +44 (0) 7876 245962
Notes for editors
About IP Group
IP Group is a leading intellectual property commercialisation
company which focuses on evolving great ideas, mainly from its
partner universities, into world-changing businesses. The Group has
pioneered a unique approach to developing these ideas and the
resulting businesses by providing access to business building
expertise, capital (through its 100%-owned FCA-authorised
subsidiaries IP Capital and Parkwalk Advisors), networks,
recruitment and business support. IP Group has a strong track
record of success and its portfolio comprises holdings in
early-stage to mature businesses across four main sectors --
Biotech, Cleantech, Healthcare and Technology. The Company, which
recently announced the acquisition of Touchstone Innovations plc,
is listed on the Main Market of the London Stock Exchange under the
code IPO.
For more information, please visit our website at
www.ipgroupplc.com.
ENDS
This information is provided by RNS
The company news service from the London Stock Exchange
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