10th Apr 2015 08:16
LONDON (Alliance News) - Frontier IP Group PLC said Friday that it has raised GBP854,000 through the placing of 4.07 million shares at a price of 21 pence, which it will use for working capital to develop and grow its portfolio.
Shares in Frontier are untraded Friday morning, it last closed at 21.50 pence.
The placing was conducted by its nominated adviser and joint broker Cantor Fitzgerald Europe.
A group of executives, including Chief Executive Neil Crabb, subscribed for placing shares as follows:
Director
| Placing Shares | Enlarged holding | % enlarged issued share capital |
Andrew Richmond (Non-executive Chairman) | 100,000 | 1,000,000 | 3.76 |
Neil Crabb (CEO) | 119,048 | 2,834,168 | 10.65 |
David Cairns (Portfolio Director) | 95,238 | 840,238 | 3.16 |
Mike Bourne (Non-executive Director) | 95,238 | 270,238 | 1.02 |
"With a focus on where our experience and effort can add value to our portfolio and the ongoing broadening of our relationships with universities, corporates and early stage investors, we feel Frontier IP is entering an exciting period. The funds raised under this placing will assist us in capitalising on these opportunities," Crabb said in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
Copyright 2015 Alliance News Limited. All Rights Reserved.
Related Shares:
Frontier Ip