Equity Placing raising £1.0M & Total Voting Rights
24 March 2016
AIM: FIPP
Frontier IP Group plc
("Frontier IP" or the "Company" or the "Group")
Equity Placing raising £1.0 million
and
Total Voting Rights
Frontier IP, which specialises in the commercialisation of university intellectual property, is pleased to announce that it has successfully completed a placing of 4,177,500 new ordinary shares of 10p each ("Placing Shares") at a price of 24p per share ("Placing Price") to raise £1,002,600 before expenses (the "Placing"). The net proceeds of the Placing due to the Company will provide support for the development and growth of the portfolio and relationships, expanding the team and allied advisory roles. The Placing was conducted by the Company's nominated adviser and joint broker, Cantor Fitzgerald Europe.
Application has been made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM which is expected to be on 31 March 2016 ("Admission"). The Placing Shares will rank pari passu in all respects with the existing ordinary shares of the Company.
Following Admission, there will be 30,778,520 ordinary shares of 10 pence each in the Company in issue. 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 Frontier IP, under the FCA's Disclosure and Transparency Rules.
Neil Crabb, Chief Executive of Frontier IP, said,
"We are delighted to announce the successful completion of our fundraising, which was over-subscribed following our recent strong half yearly results. This funding positions the Group to pursue new opportunities in the UK and beyond, whilst continuing to deliver strong growth from our current portfolio."
Enquiries
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Frontier IP Group Plc |
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T: 0131 240 1251 |
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Neil Crabb, Chief Executive |
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Company website: www.frontierip.co.uk
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Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) |
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T: 020 7894 7000 |
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David Foreman / Catherine Leftley, Corporate Finance |
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David Banks, Corporate Broking |
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Peterhouse Corporate Finance Limited (Joint Broker) |
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T: 020 7469 0935 |
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Lucy Williams |
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Kreab (Financial PR) |
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T: 020 7074 1800 |
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Robert Speed / Matthew Jervois |
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Notes to Editor:
Frontier IP Group plc
Frontier IP specialises in assisting universities, research institutions and companies in the commercialisation and exploitation of their Intellectual Property.
This information is provided by RNS
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