Invesco Perpetual cleared to subscribe for Draper Esprit shares

Draper Esprit’s shareholder mix was looking a bit different on Friday, as it announced that Invesco Perpetual’s bid to take more than a fifth of the company had cleared its major regulatory hurdle.

The AIM-traded firm had announced on 2 June that Invesco Perpetual had agreed to subscribe for 1,851,851 ordinary shares at 324p, pursuant to the Invesco Perpetual Subscription Agreement and subject to approval from the FCA under section 185 of the Financial Services and Markets Act.

That was on top of the 13,850,247 ordinary shares it had agreed to subscribe for at the issue price pursuant to the placing, the result being that Invesco Perpetual would be purchasing 21.5% of Draper Esprit’s enlarged share capital.

“The company is pleased to announce that Invesco Perpetual has now received the necessary approval from the FCA,” Draper Esprit’s board said in its statement on Friday.

“Accordingly, application has been made to the London Stock Exchange and the Irish Stock Exchange for 1,851,851 ordinary shares to be admitted to trading on AIM and ESM respectively.

Draper Esprit said it expected that admission would become effective and that dealings in the shares would commence on 7 August.

“Following admission, the company will have 71,611,773 ordinary shares in issue.”