Business
Placing of New Shares
Placing of New Shares.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 0401W Frontier IP Group plc 20 December 2013 \n \n\n \n \nAIM: FIPP\n \nFrontier IP Group plc \n(\"Frontier IP\" or \"the Company\")\n \nPlacing of new shares, Director shareholdings \nand \nTotal Voting Rights\n \n \nFrontier 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.\n \nAs 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.\n \nApplication 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.\n \nFollowing 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. \n \nNeil C...