LONDON (Alliance News) - Imperial Innovations Group PLC Monday said it has completed its share placing, raising GBP150.0 million before expenses, with the proceeds to go towards sourcing investment opportunities and supporting its portfolio companies.
Earlier Monday the technology commercialisation and investment group set out plans to raise the funds by issuing 37.5 million new shares in an accelerated bookbuild. In addition, shareholder Imperial College London sold 2.6 million existing shares. The shares were sold at at 400 pence each. The sales will dilute Imperial College London's stake to 20% of Imperial Innovations, from its previous 30.2%.
Imperial Innovations shares were Monday afternoon quoted at 420.00 pence, down 9.2%.
According to Imperial Innovations, 32.6 million shares were placed with Invesco Asset Management Ltd, acting for and on behalf of its discretionary managed clients, Lansdowne Developed Markets Master Fund Ltd and Woodford Investment Management LLP. In addition, Woodford agreed to acquire 7.5 million further shares, subject to clawback, though the additional number was reduced by 59% to satisfy demand elsewhere in the accelerated bookbuild participants. That means 4.4 million shares were placed with new institutional investors and with existing shareholders other than Invesco, Lansdowne, and Woodford.
Invesco now will have a 42.0% stake in Imperial, while Lansdowne will own 13.7% and Woodford 13.4%. All three had existing holdings in Imperial. The new shares are expected to begin trading on AIM on Thursday. They were placed by JP Morgan Securities PLC, which conducts its UK investment banking as JP Morgan Cazenove, and Cenkos Securities PLC.
"We have identified opportunities to increase the capital deployed in a number of our leading portfolio companies which, in aggregate, are seeking to raise over GBP100 million from investors over the next 12 months," said Chairman Martin Knight in a statement.
Imperial Innovations said it will use the proceeds raised to continue to support it portfolio companies, to source investment opportunities in new technologies, and for general corporate purposes.
Updated by Samuel Agini; email@example.com; @samuelagini