Friday, Frontier IP Group PLC (AIM: FIPP), a company specializing in commercializing intellectual property, announced a conditional offer for the subscription of new ordinary shares through PrimaryBid. This offer is part of a broader fundraising initiative aimed at raising a minimum of £3.0 million to support the company's ongoing working capital requirements and to selectively support its portfolio companies.
The new ordinary shares, priced at 28 pence each, are available for both existing shareholders and new investors. The minimum subscription per investor is set at £250, with the aim to raise up to £1 million through this retail offer. The company has emphasized that no commission will be charged on applications to the retail offer.
This fundraising move follows the company’s audited full-year results up to 30 June 2024, which highlighted a material uncertainty related to going concern, indicating the company's current lack of sufficient cash to cover operating expenses for the next twelve months without the net proceeds of the fundraising.
The retail offer is part of a larger fundraising strategy that includes a placing of new ordinary shares at the same issue price through an accelerated bookbuilding process and a subscription for new ordinary shares. Both the retail offer and the placing are subject to approval by shareholders at the Annual General Meeting (AGM) scheduled for 19 December 2024. If approved, the admission of the new ordinary shares to trading on AIM is expected to occur at 8.00 a.m. on 23 December 2024.
Frontier IP has expressed its commitment to its retail investor base by providing them the opportunity to participate in the retail offer. The offer will be available through PrimaryBid's network of investment platforms, retail brokers, and wealth managers, subject to participation. The retail offer will close at 5:00 p.m. on 25 November 2024, or earlier if oversubscribed.
Investors interested in the new ordinary shares are advised to contact their investment platform, retail broker, or wealth manager to understand the terms and conditions, processes, and any relevant fees or charges. The new ordinary shares issued will rank equally in all respects with the company's existing ordinary shares once issued and fully paid.
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