Northcoders Group plc, the Leeds and Manchester-based independent provider of training programmes for software coding, is delighted to announce its proposed admission to trading on AIM (the "Admission") and placing and subscription, conditional on Admission (the "Fundraising"), of 1,944,444 new ordinary shares of one penny each ("Ordinary Shares"), at a price of 180 pence per share (the "Placing Price").
The Fundraising will raise a total of £3.5 million (before expenses). WH Ireland Limited ("WH Ireland") and Peterhouse Capital Limited ("Peterhouse") have acted as joint placing agents. WH Ireland is acting as Nominated Advisor and Broker to the Company.
Admission and commencement of dealings on AIM are expected to take place at 8 a.m. on 27 July 2021, under the ticker CODE. Based on the Placing Price, the market capitalisation of the Company will be £12.5 million on Admission. On Admission, the Company will have 6,944,445 Ordinary Shares in issue and a free float of approximately 29.6 per cent.
The Directors believe that the Company’s admission to AIM will allow it to access the capital it needs to facilitate its stated growth strategy, particularly enabling it to roll out its model geographically with an additional hub in Birmingham and the opening of two other regional hubs in 2022.
“There’s no doubt that Northcoders is in an exciting period, particularly as we move away from the pandemic with the demand for digital training having never been stronger in the UK. The government has clearly signalled its support for improving access to all forms of education, especially through apprenticeships like ours, and our differentiated business offering is proving attractive to individuals and corporate clients alike.
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