Revolymer to raise ?25m and admission to AIM
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FOR RELEASE ON |
04 JULY 2012 |
IP Group plc - Portfolio company Revolymer announces conditional placing to raise £25m and Admission to AIM
IP Group plc (LSE: IPO) ("IP Group" or "the Company" or "the Group"), the developer of intellectual property based businesses, is pleased to note that portfolio company Revolymer plc ("Revolymer"), best known for its removable chewing gum, has today announced a conditional placing of new ordinary shares with institutional investors to raise gross proceeds of £25 million and that the admission of its entire issued share capital to trading on the AIM market of the London Stock Exchange plc is expected to take place on 10 July 2012.
Revolymer (AIM: REVO), the British polymer company developing products for a number of high value fast moving consumer goods (FMCG) markets, has conditionally placed a total of 25,000,000 Placing Shares with institutional investors at a price of 100 pence per Placing Share ("Placing Price") to raise gross proceeds of £25 million. Based on the Placing Price, the market capitalisation of Revolymer on Admission will be approximately £53 million. The Placing is conditional, inter alia, upon Admission.
IP Group is beneficially interested in 5,612,230 ordinary shares in Revolymer, representing 10.6% of Revolymer's enlarged issued share capital, valued at £5.6 million at the Placing Price. The admission of Revolymer to AIM will result in an unrealised fair value gain to IP Group of £0.2 million at the Placing Price. In addition, IP Venture Fund, a venture capital fund managed by the Group, has a beneficial interest in 2,773,350 ordinary shares, representing 5.2% of Revolymer's enlarged issued share capital. IP Group and IP Venture Fund have committed £2.5 million and £0.35 million respectively to the placing.
Revolymer, a spin-out company from the University of Bristol, plans to use the proceeds primarily to expand the distribution of its confectionery gum products in the United States and into Europe, to fund additional regulatory dossiers in connection with its nicotine gum commercialisation, and to fund the development of its consumer specialties products.
For more information, please contact:
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IP Group plc |
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Alan Aubrey, Chief Executive Officer |
+44 (0) 20 7444 0050 |
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Liz Vaughan-Adams, Communications |
+44 (0) 20 7444 0062 / +44 (0) 7979 853 802 liz.vadams@ipgroupplc.com |
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FTI Consulting |
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John Dineen, Simon Conway |
+44 (0) 20 7831 3113 |
Notes for editors
About IP Group
IP Group is a leading UK intellectual property ("IP") commercialisation company, developing technology innovations primarily from its research intensive partner universities. The Group offers more than traditional venture capital, providing its companies with access to business building expertise, networks, recruitment and business support.
The Company's portfolio comprises holdings in over 60 companies including Oxford Nanopore Technologies, the DNA sequencing development company, Revolymer, best known for its removable chewing gum and Xeros, which has received many accolades for its revolutionary clothes washing techniques with a much reduced requirement for water.
The portfolio includes early stage to mature businesses and has exposure to five main sectors - Energy & Renewables, Medical Equipment & Supplies, Pharma & Biotech, IT & Communications and Chemicals & Materials. To date, fourteen of the portfolio companies IP Group has backed have listed on the AIM market of the London Stock Exchange and one on PLUS Markets.
Founded in 2001, IP Group listed on AIM in October 2003 and moved to the Official List in June 2006. The Group now has long-term partnerships with twelve core universities including those under its commercialisation agreement with Fusion IP plc.
For more information, please visit our website at www.ipgroupplc.com.
Ends
This information is provided by RNS
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