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Fladgate advises Dev Clever on their subscription agreement with Intrinsic Capital Jersey Limited and Sitius Limited

Fladgate advised Dev Clever Holdings plc (Dev Clever), a leading developer of online and immersive career guidance and development platforms and consumer engagement experiences, li...

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Date: 22/03/2021

Authors:

David robinson colour 2017

David Robinson

Partner
Orit riouminegold colour 2015

Orit Rioumine Gold

Senior Associate
Laura priestley colour 2018

Laura Priestley

Associate

Fladgate advised Dev Clever Holdings plc (Dev Clever), a leading developer of online and immersive career guidance and development platforms and consumer engagement experiences, listed on the LSE’s Main Market (Standard segment). Dev Clever has published a secondary prospectus, following which 30 million new ordinary shares have been issued to each of Intrinsic Capital Jersey Limited (ICJL) and Sitius Limited at a price of 10 pence per share, raising a total of £6m gross.

The fundraise constitutes the final tranche of the subscription agreement initially entered into between Dev Clever and ICJL, pursuant to which ICJL had rights to subscribe for up 10 million worth of new shares. Earlier subscription tranches were completed prior to the publication of the prospectus.

The net proceeds of the fundraise are expected to enable Dev Clever to accelerate its growth and broaden and strengthen its market position in the fast-growing EdTech sector.

This fundraise follows our work with Dev Clever on its subscription agreement with One Nine Two Pte Limited in February 2021, which raised up to £10m in aggregate.

The team comprised partner David Robinson, senior associate Orit Rioumine Gold and associate Laura Priestley.

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