Not for release or distribution or publication in whole or part in or into the United States, Canada, Japan or Australia
XL TechGroup Announces Successful Completion of IPO
Offering raises £ 23 million, valuing XL TechGroup at £ 72.6 million
12 October 2004
XL TechGroup, Inc (“XL TechGroup” or the “Company”) today announces that it has successfully completed its Initial Public Offering in connection with its listing on the Alternative Investment Market (“AIM”). Trading in the Company's shares will commence today under the trading symbol XLT.
XL TechGroup is a unique company creation and development group focused on identifying unmet market needs, matching dynamic new technology solutions, and building successful businesses that transform markets, primarily in the life sciences and technology sectors. Its most advanced businesses are AgCert International, a company involved in the creation of carbon emission credits from agriculture, and BioPesTech, LLC, which is developing a new class of non-toxic pesticides made from safe, natural oils.
Details of the placing
- The shares being issued and sold in the IPO have been priced at 150 pence per share at which price the Company will have a market capitalisation on listing of approximately £ 72.6 million.
- The placing comprises a total of 15,333,333 shares of common stock, corresponding to a total offer size of approximately £23 million, of which £ 22.6 million (gross) has been raised for the Company through the issue of new shares and £ 375,000 (gross) has been raised through the sale of existing common stock. A total of 48,416,666 shares will be in issue on admission.
- Conditional dealings will commence at 08.00 on 12 October 2004 on AIM under the ticker symbol XLT.
- The placing has been arranged by Code Securities Limited which is acting as financial adviser and joint broker to the Company. Altium Capital Limited is acting as underwriter, nominated adviser and broker to the Company.
Commenting on the announcement, Dr. John Scott, CEO of XL TechGroup, said:
“We are delighted to have successfully completed our IPO and the level of support we received from investors during our roadshow enabled us to raise funds at the top end of our expectations from institutions of the highest quality. This is testament to our unique business model, highly successful track record and XL TechGroup's exciting growth potential. The funds raised will place us in a strong position to establish and develop more new companies for our pipeline. ”
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Financial Dynamics (UK)
The directors of XL TechGroup, Inc. accept responsibility for the information contained in this announcement. The contents of this announcement have been approved by Code Securities Limited solely for the purposes of section 21 of the Financial Services and Markets Act 2000.
Code Securities Limited and Altium Capital Limited, which are regulated in the United Kingdom by The Financial Services Authority, are acting exclusively for XL TechGroup, Inc. in relation to the placing. Neither Altium Capital Limited nor Code Securities Limited is acting for, nor will it be responsible to, any person other than XL TechGroup, Inc. for providing the protections afforded to its own customers or for advising any other person in relation to the placing.
This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for, any common shares, in particular (but without limitation), in or into the United States, Canada, Australia or Japan. The common shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended, or under the securities legislation of any state of the United States. The relevant clearances have not been, and will not be, obtained from the Securities Commission of any province or territory of Canada, no document in relation to the placing has been, or will be, lodged with, or registered by, The Australian Securities and Investments Commission, and no registration statement has been, or will be, filed with the Japanese Ministry of Finance in relation to the placing or the common shares. Accordingly, subject to certain exceptions, the common shares may not, directly or indirectly, be offered or sold within the United States, Canada, Australia or Japan or offered or sold to a person within the United States or a resident of Canada, Australia or Japan.
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