Business
Placing, share swap, Director shareholdings & TVR
Placing, share swap, Director shareholdings & TVR.
About this update from Frontier Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 6237L Frontier IP Group plc 14 August 2013 \n \n\nAIM: FIPP\n\n \nFrontier IP Group plc \n(\"Frontier IP\" or \"the Company\")\n \nPlacing of new and existing shares, \nNandi share swap, \nDirector shareholdings \nand Total Voting Rights\n \n \nFrontier IP, which specialises in the commercialisation of university intellectual property, is pleased to announce that it has conducted a placing of 6,325,212 new and existing ordinary shares of 10p each at a price of 10p per share (\"Placing Price\") with an aggregate value of £632,521 before expenses (together, \"the Placing\"). The Placing comprises 3,920,000 new ordinary shares of 10p each which are being issued by the Company (\"Placing Shares\") to raise £392,000 (before expenses), utilising its existing authorities. The net proceeds of the Placing due to the Company will provide support for the development and growth of existing relationships, allied advisory roles, and commitments to existing funds and establishment of sector specific funds. The Placing, which was conducted by the Company's nominated adviser and joint broker, Cantor Fitzgerald Europe, was oversubscribed. \n \nIn addition, conditional on admission of the Placing Shares to trading on AIM, Sigma Capital Group plc has sold 2,405,212 existing ordinary shares of 10p each in the Company (\"Existing Ordinary Shares\") to meet demand from new and existing institutional investors and to reduce its shareholding to a level more commensurate with both companies' longer term strategies. \n \nThe Placing Shares are expected to be admitted to trading on AIM on Thursday 15 August 2013 (\"Admission\").\n \nFrontier IP is also pleased to announce it has reached agreement with Neil Crabb and Michael Brennand to swap their shares in Nandi Proteins Limited (\"Nandi\") acquired at the most recent investment round in Nandi, for, in aggregate, 1,812,188 new ordinary shares in Frontier IP (\"New Ordinary Shares\") at an implied price per New Ordinary Share of 10p (\"Share Swap\"). Following the completion of the Share Swap, which is conditional on the Placing, Frontier IP's interest in the issued share capital of Nandi will increase from approximately 3.68 per cent. to approximately 20.15 per cent. Nandi is a Frontier IP investee company, to which Frontier...