Mercia Technologies PLC, a Midlands, UK-based company focused on funding and commercialisation of technology businesses, raised £70m before expenses from an institutional placing and will be admitted to AIM with a market capitalisation of £106m.
Mercia’s business is the creation, funding and development of technology businesses nationally with an emphasis in the Midlands and the North of the UK. It provides technology transfer, company formation, incubation, commercialisation and investment, to technology ventures.
The company has a direct investment in 11 operating companies and access to a portfolio of 38 businesses through its third party funds, managed by its wholly owned subsidiary Mercia Fund Management.
Trading in Mercia’s shares is expected to start at 8.00am on Thursday 18 December 2014. (Ticker symbol MERC)
Led by Mark Payton, Chief Executive Officer, Mercia will use the net placing proceeds of £66m to:
70% to 80% for investment in “emerging stars”, being:
existing direct holdings
other investments emerging from MFM
investing behind portfolio companies which can become sector consolidators
20% to 30% in opportunities to scale:
strategic acquisitions and pipeline development