- Annual pre-tax loss narrows from £4.3mn to £1.3mn
- Full-year net asset value dips slightly to £44.8mn (79.7p)
- Closing cash of £2.2mn prior to equity raise
Edinburgh-based Frontier IP (FIPP:29p), a technology investment company that provides commercialisation services to university spin-outs in return for ‘free equity’ stakes, has raised £3.6mn in a placing, subscription and retail offering of new shares at 28p.
The proceeds will be used to support the ongoing working capital requirements of the business, provide headroom to deliver on anticipated near-term portfolio realisations, and selectively support portfolio companies.