Clarendon Fund Managers | Tribe Technology in Co Antrim joins the London Stock Exchange with market cap of £22.2m
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Tribe Technology in Co Antrim joins the London Stock Exchange with market cap of £22.2m

Tribe Technology in Co Antrim joins the London Stock Exchange with market cap of £22.2m

Tribe Tech Group listed on the London Stock Exchange on Tuesday 5th September, with a successful raise of £4.6m and an initial market capitalisation of £22.2m. Clarendon Fund Managers, Invest Northern Ireland and British Business Investments have partnered with and supported the company since December 2021 and we look forward to

seeing it continue its growth journey.

Article taken from:

Margaret Canning

Tue 5 Sep 2023 at 10:18

Mining equipment firm Tribe Technology plc in Co Antrim has now been admitted to the AIM with a market capitalisation of around £22.2m.

The mining equipment company, based in Mallusk, started its first day of dealings on stock market as chief executive Charlie King joined colleagues to open the London Stock Exchange.

On admission, it had a market capitalisation of around £22.2m, following a successful fundraise of around £4.6m before expenses.

Its issue price was 10 pence per ordinary share of 0.05 pence each in the share capital of the company.

The company develops and manufactures autonomous drill rig and sampling technology, which is said to remove workforce risk while significantly increasing drilling productivity.

Chief executive Charlie King, who is from Crossgar in Co Down, said: “We are delighted to announce our admission to trading on AIM today.

“We believe that AIM is a natural fit for Tribe Tech, with its international investor base and proven track record for helping technology companies achieve their growth ambitions.

“Our technology is the solution to the reverse circulation (RC) drill rig market for improving efficiency and safety in the rapidly changing world. Today marks an important milestone for Tribe Tech. We are excited to be working towards the completion of our first autonomously operated drill rig later this year.”

New shareholders in Tribe following its IPO include Unicorn Asset Management and Premier Miton. They had 9.01% and 4.51% respectively.

Following the IPO, Invest NI and British Bank plc remain significant shareholders, both with 4.46%. Mr King has retained a 36.5% interest.

The admission makes it only the fifth Northern Ireland company with plc status.

Fusion Antibodies, Diaceutics and FD Technologies – formerly First Derivatives – are also on the AIM, while Kainos plc is listed on the FTSE 250.

Tribe Technology was founded in late 2019 in Western Australia and set up a headquarters and manufacturing facility in Mallusk in 2021.