Business
Result of General Meeting & Completion of Placing
Result of General Meeting & Completion of Placing.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 0811X Mercia Technologies PLC 16 February 2017 \n\n\n\n\n\nFor Immediate Release\n\n\n16 February 2017\n\n\n\n\nMercia Technologies PLC\n(\"Mercia\", the \"Company\" or the \"Group\")\nResult of General Meeting and Completion of Placing\nAppointment of Senior Independent Director\n \nResult of General Meeting and Completion of Placing\nMercia Technologies PLC (AIM: MERC), a national investment group focused on the creation, funding and scaling of innovative technology businesses with high growth potential from the UK regions, is pleased to announce that at its General Meeting held earlier today all resolutions were duly passed.\n \nAccordingly, and as set out in the announcement dated 31 January 2017, the Company now has the requisite authority to complete the placing of 86,956,521 new Ordinary shares with new and existing shareholders at a price of 46 pence per Ordinary share to raise, in aggregate, £40.0million before expenses (the \"Placing\").\n \nThe net proceeds of the Placing will be used primarily to accelerate the development of the Group's existing direct investment portfolio and to capture the opportunity to make new direct investments in its target technology sectors nationally and specifically, within the capital-underserved regions of the UK. The number of future direct investment opportunities has increased through the acquisition of Enterprise Ventures Group Limited in March 2016 and this substantial new capital will also therefore enable those incremental direct investment opportunities to join the balance sheet portfolio. \n \nOrdinary shares issued pursuant to the Placing are expected to be admitted to trading on AIM at 8:00 a.m. on 17 February 2017 (\"Admission\"). Following Admission, the Company will have 300,602,232 Ordinary shares 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, Mercia under the FCA's Disclosure Guidance and Transparency Rules.\n \nAppointment of Senior Independent Director\nMercia is also pleased to announce that Ian Metcalfe has been appointed by the Board as the Company's Senior Independent Director. Ian Metcalfe joined the Board as an independent Non-executive Direc...