Intercede Group plc raises £5 million through the issue of shares and CLNs
3rd February 2017
A multi-disciplinary team at Walker Morris has advised Intercede Group plc, the digital identity software business, on the placing of shares and convertible loan notes (CLNs) on AIM to raise funds of £5 million. Intercede announced that it had received shareholder approval for the issue on 27 January, 2017.
The funds were raised through the issue of £4.495 million CLNs and the issue of up to 877,192 ordinary shares of 1p at a price of 57p per ordinary share. It will support Intercede’s ‘main areas of selective investment’, including the development of mobile security applications, the establishment and launch of MyTAM, a key cloud-based application service and the enhancement of the MyID.platform which is central to Intercede’s leading position in the US.
Lutterworth-based Intercede is a cyber security company specialising in digital identities, derived credentials and trust application management. Its mission is to enable digital trust in a mobile world. Founded over 20 years ago, Intercede has developed leading positions in core markets around the world, working with governments and significant corporations.
Richard Naish, Corporate Partner and Michael Taylor, Banking Partner, led the Walker Morris Team which provided legal support to Intercede.
Richard Naish commented:
“We are pleased to have worked with Intercede on this fundraising which will provide them with a solid platform for continued growth.
This latest transaction continues to demonstrate our experience in the IT sector having recently advised PROACTIS on its acquisition of Millstream and Adare Group on its acquisition of Polestar Applied Solutions.”
Richard Parris, Intercede Chairman and CEO, added:
“Intercede sits at the centre of one of the fastest growing segments of the digital world. Our products and services enable digital trust which is critical to the development of next stage of the global economy. The pace of innovation is such that our company required funds within an appropriate structure in order to support our growth. The team at Walker Morris was central to securing this funding. Its advice and support were invaluable; a testament to the firm’s knowledge and professionalism.”
