11th Jul 2019 09:11
(Alliance News) - Tekcapital PLC on Thursday said it intends to raise GBP750,000 through a share placing to fund investment in key activities and to further develop and progress with the commercialisation of its portfolio of intellectual property.
Tekcapital is an investment company focused on university-developed technology.
The AIM-listed firm said it will issue 9.4 million shares at a price of 8 pence each. Tekcapital shares were trading 28% lower on Thursday morning in London at 8.20p each, giving it a market capitalisation of GBP4.5 million.
Following the admission, Tekcapital will have 63.7 million shares overall.
A significant amount of the placing will be utilised to expand Tekcapital's commercialisation of its investment portfolio of businesses, the company highlighted. Tekcapital's current portfolio of investments include medical device company Belluscura PLC, in which it has 22% stake, smart-glasses retailer Lucyd Ltd, and software developer Guident Ltd, which are wholly-owned by Tekcapital, and salt crystals producer Salarius Ltd, where it holds 98% interest.
"I am pleased to announce the successful conclusion of this fundraise with support from both new and existing shareholders. The proceeds from the placing will enable Tekcapital to continue to commercialise its portfolio companies and deliver further value to shareholders," said Executive Chair Clifford Gross.
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