The transaction was effected by way of a reverse takeover of Frontier Resources International plc (renamed Concepta PLC) which acquired the entire issued share capital of Concepta Diagnostics prior to admission. Following admission, Concepta PLC completed a £3.5 million subscription, placing and open offer, with Mercia investing a further £1million as part of the placing.
Concepta PLC is a pioneering UK healthcare company that has developed proprietary products and a platform, which targets the personalised mobile health market with a primary focus on women’s fertility and specifically unexplained infertility.
Mercia’s original investment into Concepta Diagnostics earlier this year was its first direct investment into the portfolio of companies managed by Enterprise Ventures Group, which was acquired by Mercia in March 2016.
Mark Payton, Chief Executive Officer of Mercia Technologies PLC, commented: “We are very pleased for the Concepta team on this successful admission to AIM. This is a real testament to the benefits of Mercia’s Complete Capital Solution which enables us to support companies throughout their investment lifecycle, from seed funding through to growth funding for scaling up.”
He added: “We have worked with Mills & Reeve since the creation of our first investment fund in 2006. Their in-depth knowledge of our structure and preferred investment approach coupled with their specific expertise in the equity investment and capital markets sectors meant they were an obvious choice to assist us on this transaction.”
The Mills & Reeve team was led by corporate partner Stephen Hamilton, assisted by principal associate, Pippa Pearce. Stephen commented: “Mills & Reeve were delighted to assist Mercia with this exciting step in the evolution of its investment portfolio. With the additional potential opportunities derived from its acquisition of Enterprise Ventures Group, these really are exciting times for Mercia and we look forward to working with the team again in the future."
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