Tekcapital plc Placing to raise £740,000 (2303C)
06 February 2020 - 11:45PM
UK Regulatory
TIDMTEK
RNS Number : 2303C
Tekcapital plc
06 February 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
06 February 2020
Tekcapital plc
("Tekcapital" or the "Company")
Placing to raise GBP740,000
Tekcapital plc, (AIM: TEK) the UK intellectual property
investment group focused on creating marketplace value from
investing in university technology, announces today a proposed
placing of 14,800,000 new ordinary shares of 0.4 pence each in the
Company (the "New Ordinary Shares"), at 5 pence per share (the
"Placing Price"), to raise GBP740,000 (approx. $962,000) to fund
investment in key activities and to further develop and progress
with the commercialisation of its portfolio of IP technologies and
for working capital purposes (the "Placing"). The Placing Shares
fully utilises existing disapplication authorities which were
granted at the annual general meeting held on 05 April 2019.
Key Highlights:
-- Placing of 14,800,000 New Ordinary Shares at 5 pence each to
raise GBP740,000 ($962,000) before expenses
-- Proceeds are expected to be used to further develop the
commercialisation of the Company's portfolio of IP technologies,
strengthen its balance sheet and for working capital
requirements.
Use of proceeds
The Company will use the additional proceeds of the Placing to
fund investment in key activities and to further develop and
progress with the commercialisation of its portfolio of IP
technologies, to strengthen its balance sheet and for working
capital requirements.
Details of the Placing
SP Angel is acting as the Company's nominated adviser and joint
broker with Novum Securities Limited in connection with the
Placing.
The Placing is subject to certain Terms and Conditions. The
Placing is not underwritten.
The Placing comprises 14,800,000 New Ordinary Shares. The New
Ordinary Shares have been placed at the Placing Price with new
investors. The Placing as a whole will raise proceeds of GBP740,00
(approx. $962,000), before expenses, for the Company. The New
Ordinary Shares will represent approximately 18.8 per cent. of the
enlarged issued share capital.
The New Ordinary Shares will be in registered form and capable
of being held in certificated form or uncertificated form in CREST.
The Placing is conditional upon the Placing Agreement becoming
unconditional and Admission by no later than 8.00 a.m. on 07
February 2020 (or such time and date as the Company, SP Angel and
Novum may agree, being not later than 28 February 2020).
Application for Admission
Application has been made for the New Ordinary Shares to be
admitted to trading on AIM. Admission is expected to become
effective on or around 07 February 2020 ("Admission"). All Ordinary
Shares have equal voting rights and none of the Ordinary Shares are
held in treasury. The total number of voting rights in the Company
immediately following Admission will therefore be 78,852,042.
Clifford M. Gross Ph.D., Executive Chairman of Tekcapital plc
commented:
"We are pleased to announce this financing round which we
believe will accelerate the progress of our portfolio companies and
create significant additional value for our investors."
About Tekcapital plc
Tekcapital creates value from investing in new,
university-developed intellectual properties and provides a range
of IP investment services to make it easy for organisations to
commercialise university-developed technology. Tekcapital is quoted
on the AIM market of the London Stock Exchange (AIM: symbol TEK)
and is headquartered in Oxford, in the UK. For more information,
please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
Tekcapital Plc +1 305-200-3450
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP (Nominated
Adviser and Joint Broker) +44 (0) 20 3470 0470
Richard Morrison/Charlie Bouverat (Corporate
Finance)
Abigail Wayne (Corporate Broking)
Novum Securities Limited (Joint Broker) +44 (0) 20 7399 9427
Colin Rowbury (Corporate Broking)
Flagstaff Strategic and Investor Communications +44 (0) 20 7129 1474
Tim Thompson/Andrea Seymour/Fergus Mellon
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END
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