Allied Minds raises £64m to fund further investment in tech

2nd Dec 2016 07:37

(ShareCast News) - Science and technology investor Allied Minds has raised £64m ($81m) in an equity placing to increase investment in its portfolio of businesses and fund a pipeline of emerging technologies.The FTSE 250 company, through broker Credit Suisse Securities, placed over 17.4m shares at 367p each and raised £64m, which represent about 8.1% of its issued share capital before the placing.Chief executive Chris Silva said: "The proceeds will further enable Allied Minds to invest alongside third parties in our portfolio of subsidiaries and to fund our pipeline of new technologies sourced from our academic, federal and corporate partners."The proceeds of the placing put Allied Minds in a strong position to capitalise on the opportunities in front of us and increase our financial flexibility as we seek to maximise value capture for our shareholders."Admission of the shares to the market is expected to be on 6 December, and after admission it will have a share capital of 233.7m with voting rights and none in treasury.Woodford Investment Management, a related party of the company, bought 4.1m shares for £15m.