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Allied Minds plc Announces Completion of its Initial Public Offering and Admission to the London Stock Exchange
|By Business Wire
|July 24, 2014 12:01 PM EDT
Allied Minds plc (LSE: ALM) today announced that its entire issued
ordinary share capital of 213,290,579 ordinary shares was recently
admitted to the premium listing segment of the Official List of the UK
Listing Authority and to trading on the London Stock Exchange's Main
Market for listed securities under the ticker "ALM" (ISIN: GB00BLRLH124).
The admission followed the successful pricing of its initial public
offering at 190 pence per ordinary share, which provided the Company
with a total market capitalization of approximately £405.3 million
($691.1 million), based on the per share price at the commencement of
conditional dealings on June 20, 2014. The Company sold 44,254,411 new
ordinary shares in the offering, plus 3,791,154 new ordinary shares
pursuant to an over-allotment option, and selling shareholders sold
17,440,797 existing ordinary shares, resulting in total gross proceeds
raised in the offering of approximately £124.4 million ($212.2 million).
Jefferies International Limited acted as sole sponsor and bookrunner.
Chris Silva, the Chief Executive Officer, said, “The successful
completion of this initial public offering marks the beginning of an
exciting new phase of growth and opportunity for Allied Minds and our
diversified portfolio of 18 businesses. We are pleased with the positive
response that we received from investors to this IPO, and look forward
to enhancing and accelerating our efforts to commercialize the
innovative science and technologies from our extensive network of
partners at U.S. universities and government research institutions.”
About Allied Minds
Allied Minds is an innovative U.S.-focused science and technology
development and commercialization company. The Company commenced
operations in 2006 to invest in and advance science and technology
innovation developed in some of the leading U.S. universities. The
Company’s business model is to form, fund, manage and build start-up
companies to undertake research and product development, and ultimately
to commercialize scientific research and innovations emerging from U.S.
universities and U.S. federal research institutions and laboratories.
Allied Minds' strategy is to build a significant and diversified group
of businesses and achieve strong growth over the medium to long term
through the maturation of its products through the commercialization
cycle. The Company’s business model centralizes the support functions at
the Allied Minds level, thereby enabling its subsidiary businesses to
focus efforts primarily on research and development activity while
achieving operational and financial efficiency. Allied Minds provides
on-going funding to support the operating activities of its existing 18
subsidiary businesses, the primary focus of which is to progress
on-going scientific research and product development activity towards
commercialization of the products developed by those businesses. The
Company currently anticipates allocating a portion of the net proceeds
of the offering, together with existing cash resources, towards
advancing the Company’s principal life sciences and physical sciences
subsidiaries and bringing their principal products to market.
The Company believes that the offering will: provide diversification of
funding sources to support its long-term growth; enhance its public
profile and status with existing and potential partners; create a
significantly more liquid market in the ordinary shares; assist in the
incentivization and retention of key management and employees; and
provide investors with an opportunity to gain exposure to early stage
U.S. university and U.S. federal government intellectual property
Forward looking statements
This press release contains statements that are or may be
forward-looking statements, including statements that relate to the
company’s future prospects, developments and strategies. The forward
looking statements are based on current expectations and are subject to
known and unknown risks and uncertainties that could cause actual
results, performance and achievements to differ materially from current
expectations, including, but not limited to, those risk and
uncertainties described in the risk factors included in the company’s
regulatory filings. These forward-looking statements are based on
assumptions regarding the present and future business strategies of the
company and the environment in which it will operate in the future. Each
forward-looking statement speaks only as at the date of this press
release. Except as required by law, regulatory requirement, the
Prospectus Rules, the Listing Rules and the Disclosure and Transparency
Rules, neither the company nor any other party intends to update or
revise these forward-looking statements, whether as a result of new
information, future events or otherwise.
This press release is for information purposes only and does not
constitute an invitation or offer to underwrite, subscribe for or
otherwise acquire or dispose of any securities of the Company in any
jurisdiction, including in the United States, Australia, Canada, Japan,
South Africa or any other jurisdiction where such an offer would be
The securities of the Company have not been and will not be registered
under the U.S. Securities Act of 1933, as amended (the "Securities Act")
and may not be offered or sold within the United States absent
registration or an applicable exemption from, or in a transaction not
subject to, the registration requirements of the Securities Act. The
securities referred to herein have not been registered under the
applicable securities laws of Australia, Canada, Japan or South Africa
and, subject to certain exceptions, may not be offered or sold within
Australia, Canada, Japan or South Africa or to any national, resident or
citizen of Australia, Canada, Japan or South Africa. The distribution of
this press release in other jurisdictions may be restricted by law and
persons into whose possession this press release comes should inform
themselves about, and observe, such restrictions.
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