logo-loader
viewTekcapital PLC

Tekcapital raises cash to 'expand' commercialisation of IP portfolio

A “significant amount” of the cash proceeds will be used to expand the company's commercialisation of its portfolio of businesses

autonomous vehicle
Tekcapital's portfolio includes autonomous car software specialist Guident

Tekcapital PLC (LON:TEK) has agreed to raise £0.75mln from institutional shareholders to help with the commercialisation of its portfolio of technological intellectual property.

Investors have bought 9.4mln new shares at a price of 8p apiece in the placing, with the new shares representing roughly 14.7% of its enlarged shares in issue.

READ: Tekcapital's Salarius in talks with “numerous” snack-food companies for MicroSalt

The company, which has seen its shares rise from 6p at the start of the year to above 11p after progress at its portfolio companies, said a “significant amount” of the cash proceeds will be used “to expand Tekcapital's commercialisation of their investment portfolio of businesses”.

Executive chairman Clifford Gross said the placing has been successfully concluded with new and existing investors.

He believes there is “considerable value to be realised” from the portfolio of patent rights but also said some of the new cash would be used for working capital purposes.

The portfolio includes two wholly owned companies: Lucyd, maker of internet-enabled spectacles, and Guident, which specialises in software for autonomous vehicles.

It also owns 97.5% of Salarius, which is already selling its Microsalt to help reduce sodium consumption, and a 21.7% stake in Belluscura, developer of a portable oxygen concentrator for people suffering from chronic obstructive pulmonary disease that is on track to receive US regulatory clearance later this year.

Tekcapital last raised cash in October, a gross $1.16mln from the placing of 11.7mln shares at a price of 7.5p per share.

Quick facts: Tekcapital PLC

Price: 6.75 GBX

LSE:TEK
Market: LSE
Market Cap: £5.32 m
Follow

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Tekcapital PLC named herein, including the promotion by the Company of Tekcapital PLC in any Content on the Site, the Company receives from...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Tekcapital flags tasty distribution deal for portfolio...

Tekcapital (LON:TEK) shares have risen this week as the UK intellectual property investment group said its portfolio company Salarius has signed a distribution agreement for its Saltme! snack brand. Tekcapital's CEO Clifford Gross explains to Proactive London why this deal with a large North...

3 weeks, 6 days ago

2 min read