Mercia Technologies PLC Fundraising & AIM Admission of Direct Investment (4811D)
July 07 2016 - 1:00AM
UK Regulatory
TIDMMERC TIDMFRI
RNS Number : 4811D
Mercia Technologies PLC
07 July 2016
For release at 7.00am 7 July 2016
Mercia Technologies PLC
Fundraising & Admission to AIM of Direct Investment,
Concepta Diagnostics,
Mercia to Increase Direct Investment
Mercia Technologies PLC ("Mercia" or "the Group", AIM:MERC) is
pleased to announce the admission to AIM ("Admission") of Concepta
Diagnostics Ltd ("Concepta"), one of its portfolio companies, by
way of a reverse takeover of Frontier Resources International plc
("Frontier") accompanied by a fundraising (the "Transaction").
Frontier will be renamed Concepta PLC on Admission.
Through the proposed subscription, placing and open offer,
Frontier intends to raise cGBP3.5million in new funds to support
the continued growth of the business, with Mercia investing
GBP1.0million.
On 9 May 2016, Mercia announced that it had invested GBP400,000,
via a convertible loan note, into Concepta. Enterprise Ventures,
which was acquired by the Group in March 2016, had previously
provided third party, early stage capital via the Finance Yorkshire
Seedcorn Fund, in line with Mercia's Complete Capital model.
Following the Transaction, Mercia will hold approximately 18.34% of
Concepta PLC directly.
This Transaction reinforces the strategic rationale behind
Mercia's acquisition of Enterprise Ventures. A key value driver
behind the acquisition was to enable Mercia to expand the pipeline
of opportunities from which it can make direct investments into
business developed over time through its managed third party funds
and Concepta is a perfect example of this strategy in action.
Concepta is a healthcare company operating in the area of
fertility and, more specifically, in the global market segment of
unexplained infertility. Concepta's market-ready products target
the personalised mobile health market. A copy of Frontier's
Admission Document is available at www.friplc.com.
Completion of the Transaction is subject to approval by
Frontier's shareholders in a General Meeting scheduled for 25 July
2016 and Admission. It is anticipated that the Transaction will be
completed and Admission becomes effective on 26 July. A further
announcement will be made in due course.
This announcement contains inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatechnologies.com +44 (0)330 223 1430
Cenkos Securities plc
Ivonne Cantu / Mark Connelly (NOMAD to Mercia) +44 (0)20 7397 8900
Buchanan
Sophie McNulty, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
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 now benefits from 18
university partnerships and 6 offices across the Midlands, the
North of England and Scotland, providing it with access to high
quality, regional deal flow. Mercia is quoted on AIM with the epic
"MERC".
Mercia's "Complete Capital Solution" investment model initially
nurtures businesses via its third party funds under management
(expanded to circa GBP220.0million following its acquisition of
Enterprise Ventures) and then over time Mercia can provide further
funding to its Emerging Stars thanks to its ability to deploy
direct investment follow-on capital from its own balance sheet.
In a recent report (Source: Beauhurst, The Deal, 2015/16),
Mercia was found to be the fifth most active investor in the UK and
the fourth most active in technology. Since its IPO in December
2014, the Company has invested over GBP24.0million directly across
its portfolio of Emerging Stars and continues to seek both early
stage third party investment opportunities as well as providing its
direct investments with the required capital and management support
to build towards exits that will realise incremental value for
Mercia shareholders over the medium term.
About Concepta Diagnostics Ltd
Based in York, and founded by a group of experienced scientists
who previously worked for Unipath Limited in the fields of
fertility and women's health, Concepta has developed a range of
market-ready products. Its product range recently achieved product
registration in one of its largest target markets, China, where the
abolition of China's one-child policy is expected to drive
significant demand for a cost-effective at-home fertility
monitoring system as parents seek to have additional children.
Concepta's product range provides reliable data to women for a
variety of fertility applications, using proprietary disposable
test strips and devices linked to a mobile app which captures
levels of key fertility hormones in urine and builds an accurate
and easy-to-understand "digital diary".
This information is provided by RNS
The company news service from the London Stock Exchange
END
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