Draper Esprit plans GBP111 million fundraising as net assets grow

(Alliance News) - Draper Esprit PLC on Monday said it intends to conduct a placing of new shares ...

Alliance News 14 June, 2021 | 3:19PM
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(Alliance News) - Draper Esprit PLC on Monday said it intends to conduct a placing of new shares amid improved performance in its most recent financial year.

In addition to the placing, there will be an offer made by Draper Esprit on the PrimaryBid platform.

The proceeds of the placing will provide the AIM-listed company with additional investment firepower, it said.

Draper Esprit said it intends to issue 13.9 million new shares under the placing and PrimaryBid offer at a price of 800 pence each, raising GBP111 million. The placing price represents a discount of 4.6% to the closing mid-market price of 839p per share on Friday last week.

The total number of placing shares and PrimaryBid shares will represent 10% of the company's existing issued share capital.

Draper Esprit shares were trading 3.1% higher in London on Monday at 865.00p each, giving it a market capitalisation of GBP1.19 billion.

In a separate statement, the company that invests in and develops digital technology businesses said gross portfolio value was GBP984 million as at the end of March, up 14% from GBP703 million the same date the year before.

Net asset value per share increased to 743 pence from 555p year-on-year. During the financial year, Draper Esprit says it invested into nine new companies and 18 existing companies.

"In line with the growth and maturity of the business, our intention is to move our listing to the Premium Segment of the Official List and to trading on the London Stock Exchange's Main Market as well as to the secondary listing segment of the Official List of Euronext Dublin and to trading on the regulated market of Euronext Dublin. Preparations to transfer our listing are well advanced and we expect to complete the move within the next couple of months," says CEO Martin Davis.

By Evelina Grecenko; evelinagrecenko@alliancenews.com

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Securities Mentioned in Article

Security Name Price Change (%) Morningstar
Draper Esprit PLC 1,136.00 GBX 2.34 -

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