Placing of New Shares

RNS Number : 0401W

Frontier IP Group plc

20 December 2013

 



AIM: FIPP

Frontier IP Group plc

("Frontier IP" or "the Company")

Placing of new shares, Director shareholdings

and

Total Voting Rights

Frontier IP, which specialises in the commercialisation of university intellectual property, is pleased to announce that, utilising its existing authorities, it has conducted a placing of 3,750,000 new ordinary shares of 10p each ("Placing Shares") at a price of 20p per share ("Placing Price") to raise £750,000 before expenses ("the Placing").  The net proceeds of the Placing due to the Company will provide support for the development and growth of existing relationships, allied advisory roles, commitments to existing funds and portfolio companies and the establishment of sector specific funds. The Placing was conducted by the Company's nominated adviser and joint broker, Cantor Fitzgerald Europe.

As part of the Placing, Andrew Richmond, Non-Executive Chairman, has subscribed for 150,000 Placing Shares and David Cairns, Portfolio Director, has subscribed for 125,000 Placing Shares.  Following the Placing, Mr. Richmond has a beneficial interest in 900,000 ordinary shares representing approximately 3.99 per cent. of the enlarged issued share capital in the Company and Mr. Cairns has a beneficial interest in 745,000 ordinary shares representing approximately 3.31 per cent. of the enlarged issued share capital in the Company.

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 24 December 2013 ("Admission").  The Placing Shares will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid in respect of the ordinary share capital of the Company following Admission.

Following Admission, there will be 22,534,353 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 have raised these funds which will help to support Frontier IP's continuing development and assist us as we work with our partners.  The placing was over-subscribed, demonstrating the continuing commitment and confidence of our investors in the business and in our growth prospects. 

As we reported at the time of our AGM, we are currently focused on assisting a number of our portfolio companies in fundraisings and their successful completion will materially benefit Frontier IP's full year results, reflecting upward revaluations of investments as well as advisory fees.  We also anticipate further additions to the Group's portfolio over the remainder of the financial year."

Enquiries

Frontier IP Group Plc		0131 220 9491
Neil Crabb, Chief Executive
Company website: www.frontierip.co.uk
Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker)		020 7894 7000
Mark Percy / Catherine Leftley, Corporate Finance
David Banks / Paul Jewell, Corporate Broking
Peterhouse Corporate Finance Limited (Joint Broker)		020 7469 0935
Jon Levinson / Lucy Williams
Biddicks		020 3178 6378
Katie Tzouliadis / Deborah Walter

Notes to Editor:

Frontier IP specialises in the commercialisation of Intellectual Property. It establishes partnerships with individual universities and research institutions to assist with their spin-out and licensing activities and helps to maximise the commercial value of technologies emerging from their research programmes. www.frontierip.co.uk.

 

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