Allied Minds shares tumble after institutional placing

Shares in Allied Minds, the science and technology company, were down more than 9% on Wednesday after a share placing.

House broker Jefferies said the Allied Minds placing, which was on behalf of Invesco, raised gross proceeds of £90.4m.

The company sold 16m ordinary shares at a price of 565p per share, according to Reuters.

The sale was completed via accelerated bookbuild to institutional investors conducted by Jefferies and Numis Securities as joint bookrunners.

April's full-year results showed revenues were boosted by extensive US university and federal research institution partnerships, jumping to $7.7m from $2.9m the year before, but losses before tax increased by a third to $57.7m.