Draper Esprit PLC Cancellation of trading on AIM and Euronext Growth (7701C)
23 Junio 2021 - 1:00AM
UK Regulatory
TIDMGROW
RNS Number : 7701C
Draper Esprit PLC
23 June 2021
Draper Esprit plc (the "Company" or "Draper")
Notification of proposed admission to the Main Markets and
cancellation of trading on AIM and Euronext Growth
At the time that the Company announced its full year results on
14 June 2021, Draper (dual listed, AIM: GROW, Euronext Growth:
GRW), a leading venture capital firm investing in and developing
high growth digital technology businesses, stated that preparations
to move its listing to the premium listing segment of the Official
List of the Financial Conduct Authority and the secondary listing
segment of the official list of the Irish Stock Exchange plc,
trading as Euronext Dublin ("Euronext Dublin") and to trading its
ordinary shares (the "Ordinary Shares") on London Stock Exchange
plc's (the "London Stock Exchange") main market for listed
securities and the regulated market of Euronext Dublin (the "Main
Markets") (together "Admission"), were well advanced.
The Company directors believe that the Company is now of a size
and scale to justify its migration from the AIM market of the
London Stock Exchange ("AIM") and the Euronext Growth Market to the
Main Markets. The Company has a proven track record and an
ambitious asset management strategy focused on accelerating its
support to UK and European high-growth technology businesses in
need of longer term investment which the Company is able to provide
via its balance sheet and a growing base of third party funds. The
Company directors believe that Admission will further enhance the
Company's profile and brand recognition with investee companies,
extend the Company's shareholder base to a wider group of
institutional investors, assist in the recruitment, retention and
incentivisation of all employees; and support the Company's growth
strategy.
The Company hereby gives notice of the intended cancellation of
trading of its Ordinary Shares on AIM and the Euronext Growth
Market.
Admission will be through an introduction of the existing
Ordinary Shares. The Company is not offering any new Ordinary
Shares nor any other securities in connection with the proposed
Admission or the publication of the related prospectus. It is
expected that the Company will publish its prospectus in connection
with Admission on or around 15 July 2021 and it is expected that
Admission will occur no earlier than 21 July 2021. Trading in the
Ordinary Shares on AIM and Euronext Growth will be cancelled
simultaneously with Admission. The Ordinary Shares will continue to
be registered with their existing ISIN number GB00BY7QYJ50. The
Company's ticker symbol in the UK will continue to be GROW and in
Ireland will continue to be GRW. On Admission, there will be
152,999,853 Ordinary Shares in issue. The prospectus will, when
issued, be made available on the Company's website at
www.draperesprit.com .
The Company's existing shareholders should consult their own tax
advisers as to the tax implications of the Company's proposed move
to the Main Markets.
Further announcements will be made in due course.
Enquiries
Draper Esprit plc
Martin Davis (Chief Executive
Officer)
Ben Wilkinson (Chief Financial
Officer) +44 (0)20 7931 8800
Numis Securities
Nominated Adviser & Joint Broker
Simon Willis
Richard Thomas
Jamie Loughborough +44 (0)20 7260 1000
Goodbody Stockbrokers
Euronext Growth Adviser & Joint
Broker
Don Harrington
Charlotte Craigie
Linda Clarke +44 (0) 20 3841 6202
Powerscourt
Public relations
Elly Williamson +44 (0)7970 246 725 /
Jane Glover +44 (0)7713 246 126
About Draper Esprit
Draper Esprit is one of the most active venture capital firms in
Europe, investing in disruptive, high growth technology companies.
We believe the best entrepreneurs in Europe are capable of building
the global businesses of the future. We fuel their growth with
long-term capital, access to international networks and decades of
experience building businesses.
Currently, Draper Esprit is a shareholder in a diverse portfolio
of 71 companies with 17 of those part of our core portfolio
representing c.68% of Gross Portfolio Value. Our core companies
include UiPath, Aircall, Graphcore and Revolut. We invest across
four sectors: Consumer Technology, Enterprise Technology, Hardware
and Deeptech, and Digital Health and Wellness, with highly
experienced partners constantly looking for new opportunities in
each. We look for high growth companies with strong IP, powerful
technology, and the management teams to deliver success. They
operate in new markets, with serious potential for global
expansion. We also look for businesses with the potential to
generate strong margins to ensure rapid, sustainable growth in
substantial addressable markets.
Draper Esprit provides an opportunity for public market
investors to access these fast-growing tech businesses, without
having to commit to long term investments with limited liquidity.
Since IPO in June 2016, we have deployed circa GBP550m+ capital
into fast growing technology companies and have realised over
GBP300m. We raised gross proceeds in October 2020 and June 2021
(c.GBP110m and GBP111m respectively) to help us capitalise on a
European VC market which is expanding rapidly but is still less
than one quarter of the combined size of the US and European market
by value. It will also allow us to capitalise on the transition to
a digital future that has been given added impetus as a result of
the recent pandemic.
For more information, go to https://draperesprit.com/
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