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IP Group Says Applied Graphene To Raise GBP11 Mln Through Conditional Placing

IP Group plc(IPO.L), a developer of intellectual property based businesses, Monday said that portfolio company Applied Graphene Materials plc, announced a conditional placing of new ordinary shares to raise 11 million pounds, and admission of its entire issued share capital to trade on the AIM market of the London Stock Exchange. Dealings in its ordinary shares is expected to take place on November 20.

Applied Graphene Materials, which is a spin-out from Durham University, has placed a total of about 7.09 million placing shares, at a price of 155 pence placing share. The number of Ordinary Shares in issue immediately after admission will be about 16.8 million. Based on the placing price, the market capitalisation of Applied Graphene Materials on admission will be about 26.2 million pounds.

IP Group is beneficially interested in about 3.44 million shares in Applied Graphene, representing 20.4 percent of AGM's enlarged issued share capital, valued at 5.3 million pounds at the placing price. IP Group committed 2 million pounds to the placing, and the deal will result in an unrealised fair value gain of 2.6 million pounds, at the placing price. N+1 Singer is acting as Nominated Adviser and Broker to AGM.

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