Frontier IP Group (AIM:FIPP), the specialist in commercialising intellectual property, has launched a proposed placing and subscription to raise, in aggregate, minimum gross proceeds of £4.0 million, with the placing expected to raise £3.88 million and the subscription £0.12 million.
The announcement's fundraising statistics list prospective new share numbers including 75.64 million and a total figure of 112.3 million alongside the gross proceeds, and confirm the Retail Offer is separate from and not conditional on the Placing or the Subscription.
Allenby Capital and Shore Capital have been appointed as joint brokers with Allenby also acting as nominated adviser and joint bookrunner in connection with the fundraising.
Key timetable items disclosed include an announcement of the placing and subscription result on 17 June, the Retail Offer closing at 5.00 p.m. on 18 June, publication of the circular on 22 June, First Admission expected shortly after 8.00 a.m. on 23 June and a General Meeting at 9.30 a.m. on 15 July, with events after the General Meeting conditional on the passing of the fundraising resolutions.
