Frontier IP Group PLC (AIM:FIPP) (AIM:FIPP) will be entitled to 1.56mln American Depositary Shares (ADSs) in portfolio company Exscientia if and when it completes its initial public offer in New York.
Exscientia’s ADSs will be issued at a price estimated to be between $20.00 and $22.00, according to an updated registration statement filed for the IPO.
Following a proposed 300:1 share split Frontier IP would be entitled to 1,564,800 ADSs, which would be worth between US$31.3mln and US$34.4mln, based on the two ends of the IPO offer price range.
But Frontier IP, which looks to build and grow a portfolio of equity stakes and licence income by taking an active involvement in spin-out companies, again stressed that there can be no certainty on the IPO proceeding nor the terms or timing of the IPO.
Yet, shares in the company rose 4% to 106.7p in later afternoon trading on Monday.
