Tekcapital plc Update re. Belluscura IPO (6455W)
November 16 2017 - 3:00AM
UK Regulatory
TIDMTEK
RNS Number : 6455W
Tekcapital plc
16 November 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
16 November 2017
Tekcapital plc
("Tekcapital" or the "Company")
Update re. Belluscura IPO
The Board of Tekcapital plc (AIM: TEK), an international
provider of technology and intellectual property investment
services, is delighted to note the Schedule One announcement (the
"Schedule One Announcement") and the Intention to Float
announcement (the "Intention to Float Announcement") released today
on behalf of Belluscura Limited ("Belluscura"), in connection with
the proposed admission of Belluscura's ordinary shares to trading
on AIM in conjunction with a placing of new ordinary shares to
raise funds (the "Belluscura IPO").
The Schedule One Announcement states that the admission of
Belluscura's ordinary shares to trading on AIM ("Admission") is
expected to take place in December 2017. The Intention to Float
Announcement indicates that Belluscura is seeking to raise GBP7.5
million to GBP10 million in the placing. Belluscura's anticipated
market capitalisation on Admission is yet to be confirmed.
Tekcapital currently owns 47.5% in Belluscura, which at 31 May 2017
had a carrying value in Tekcapital's unaudited balance sheet of
US$3,676,123. Although Tekcapital's stake in Belluscura will be
diluted by the Belluscura IPO, Tekcapital anticipates the value of
its stake may increase as a result.
The Intention to Float Announcement notes that Belluscura has
recently entered into a conditional agreement to acquire from
Stryker Corporation the licenses to manufacture and sell the
STIC(TM), a hand held pressure monitor for the measurement of
compartment pressure, a standard of care product line which
generated average annual sales of approximately $4 million between
2011 and 2016.
As noted in previous Tekcapital announcements, Belluscura has
previously acquired licenses to manufacture and sell four medical
device product lines from Stryker, a Fortune 500 New York Stock
Exchange listed medical technology company, namely the SNAPII(TM),
the Passport(R), the Slyde(TM) and the Wire Caddy(TM). Belluscura
has also previously entered into a co-exclusive license and
development agreement with Separation Design Group LLC to complete
the development of CURV(TM), a portable oxygen concentrator, used
to deliver concentrated oxygen to a patient requiring oxygen
therapy.
It is anticipated that a restructuring of Belluscura's board of
directors will take place in connection with the Belluscura IPO.
Harry Hyman will become Belluscura's Non-Executive Chairman and
Anthony Francis Martin will be Non-Executive Director. Robert
Rauker and Michael Van Hoy will continue to perform the roles of
Chief Executive Officer and Chief Technical Officer respectively
and have been joined by Anthony Dyer, who will perform the role of
Chief Financial Officer.
Tekcapital will make further announcements in respect of the
Belluscura IPO process in due course.
For further information, please contact:
Tekcapital Plc
Clifford M. Gross, Ph.D. info@tekcapital.com
Allenby Capital Limited (AIM
Nominated
Adviser & Joint Broker) +44 (0) 20 3328 5656
Jeremy Porter / Alex Brearley
Dowgate Capital Stockbrokers
(Joint Broker) +44 (0) 1293 517744
David Poutney / James Serjeant
Walbrook PR Ltd +44 (0) 20 7933 8780
Paul Cornelius / Helen Cresswell tekcapital@walbrookpr.com
/ Sam Allen
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital's objective is to create value from investing in new,
university-developed intellectual properties and produce returns
through capital appreciation. With its proprietary discovery search
engine, linked to 4,500+ universities in 160 countries, coupled
with expert scientific review, Tekcapital makes it easy to find and
acquire the new IP needed to create a competitive advantage. Our IP
services include invention discovery reports, search tools,
analytics and IP professional recruitment to help universities and
companies create value from new discoveries. Tekcapital plc is
quoted on the AIM market of the London Stock Exchange (AIM: symbol
TEK) and is headquartered in Oxford, in the UK. For more
information, please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
This information is provided by RNS
The company news service from the London Stock Exchange
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