News blog

Frontier IP

• BY: Andrew Hore |
• POSTED: 06/11/2012 |

University intellectual property commercialisation services provider Frontier IP, which has been running short of cash, is raising £608,000 at 10p a share.

These new shares represent 46.6% of the enlarged share capital. At 13.5p a share, Frontier IP is currently worth £940,000. Net assets were 36p a share at the end of June 2012 so the fundraising will significantly dilute this figure.

Frontier IP needs the cash for working capital and to invest in funds. Sigma Capital has subscribed for 250,000 shares but its stake will be diluted from 46.7% to 26.9%.

Neil Crabb, who is increasing his stake in the company from 7.98% to 15.8%, will switch from executive chairman to chief executive and Andrew Richmond becomes non-executive chairman. Marcus Yeoman replaces Sigma representative Graham Barnet on the board. There are also plans to replace Sigma director Marilyn Cole as Frontier IP’s

Peterhouse has been appointed joint broker.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFOctober2012_37.pdf