Result of General Meeting & Completion of Placing

RNS Number : 0811X

Mercia Technologies PLC

16 February 2017

 

For Immediate Release

16 February 2017

Mercia Technologies PLC

("Mercia", the "Company" or the "Group")

Result of General Meeting and Completion of Placing

Appointment of Senior Independent Director

Result of General Meeting and Completion of Placing

Mercia Technologies PLC (AIM: MERC), a national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that at its General Meeting held earlier today all resolutions were duly passed.

Accordingly, and as set out in the announcement dated 31 January 2017, the Company now has the requisite authority to complete the placing of 86,956,521 new Ordinary shares with new and existing shareholders at a price of 46 pence per Ordinary share to raise, in aggregate, £40.0million before expenses (the "Placing").

The net proceeds of the Placing will be used primarily to accelerate the development of the Group's existing direct investment portfolio and to capture the opportunity to make new direct investments in its target technology sectors nationally and specifically, within the capital-underserved regions of the UK. The number of future direct investment opportunities has increased through the acquisition of Enterprise Ventures Group Limited in March 2016 and this substantial new capital will also therefore enable those incremental direct investment opportunities to join the balance sheet portfolio.

Ordinary shares issued pursuant to the Placing are expected to be admitted to trading on AIM at 8:00 a.m. on 17 February 2017 ("Admission"). Following Admission, the Company will have 300,602,232 Ordinary shares 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, Mercia under the FCA's Disclosure Guidance and Transparency Rules.

Appointment of Senior Independent Director

Mercia is also pleased to announce that Ian Metcalfe has been appointed by the Board as the Company's Senior Independent Director. Ian Metcalfe joined the Board as an independent Non-executive Director at the time of the Company's admission to AIM in December 2014 and is Chairman of the Company's Remuneration Committee. He is also a member of the Audit Committee and the Nominations Committee.

Susan Searle, Non-executive Chair, commented:

"Completion of this latest fundraise marks another important step in Mercia's exciting growth journey, as a leading investor in innovative companies across the UK's capital-underserved regions. Thanks to the excellent support received from new and existing shareholders we can continue to identify and invest in young UK technology businesses, coupling our strong university partnerships and other deal flow sources with Mercia's Complete Capital Solution, to accelerate their development.

"We are also pleased to announce Ian Metcalfe's appointment as the Board's Senior Independent Director. Ian has been closely involved in Mercia's evolution over the last two and a half years, both in the build up to the Company's IPO in December 2014 and since. Ian's enhanced role is therefore a natural step as Mercia continues to grow following the successful Placing."

Enquiries:

Mercia Technologies PLC Mark Payton, Chief Executive Officer Martin Glanfield, Chief Financial Officer www.merciatech.co.uk	[phone]
Cenkos Securities plc Ivonne Cantu / Mark Connelly (NOMAD)	[phone]
Russell Kerr / Michael Johnson (Sales) Buchanan Bobby Morse / Victoria Hayns / Stephanie Watson www.buchanan.uk.com	[phone]

Defined terms used but not defined in this announcement have the meaning set out in the shareholder circular of the Company dated 31 January 2017.

About Mercia Technologies PLC

Mercia is a national investment group focused on the creation, funding and scaling of innovative businesses with high growth potential from the UK regions. Mercia benefits from 18 university partnerships and six offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".

Mercia's 'Complete Capital Solution' initially nurtures businesses via its third party funds (with more than £228.0million under management) and then over time Mercia can provide further funding to its 'Emerging Stars' by deploying direct investment follow-on capital from its own balance sheet.

Since its IPO in December 2014, the Company has invested over £30.0million directly across its portfolio of 'Emerging Stars'.

 

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