1st Jun 2023 16:43
Frontier IP Group PLC - London-based intellectual property commercialisation company - Raises around USD1.86 million by selling a further 288,850 American Depositary Shares of portfolio company Exscientia at an average price of USD6.47. Sale took place between April 25 and May 30. Explains the book value of the ADSs sold was GBP1.28 million and the Exscientia share sales have generated an estimated realised loss of GBP1.10 million for the financial year to June 30. Frontier now holds 493,550 ADSs in Exscientia. Plans to use proceeds for general working capital purposes and to provide further support to existing portfolio companies. Frontier has now sold 1.1 million Exscientia ADSs since January 10 2022, for net proceeds of around GBP11.45 million.
Current stock price: 55.04 pence
12-month change: down 24%
By Jeremy Cutler, Alliance News reporter
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