Mercia Technologies PLC Result of General Meeting & Completion of Placing (0811X)
February 16 2017 - 5:43AM
UK Regulatory
TIDMMERC
RNS Number : 0811X
Mercia Technologies PLC
16 February 2017
For Immediate Release 16 February 2017
Mercia Technologies PLC
("Mercia", the "Company" or the "Group")
Result of General Meeting and Completion of Placing
Appointment of Senior Independent Director
Result of General Meeting and Completion of Placing
Mercia Technologies PLC (AIM: MERC), a national investment group
focused on the creation, funding and scaling of innovative
technology businesses with high growth potential from the UK
regions, is pleased to announce that at its General Meeting held
earlier today all resolutions were duly passed.
Accordingly, and as set out in the announcement dated 31 January
2017, the Company now has the requisite authority to complete the
placing of 86,956,521 new Ordinary shares with new and existing
shareholders at a price of 46 pence per Ordinary share to raise, in
aggregate, GBP40.0million before expenses (the "Placing").
The net proceeds of the Placing will be used primarily to
accelerate the development of the Group's existing direct
investment portfolio and to capture the opportunity to make new
direct investments in its target technology sectors nationally and
specifically, within the capital-underserved regions of the UK. The
number of future direct investment opportunities has increased
through the acquisition of Enterprise Ventures Group Limited in
March 2016 and this substantial new capital will also therefore
enable those incremental direct investment opportunities to join
the balance sheet portfolio.
Ordinary shares issued pursuant to the Placing are expected to
be admitted to trading on AIM at 8:00 a.m. on 17 February 2017
("Admission"). Following Admission, the Company will have
300,602,232 Ordinary shares in issue. This figure may be used by
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, Mercia under the FCA's Disclosure
Guidance and Transparency Rules.
Appointment of Senior Independent Director
Mercia is also pleased to announce that Ian Metcalfe has been
appointed by the Board as the Company's Senior Independent
Director. Ian Metcalfe joined the Board as an independent
Non-executive Director at the time of the Company's admission to
AIM in December 2014 and is Chairman of the Company's Remuneration
Committee. He is also a member of the Audit Committee and the
Nominations Committee.
Susan Searle, Non-executive Chair, commented:
"Completion of this latest fundraise marks another important
step in Mercia's exciting growth journey, as a leading investor in
innovative companies across the UK's capital-underserved regions.
Thanks to the excellent support received from new and existing
shareholders we can continue to identify and invest in young UK
technology businesses, coupling our strong university partnerships
and other deal flow sources with Mercia's Complete Capital
Solution, to accelerate their development.
"We are also pleased to announce Ian Metcalfe's appointment as
the Board's Senior Independent Director. Ian has been closely
involved in Mercia's evolution over the last two and a half years,
both in the build up to the Company's IPO in December 2014 and
since. Ian's enhanced role is therefore a natural step as Mercia
continues to grow following the successful Placing."
Enquiries:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Ivonne Cantu / Mark Connelly (NOMAD) +44 (0)20 7397 8900
Russell Kerr / Michael Johnson (Sales)
Buchanan
Bobby Morse / Victoria Hayns / Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
Defined terms used but not defined in this announcement have the
meaning set out in the shareholder circular of the Company dated 31
January 2017.
About Mercia Technologies PLC
Mercia is a national investment group focused on the creation,
funding and scaling of innovative businesses with high growth
potential from the UK regions. Mercia benefits from 18 university
partnerships and six offices across the Midlands, the North of
England and Scotland providing it with access to high quality,
regional deal flow. Mercia Technologies PLC is quoted on AIM with
the epic "MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (with more than
GBP228.0million under management) and then over time Mercia can
provide further funding to its 'Emerging Stars' by deploying direct
investment follow-on capital from its own balance sheet.
Since its IPO in December 2014, the Company has invested over
GBP30.0million directly across its portfolio of 'Emerging
Stars'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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