Mercia Technologies has announced a conditional placing of, in aggregate, 86,956,521 Placing Shares at 46 pence per Placing Share. The Placing Price represents a discount of approximately 8.9 per cent. to the closing mid-market price of 50.5pence per Ordinary Share on 30 January 2017 (being the last practical date prior to the announcement of the Placing).
Once completed, the gross proceeds from the Placing will be approximately £40.0million. The primary purpose of the Placing is to accelerate the development of the Group's existing portfolio companies and to capture the opportunity to invest in new direct investment opportunities across its target sectors nationally and specifically within the UK regions. The number of opportunities has been significantly enhanced through the acquisition of Enterprise Ventures Group Limited in March 2016 which took the number of investee technology companies in the Group's third party managed funds from circa 35 to circa 150.
To read the full RNS announcement, click here.