Liberum acts as Joint Bookrunner on a £29.3m placing for Science Group

We are pleased to announce that Liberum acted as Joint Bookrunner on a £29.3m placing for Science Group (the “Company”). The Placing was oversubscribed and received strong demand from high-quality institutional investors.

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The non-pre-emptive placing (the “Placing”) raised gross proceeds of £18.5m which consisted of 4,123,839 new ordinary shares issued at 450p, was a premium of c.4.3% to the mid-market closing price the day prior to launch. Stifel and Liberum acted as Joint Bookrunners on the transaction.

In order to satisfy institutional demand, Martyn Ratcliffe, Executive Chairman of the Company sold 2,000,000 ordinary shares at the placing price, which represents approximately 4.3% of the Enlarged Share Capital. Following the sale, Martyn will hold c.20.4% of the Company. A further 386,334 ordinary shares from employee options were also sold alongside the sale.

The net proceeds of the Placing will be used to back fund the Company’s recent purchases of shares in TP Group plc, as well as strengthen the Company’s balance sheet for future M&A which is consistent with its strategy set out in its strategic review in January 2019.

Liberum has been Joint Broker to Science Group since January 2020.

Liberum Team

Investment Banking – Neil Patel, Cameron Duncan, Ed Phillips, Miquela Bezuidenhoudt, Anthony Schia

Sales – Julian Collett, Oliver Baxendale, Jamie Vickers, Alistair Smallwood

Legal – Rebecca Gordon, Alice Foster

CIR – Lynsey Cox, Natalie Clarke

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