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RNS Number : 5550G GenIP PLC 02 October 2024
2 October 2024
GenIP Plc
("GenIP" or the "Company")
Admission to Trading on AIM
&
First Day of Dealings
GenIP plc, a technology business operating within the Generative Artificial
Intelligence (GenAI) space, providing complementary platform-based services,
is pleased to announce the admission of its entire issued share capital to
trading on AIM, a market operated by London Stock Exchange plc, at 8.00 a.m.
today under the ticker 'GNIP' ("Admission"). The Company's Admission Document,
as well as other information required pursuant to AIM Rule 26, are available
on the Company's website www.genip.ai (http://www.genip.ai) .
Admission follows a Placing by Novum Securities Limited ("Novum"), as well as
a Company Subscription, for a combined total of 4,487,179 Ordinary Shares at
39p per ordinary share of £0.00425 each (the "Fundraising Price"), raising
gross proceeds of £1.75 million (increased from an original target fundraise
of £1.5m), before expenses (the "Fundraising"). Novum acted as Sole Broker
and Beaumont Cornish Limited acted as the Nominated Adviser in relation to the
Admission.
Placing Statistics:
Placing Price per Ordinary Share 39 pence
Gross proceeds of Placing £1.75 million
Free Float 24.48%
Net proceeds of the Placing received by GenIP £1.2 million
Number of Ordinary Shares in issue following Admission 17,517,461
Market capitalisation at the Placing Price £6.83 million
About GenIP
GenIP® provides generative artificial intelligence (GenAI) analytic services
to help companies, research institutions and venture funds assess and
commercialise new discoveries. GenIP combines expert human technical review
with GenAI algorithms to provide insightful and verified services.
GenIP provides two complementary platform-based services:
1. Invention Evaluator: Provides bespoke research reports that assess the
market potential of new technological innovations and discoveries using
AI-driven proprietary software; and
2. Vortechs: which is an executive recruitment platform that through
advanced machine learning algorithms and natural language processing
technologies assists in matching technology organisations with experienced
executives and business leaders.
The Company believes that its integrated GenAI service offerings will help
organisations to evaluate and commercialise their technological innovations.
Company Strategy
GenIP's goal is to create a leading Generative AI analytic services company.
To achieve this, the Company has established three strategic pillars:
· Organically grow InventionEvaluator and Vortechs' revenue through
institutional and corporate connections as well as increase client pipeline
through marketing, advertising and social media spend.
· Expand the Generative AI service offerings within InventionEvaluator
and Vortechs' to reach new customers and improve margins.
· Bolt-on acquisitions of additional Generative AI services that are
helpful to our clients and have demonstrated initial market traction.
Work Programme and Use of Proceeds
The gross proceeds of the Fundraising are principally expected to be used to:
- launch a comprehensive ecommerce sales and marketing programme
(approximately £450,000);
- provide general working capital for the Company (approximately
£750,000); and
- meet the costs and expenses of the Fundraising and Admission
(approximately £550,000).
Board of Directors
Lord David Willetts - Non-Executive Chairman
The Rt Hon Lord Willetts FRS is Chairman of the U.K. Space Agency, President
of the Resolution Foundation and former U.K. Minister for Universities and
Science. He served as the Member of Parliament for Havant (1992-2015), and
previously worked at HM Treasury and the No. 10 Policy Unit. Lord Willetts is
also a visiting Professor at King's College London, former Chair of the
British Science Association and a member of the Council of the Institute for
Fiscal Studies. Lord Willetts is a graduate of Oxford University.
Melissa Cruz - Chief Executive Officer
Melissa as part of her CEO function helps global clients create marketplace
value from university-developed IP. With a background in marketing and sales,
Melissa collaborates with a diverse set of organizations in the United States,
China, Europe, and Latin America to facilitate technology transfers between
developed and developing countries. Melissa received her B.A. in International
Business and an M.S. in Marketing from Florida International University.
Kevin Fitzpatrick - Chief Financial Officer
Kevin is a CFO/Finance Director with over 20 years' experience in SME and
entrepreneurial businesses across various sectors and industries including
Tech, SaaS, Media, and Retail. He has held numerous board positions with
both quoted public and private businesses with full executive responsibility
for finance, legal and corporate finance. He graduated from University College
Dublin with a BA(Hons) in Economics and qualified as a Chartered Accountant
with Deloitte.
Dr. David Gann - Independent Non-Executive Director
Professor David Gann CBE is a business leader, chairperson, former University
leader, and non-executive director with a reputation for creating and
supporting innovation and growth, and mentoring science-based start-ups. He is
a leader in the development of fusion energy, as Chair of UK Industrial Fusion
Solutions, and previously Chair of the UK Atomic Energy Authority. He is a
non-executive director of VenCap International plc, a leading venture
fund-of-funds. David is an entrepreneur, having formed several companies,
mentors start-ups, and advises Boards. He has been non-executive director of
Directa Plus plc, currently on the Advisory Board of Euroclear and was Group
Innovation Executive at Laing O'Rourke plc.
Melissa Cruz, CEO of GenIP, commented:
"I'm thrilled that GenIP has captured the attention of London's
technology-focused investment community. I'm looking forward to demonstrating
GenIP's revenue-generating capabilities as we assist our clients in
commercialising leading technological innovations."
Lord David Willetts, GenIP's Non-Executive Chairman, commented:
"GenIP has laid the foundations for robust growth, and I'm delighted to have
the opportunity to lead the board as we deliver Generative AI analytics
services to some of the world's leading research institutions."
For further information regarding GenIP, please contact:
GenIP Plc Tel: +44 (0) 20 3368 3090
Melissa Cruz, CEO
Beaumont Cornish Limited (Nominated Adviser) Tel: +44 (0) 20 7628 3396
Roland Cornish / Asia Szusciak / Andrew Price
Novum Securities Limited (Broker) Tel: +44 (0)20 7399 9425
Jon Belliss JBelliss@novumsecurities.com
Redchurch Communications (Financial PR) genip@weareredchurch.com (mailto:genip@weareredchurch.com)
John Casey
Beaumont Cornish Limited ("Beaumont Cornish") is the Company's Nominated
Adviser and is authorised and regulated by the FCA. Beaumont Cornish's
responsibilities as the Company's Nominated Adviser, including a
responsibility to advise and guide the Company on its responsibilities under
the AIM Rules for Companies and AIM Rules for Nominated Advisers, are owed
solely to the London Stock Exchange. Beaumont Cornish is not acting for and
will not be responsible to any other persons for providing protections
afforded to customers of Beaumont Cornish nor for advising them in relation to
the proposed arrangements described in this announcement or any matter
referred to in it.
AIM Admission Document
Available at https://genip.ai/ (https://genip.ai/)
The dealing codes for the Ordinary Shares are as follows:
ISIN number GB00BLCW2Q02
SEDOL number BLCW2Q0
TIDM GNIP
LEI number 213800E6CFHS4IG69P89
Total Voting Rights
For the purposes of the Disclosure Guidance and Transparency Rules ("DTRs") of
the Financial Conduct Authority ("FCA"), the total number of Ordinary Shares
with voting rights in the Company as at the date of this announcement is
17,517,461. This figure may be used by shareholders as the denominator for
the calculations by which they determine if they are required to notify their
interest in, or a change of their interest in, the Company under the FCA's
DTRs.
Capitalised terms used in this announcement and not separately defined shall
have the meaning given to them in the Company's Admission Document.
Important Notices
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 securities in any jurisdiction, nor shall it (or any part of it), or the
fact of its distribution, form the basis of, or be relied upon in connection
with, or act as any inducement to enter into, any contract or commitment
whatsoever relating to any securities.
Recipients of this announcement who intend to purchase or subscribe for
Ordinary Shares in the Company are reminded that any such purchase or
subscription must only be made solely on the basis of the information
contained in the final Admission Document relating to the Company.
This announcement does not constitute an offer of securities in the United
States or to US Persons. Ordinary Shares of the Company may not be offered or
sold in the United States or to US Persons without being registered under the
United States Securities Act of 1933, as amended ("U.S. Securities Act") or an
available exemption from such registration. The Company does not presently
intend to register any securities under the U. S. Securities Act and no public
offering of shares is being or will be made in the United States or to US
Persons.
The information contained in this announcement is not for publication or
distribution in, into or from the United States, Australia, Canada, Japan,
South Africa or New Zealand or any other jurisdiction where to do so might
constitute a violation or breach of any applicable law ("Restricted
Territories"). Any failure to comply with these restrictions may constitute a
violation of Restricted Territories securities laws. This announcement (and
the information contained herein) does not contain or constitute an offer of
securities for sale, or solicitation of an offer to purchase securities, in
the Restricted Territories where such an offer or solicitation would be
unlawful. No money, securities or other consideration is being solicited and,
if sent in response to the information contained herein, will not be accepted.
Beaumont Cornish Limited ("BCL"), which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for the Company as nominated
adviser in connection with the Placing and Admission. BCL are not acting for
any other person and will not be responsible to any other person for providing
the protections afforded to customers of BCL, or for advising any other person
in connection with the Placing or Admission. The responsibility of BCL, as the
Company's nominated adviser, is owed solely to the London Stock Exchange and
is not owed to the Company or the Directors or any other person. No
representation or warranty, express or implied, is made by BCL or any of its
directors, officers, partners, employees, agents or advisers as to the
contents of this Document (without limiting the statutory rights of any person
to whom this Document is issued). No liability whatsoever is accepted by BCL
or any of its directors, officers, partners, employees, agents or advisers for
the accuracy of any information or opinions contained in this Document or for
the omission of any material information for which it is not responsible.
Novum Securities Limited ("NSL"), which is authorised and regulated in the
United Kingdom by the FCA, is acting exclusively for the Company as broker in
connection with the Placing and Admission. NSL are not acting for any other
person and will not be responsible to any other person for providing the
protections afforded to customers of NSL, or for advising any other person in
connection with the Placing or Admission. No representation or warranty,
express or implied, is made by NSL or any of its directors, officers,
partners, employees, agents or advisers as to the contents of this Document
(without limiting the statutory rights of any person to whom this Document is
issued). No liability whatsoever is accepted by NSL or any of its directors,
officers, partners, employees, agents or advisers for the accuracy of any
information or opinions contained in this Document or for the omission of any
material information for which it is not responsible.
Forward looking statements
Certain statements contained in this announcement constitute forward-looking
statements. When used in this announcement, the words "may", "would", "could",
"will", "intend", "plan", "anticipate", "believe", "seek", "propose",
"estimate", "expect", and similar expressions, as they relate to the Company,
are intended to identify forward-looking statements. These statements include,
but are not limited to, statements regarding intentions, beliefs or current
expectations concerning, among other things, the Company's results of
operations, financial position, liquidity, prospects, growth, strategies and
expectations of the industry in which the Company operates.
Such statements reflect the Company's current views with respect to future
events and are subject to certain risks, uncertainties and assumptions. Many
factors could cause the Company's actual results, performance or achievements
to materially differ from those described in this announcement Should one or
more of these risks or uncertainties materialise, or should assumptions
underlying forward-looking statements prove incorrect, actual results may
differ materially from those described in this announcement as "intended",
"planned", "anticipated", "believed", "proposed", "estimated" or "expected".
For the avoidance of doubt, the contents of the Company's website and any
hyperlinks accessible from the Company's website are not incorporated by
reference into, and do not form part of, this announcement and investors
should not rely on them.
-ENDS-
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