Business
Mirriad raises £26.2m; proposed admission to AIM
Mirriad raises £26.2m; proposed admission to AIM.
About this update from Ip Group Plc
[{"type":"text","content":"\n \nRNS Number : 7933Y IP Group PLC 08 December 2017 \n\n\n\n\n\nFOR RELEASE ON\n\n\n8 December 2017\n\n\n\n\n \n \nIP Group plc - Portfolio company Mirriad announces £26.2m fundraising and proposed admission to AIM \n \nIP Group plc (LSE: IPO) (\"IP Group\" or \"the Group\"), a leading developer of intellectual property-based businesses, is pleased to note that portfolio company Mirriad Advertising plc (\"Mirriad\" or \"the Company\"), the global video technology company and developer of native in-video advertising, has successfully priced its Initial Public Offering (the \"IPO\") and has applied for the Admission of its entire issued and to be issued share capital to AIM, a market operated by London Stock Exchange plc.\nMirriad has announced the raising of £26.2 million gross proceeds through a conditional placing of 42,258,065 new ordinary shares of £0.00001 pence each in the Company (\"Shares\") at 62 pence per Share (the \"Placing Price\") to institutional and other investors (the \"Placing\").\nOn admission to AIM, Mirriad will have a total of 101,896,911 Shares in issue, equating to a market capitalisation of approximately £63.2 million at the Placing Price. \nFollowing completion of the Placing and Admission, IP Group will be beneficially interested in 27,726,904 Shares in Mirriad, representing 27.2% of Mirriad's enlarged issued share capital, valued at £17.2 million at the Placing Price. IP Group has committed £3.7 million to the Placing.\nMirriad is a global video technology company engaged in the development of native in-video advertising. Through Marketplace, its IP-protected proprietary technology, Mirriad can insert branded products and signage into existing video content as ad units. NIVA enables brands and advertisers to plan and run multi-title campaigns across all three screens - on TV, online and on mobile. With its existing blue-chip customer base in each of its key markets, Mirriad has a first-mover advantage poised to exploit a large and growing content monetisation market.\nAdmission is expected to occur on 19th December at 8:00 am, under the ticker symbol 'MIRI'. Numis is acting as Nominated Adviser, Broker and Joint Bookrunner in relation to the placing and admission to trading on AIM. Baden Hill is acting as Joint Bookrunner.\nMark Popkiewicz, Chief Executive of Mir...