Proposed Placing to raise up to £150 million
Proposed Placing to raise up to £150 million
Posted on June 2, 2014 in PLC news
Imperial Innovations Group plc (AIM: IVO, "Innovations") is proposing to raise up to £150 million (before expenses) by way of a non-pre-emptive placing of new Ordinary Shares with existing and new institutional investors (the "Placing"). The Placing and its timetable are subject to a number of factors, including prevailing market conditions and execution of definitive documentation. It is also subject to the passing of Placing Resolutions by Shareholders at a general meeting of Shareholders to be held on 19 June 2014.
Shareholders with beneficial interests in 89.5 per cent. of Innovations' existing share capital have given irrevocable undertakings to vote in favour of the resolutions needed to enable the Placing to proceed.
Highlights
- It is proposed that the Placing will raise up to £150m at not less than 400 pence per Ordinary Share
- Subject to completion, the net proceeds of the Placing are proposed to be used: to continue the Group's support of its existing portfolio companies; to source investment opportunities in new technologies using the Group's extensive network of academics, entrepreneurs, management teams and co-investors; and for general corporate purposes.
A circular will be sent to shareholders today, 2 June 2014, appending a notice of general meeting.
Martin Knight, Chairman of Innovations, said:
"The Board believes that strengthening the Group's balance sheet through the Placing would greatly enhance its ability to attract high quality investment opportunities. It would also improve the Group's ability to support portfolio companies from inception until their full development, as illustrated by the recent successful IPO of Circassia Pharmaceuticals.
"We have identified opportunities to increase the capital deployed in a number of our leading portfolio companies, which in aggregate, are seeking to raise over £100 million from investors over the next 12 months.
"It is gratifying that our core shareholders have evidenced their support for this proposed fundraising by giving irrevocable undertakings to vote in favour of the resolutions needed to enable the Placing to proceed."
Summary
Proposed Placing to raise up to £150 million Posted on June 2, 2014 in PLC news Imperial Innovations Group plc (AIM: IVO, "Innovations") is proposing to raise up to £150...