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Highlights
- Placing: A minimum of £2.7 million through the issue of 9.78 million new ordinary shares at 28 pence per share.
- Subscription: Directors and an employee subscribing for 1.04 million shares, raising £0.3 million.
- Retail Offer: Up to 3.57 million shares available to retail investors, raising up to £1.0 million.
- Proceeds: Total fundraising expected to raise approximately £3.0 million.
Frontier IP Group plc (LSE:FIPP), a specialist in commercializing intellectual property, has announced a proposed fundraising initiative aimed at raising approximately £3.0 million through a combination of a placing, subscription, and retail offer.
Fundraising Details:
- Placing: The Company intends to raise a minimum of £2.7 million through the placing of 9.78 million new ordinary shares at 28 pence each. The placing will be conducted via an accelerated bookbuild process managed by Singer Capital Markets Securities Limited.
- Subscription: The Company’s Directors and an employee are also subscribing for a total of 1.04 million shares at the same price, raising approximately £0.3 million.
- Retail Offer: A separate retail offer of up to 3.57 million shares is being made through PrimaryBid, aiming to raise up to £1.0 million from retail investors.
Fundraising Structure:
The fundraising will be completed in two tranches:
- First Tranche: 357,143 shares will be issued under the firm placing, with admission to AIM scheduled for 28 November 2024, raising approximately £0.1 million.
- Second Tranche: A minimum of 9.42 million shares, along with the subscription and retail offer shares, will be issued in the conditional fundraising, with admission to AIM expected on 23 December 2024, raising a further £2.6 million.
The placing and subscription are subject to certain conditions, including the approval of shareholders at the Company's Annual General Meeting (AGM) on 19 December 2024, where the necessary resolutions will be voted on.
The proceeds from the fundraising will support Frontier IP Group’s ongoing activities and its efforts to continue developing its portfolio of intellectual property.
