Invesco funds invest NOK 300 million (circa USD 49 million) in IDEX ASA
- Funds managed by Invesco Asset Management Limited, a leading global investor, agree to acquire 60 million new shares in IDEX ASA, at a price of NOK 5.00 per share.
- Funds managed by Invesco Asset Management Limited to acquire a holding of 14.8% of IDEX through a new issue of ordinary shares.
- The funds will also receive 30 million warrants in IDEX, each at an exercise price of NOK 7.50.
“We are pleased to secure this significant funding from funds managed by Invesco, which is a landmark in the accelerating development of IDEX as a global leader in the fingerprint sensor mass market. The level of commitment from Invesco is a recognition of the immense opportunity for IDEX’s SmartFinger technology,” said Hemant Mardia, CEO of IDEX.
“IDEX aims to exploit its leading technology and patent position in the fast growing market for secure biometrics across a diverse range of consumer devices. The new funds will be utilized to ramp-up the introduction and deployment of our compelling product roadmap for swipe and touch fingerprint sensors and strengthen our competitive position to secure commercial partnerships with global industry leaders during 2014,” he added.
Funds managed by Invesco Asset Management Limited have agreed to acquire 60,000,000 new shares in IDEX at a subscription price of NOK 5.00 per share, totaling NOK 300 million. The pricing of the shares is based on the weighted average price on the 10 trading days to 20 December 2013, when the investment terms were substantially agreed. Following the share issue, Invesco will hold 14.8% of the shares in the company.
Upon subscription in the offering, the funds managed by Invesco will also receive 30,000,000 warrants, each at an exercise price of NOK 7.50. 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 27 January 2014. A listing prospectus will be prepared in connection with the placement.
3 January 2014
Hemant Mardia, CEO, +44 7788 922 171, hm(at)idexbiometrics.com
IDEX ASA specialises in fingerprint imaging and recognition technology. IDEX’s vision is to ensure individuals a safe, secure, and user-friendly use of personal ID. IDEX has developed the award-winning SmartFinger technology platform based on the Company’s core intellectual property, including the patented fingerprint imaging principle, sensing scheme and chip design. Combined with core software solutions for imaging and authentication, the SmartFinger technology enables on-device enrollment, template storage and verification within the very same module. SmartFinger solutions can be seamlessly integrated into a variety of embedded applications such as mobile phones, one-time password devices, Smartcards, payment and ID cards, payment terminals, access control devices and biometric security and login tokens.
IDEX ASA (ticker IDEX) is a Norwegian public company listed at the Oslo Axess marketplace on the Oslo Børs (Oslo stock exchange). For more information, please visit www.idexbiometrics.com or contact IDEX at email@example.com