IDEX gets a 37 million dollar investment. I'm sure glad BIO-key (BKYI) has a license agreement with them.
Woodford Investment Management funds invest NOK 297 million (circa USD 37 million) in IDEX ASA
Published on 26 March 2015
•Funds managed by Woodford Investment Management LLP, a leading UK based investment fund management company, agree to acquire 52.5 million new shares in IDEX ASA, at a price of NOK 5.65 per share.
•Woodford Investment Management LLP will on behalf of its funds acquire a holding of 11.2% of IDEX through a new issue of ordinary shares.
•The funds will also receive 26.25 million warrants in IDEX, each at an exercise price of NOK 8.50
“We are pleased to secure this significant funding from funds managed by Woodford Investment Management. The founder and fund manager Neil Woodford has an outstanding investment track record, and we believe the investment into IDEX is a strong recognition of the huge value creation potential of IDEX’s fingerprint sensor technology,” said Hemant Mardia, CEO of IDEX.
“IDEX has made significant progress in building a platform for growth during 2014, with a clear focus on creating best in class price/performance underpinned by IDEX’s strong patent portfolio. We have developed a groundbreaking fingerprint touch sensor and acquired a powerful proprietary matching algorithm. This new sensor is on target for imminent customer sampling into the rapidly growing smartphone mass market with major manufacturing and sales channel partnerships established. IDEX has further progressed our unique in glass fingerprint sensor solution. These milestones will enable us to capture significant market share in the multi-billion dollar market opportunity. IDEX is well funded, with a cash balance NOK 228 million at year end 2014. The additional funding will enable IDEX to seize the opportunity to further expand the organization, in order to increase our value proposition in mobile with major customers, and in parallel to address the significant adjacent mass market opportunities that have been catalyzed by smartphone adoption including biometric cards where IDEX technology is ideally suited,” he added.
Funds managed by Woodford Investment Management have agreed to acquire 52,500,000 new shares in IDEX at a subscription price of NOK 5.65 per share, totaling NOK 297 million. The pricing of the shares is based on the weighted average price on the 5 last trading days up to 19 March 2015, when the investment terms were substantially agreed. Following the share issue, funds managed by Woodford Investment Management will hold 11.2% of the shares in the company.
Upon subscription in the offering, the funds managed by Woodford Investment Management will also receive 26,250,000 warrants, each at an exercise price of NOK 8.50. The warrants are open to be exercised 12 months after the date of their issue and will expire 24 months after issue.
The issuance of shares and warrants are subject to the approval of an extraordinary general meeting of shareholders in IDEX. The meeting will be called for as soon as practical and will take place on or about 29 April 2015. A listing prospectus will be prepared in connection with the placement.
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