Business
Fundraising & AIM Admission of Direct Investment
Fundraising & AIM Admission of Direct Investment.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 4811D Mercia Technologies PLC 07 July 2016 \n\n\n\n\n\nFor release at 7.00am\n\n\n7 July 2016\n\n\n\n\n \nMercia Technologies PLC\n \nFundraising & Admission to AIM of Direct Investment, Concepta Diagnostics,\nMercia to Increase Direct Investment\n \nMercia Technologies PLC (\"Mercia\" or \"the Group\", AIM:MERC) is pleased to announce the admission to AIM (\"Admission\") of Concepta Diagnostics Ltd (\"Concepta\"), one of its portfolio companies, by way of a reverse takeover of Frontier Resources International plc (\"Frontier\") accompanied by a fundraising (the \"Transaction\"). Frontier will be renamed Concepta PLC on Admission.\n \nThrough the proposed subscription, placing and open offer, Frontier intends to raise c£3.5million in new funds to support the continued growth of the business, with Mercia investing £1.0million. \n \nOn 9 May 2016, Mercia announced that it had invested £400,000, via a convertible loan note, into Concepta. Enterprise Ventures, which was acquired by the Group in March 2016, had previously provided third party, early stage capital via the Finance Yorkshire Seedcorn Fund, in line with Mercia's Complete Capital model. Following the Transaction, Mercia will hold approximately 18.34% of Concepta PLC directly. \n \nThis Transaction reinforces the strategic rationale behind Mercia's acquisition of Enterprise Ventures. A key value driver behind the acquisition was to enable Mercia to expand the pipeline of opportunities from which it can make direct investments into business developed over time through its managed third party funds and Concepta is a perfect example of this strategy in action.\n \nConcepta is a healthcare company operating in the area of fertility and, more specifically, in the global market segment of unexplained infertility. Concepta's market-ready products target the personalised mobile health market. A copy of Frontier's Admission Document is available at www.friplc.com.\n \nCompletion of the Transaction is subject to approval by Frontier's shareholders in a General Meeting scheduled for 25 July 2016 and Admission. It is anticipated that the Transaction will be completed and Admission becomes effective on 26 July. A further announcement will be made in due course.\n \n \nThis announcement...