Fusion IP PLC

Result of Capital Raising

RNS Number : 1313A
Fusion IP PLC
14 February 2014
 

For immediate release

14 February 2014

 

Fusion IP plc ("Fusion IP") 

Result of Capital Raising

 

The board of Fusion IP notes the announcement yesterday by IP Group plc ("IP Group") confirming that the Firm Placing and Placing, Open Offer and Offer for Subscription (together the "Capital Raising") undertaken by IP Group has been increased from £75.0m to £100.0m due to significant investor demand.

As set out in Part 1 of the Scheme Document sent to Fusion Shareholders on 4 February 2014, Scheme Shareholders will, upon the Scheme becoming effective, be issued approximately 8.2 per cent of the issued share capital of IP Group following the increased Capital Raising.

A detailed timetable of events for the Scheme is set out below. These dates are indicative only and will depend, amongst other things, on the date on which the Court sanctions the Scheme and the associated Capital Reduction. If the expected dates change, Fusion IP and IP Group will give notice of the changes in an announcement through a Regulatory Information Service.

Copies of this announcement and the Scheme Document are available free of charge, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Fusion IP's website (www.fusionip.com) and IP Group's website (www.ipgroupplc.com), up to and including the Effective Date.

For the avoidance of doubt, the content of the websites referred to above is not incorporated into and does not form part of this announcement.

The expected timetable of principal events is as follows:

 

Event


Time and/or date

Latest time for receipt of blue Form of Proxy for the Court Meeting


11.00 a.m. on 25 February 20141

Latest time for receipt of white Form of Proxy for the General Meeting


11.15 a.m. on 25 February 20141

Voting Record Time for the Court Meeting and the Fusion IP General Meeting


6.00 p.m. on 25 February 20142

Court Meeting


11.00 a.m. on 27 February 2014

Fusion IP General Meeting


11.15 a.m. on 27 February 20143

Scheme Court Hearing date


17 March 2014

Last day of dealings in, and for registration of

transfers of, and disablement in CREST of Fusion IP Shares


18 March 2014

Reduction Record Time

Suspension of dealings in Fusion IP Shares


6.00 p.m. on 18 March 2014

8.00 a.m. on 19 March 2014

Capital Reduction Court Hearing


19 March 20144

Effective Date of the Scheme


19 March 20144

Cancellation of admission to trading on AIM of, and cessation of dealings in, Fusion IP Shares

New IPG Shares to be issued

Admission of the New IPG Shares to listing in the premium segment of the Official List and commencement of dealings in the New IPG Shares on the London Stock Exchange's main market for listed securities

CREST members' accounts credited in respect of New IPG Shares in uncertificated form


8.00 a.m. on 20 March 20144

 

8.00 a.m. on 20 March 20144

8.00 a.m. on 20 March 20144

 

 

as soon as possible after 8.00 a.m. on 20 March 20144

Latest date for dispatch of certificates and settlement through CREST in respect of New IPG Shares


within 14 days of the Effective Date

Long-stop date, being the date by which the Scheme must be implemented


1 May 2014

 

 

Notes:

1.         If the blue Form of Proxy for the Court Meeting is not returned, or an electronic appointment of proxy is not made through a CREST proxy instruction, by 11.00 a.m. on 25 February 2014, or, if the Court Meeting is adjourned 48 hours before the time fixed for the holding of the adjourned meeting, it may be handed to Fusion IP's registrars, Capita Asset Services on behalf of the chairman of the Court Meeting before the taking of the poll at the Court Meeting and will still be valid. However, the white Form of Proxy for the Fusion IP General Meeting must be lodged by 11.15 a.m. on 25 February 2014 in order to be valid, or, if the Fusion IP General Meeting is adjourned, not later than 48 hours before the time fixed for the holding of the adjourned meeting.

2.         If either the Court Meeting or the Fusion IP General Meeting is adjourned, the Voting Record Time for the adjourned meeting will be 6.00 p.m. on the date two days before the date set for the adjourned meeting.

3.         In the event that the Court Meeting concludes or is adjourned after 11.15 a.m. on 27 February 2014, the Fusion IP General Meeting will follow as soon as possible thereafter.

4.         These times and dates are indicative only and will depend on, amongst other things, on the date on which the Court sanctions the Scheme and confirms the associated Capital Reduction and whether the Conditions are either satisfied or, where applicable, waived.

 

 

All references in the above timetable to times are to London time unless otherwise stated.

Terms and expressions used but not defined in this announcement shall, unless the context otherwise requires, have the same meanings as given to them in the Scheme Document.

 

 

For further information please contact:

Fusion IP                                                                                                                                +44 (0) 114 275 5555

David Baynes, CEO

Stuart Gall, Press Relations                                                                                       

 

Cenkos Securities plc                                                                                                          +44 (0) 20 7397 8900

Bobbie Hilliam, Harry Pardoe (Corporate Finance)

Julian Morse (Sales)

 


This information is provided by RNS
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