Mercia Technologies PLC £3.1million syndicated investment (2180R)
September 20 2017 - 2:00AM
UK Regulatory
TIDMMERC
RNS Number : 2180R
Mercia Technologies PLC
20 September 2017
RNS 20 September 2017
Mercia Technologies PLC
("Mercia" or the "Group")
GBP3.1million syndicated investment into Warwick Audio
Technologies
Mercia Technologies PLC (AIM: MERC), the national investment
group focused on the funding and scaling of innovative technology
businesses with high growth potential from the UK regions, is
pleased to announce that it has invested GBP1.9million as part of a
GBP3.1million syndicated round into University of Warwick spinout,
Warwick Audio Technologies Limited ("Warwick Audio"), the
specialist developer of a new generation of planar audio
transducers. This investment is alongside GuoGuang Electric Co
("GGEC") and a number of sophisticated private investors.
Mercia originally supported Warwick Audio through its third
party managed funds, before it became a direct investment 'Emerging
Star' in December 2014. In total, Warwick Audio has received
GBP4.3million of direct investment from Mercia and the Group now
holds a 64.0% equity stake in the business.
The funds raised via this new investment round will be used to
continue product development of its High-Precision Electrostatic
Laminate ("HPEL") technology, a high-end headphone system called
the Sonoma Model One (http://www.sonomaacoustics.com), and to
expand sales of these electrostatic headphones. The funds will also
be used to help the company take advantage of new commercial
opportunities which have been identified in the automotive
market.
Over the last 18 months the strong performance of the HPEL
transducers has been evidenced through public reviews; the Sonoma
Model One has received positive reviews from both audiophile
reviewers and leading figures in the professional recording
industry.
Mike Grant, CEO of Warwick Audio said: "Warwick Audio has
achieved a great deal in the last 18 months. We are delighted to
have secured this new round of funding and in particular to have
received investment from GGEC and several new investors. The amount
raised exceeded our original funding target and represents a vote
of confidence in both the team and the growth strategy we are
pursuing, exploiting the new market opportunities we have
identified, including in particular the automotive sector."
Mark Payton, CEO of Mercia Technologies PLC said: "Warwick Audio
is making good progress in achieving commercial milestones. This
latest round of investment coupled with the strengthening of the
board last year through the appointment of Gary Waters, former Vice
President and General Manager of BOSE(TM) Corporation as a
Non-executive Director, demonstrates the strong platform being
built. The company has a robust pipeline of opportunities in a
range of sectors and Mercia is confident that the Warwick Audio
management team will deliver shareholder value over the medium
term."
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Stephen Keys, Camilla Hume (NOMAD) +44 (0)20 7397 8900
Buchanan
Bobby Morse, Victoria Hayns, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 18 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third party funds (now with circa
GBP336.5million under management following recent mandate wins) and
then over time Mercia can provide further funding to its Emerging
Stars by deploying direct investment follow-on capital from its own
balance sheet. Since its IPO in December 2014, Mercia has invested
over GBP41.0million directly across its portfolio of Emerging
Stars.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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