Press Release For immediate release: 02 October 2008
IKON Science is positioned for its next phase of growth after FF&P Private Equity acquires a significant minority shareholding Ikon Science Limited (“Ikon” or “the Company”), the leading independent provider of software and Quantitative Interpretation (QI) services to the upstream oil and gas sector, is pleased to announce that it has restructured its capital base through the introduction of FF&P Private Equity (‘FPE’), the private equity division of Fleming Family & Partners, as shareholder. As a result of the restructuring FPE will become the largest shareholder in the Company and is prepared to make further capital resources available to Ikon in order to fund the expansion of the business. Martyn Millwood Hargrave, Chief Executive, said “We are very pleased that FPE has come on board as a supportive, entrepreneurial investor. We anticipate that with FPE’s backing our growth strategy will generate substantial value for the benefit of our clients and stakeholders” As part of the restructuring, Henry Sallitt, Director of FPE, who successfully built up and ran a financial services software company, AFA Systems Plc, as CFO/COO from 1996 to 2004, has joined the Board as Non Executive Director. Henry Sallitt said “FPE is delighted to be investing in Ikon and looks forward to helping accelerate the growth and development of the firm. We identified Ikon as a promising investment opportunity as it was clear that the increasingly complex oil and gas discovery and production process can be significantly improved and de-risked through the application of Ikon’s interpretative software and services.” KBC Peel Hunt, the UK investment bank, acted as intermediary. Max Royde of KBC Peel Hunt said: “We were delighted to act as intermediary on this deal given the strong heritage and track record of FPE and the exciting prospects for Ikon. We look forward to working closely with both Ikon and FPE in the future.”
Ikon Science Ltd Martyn Millwood Hargrave FF&P Private Equity Limited Henry Sallitt
www.ikonscience.com +44 (0)20 8943 1122 http://www.ffandp.co.uk/ + 44 (0)20 7036 5747
KBC Peel Hunt Ltd Max Royde and Nicholas Marren Aquila Financial Limited Peter Reilly
http://www.kbcpeelhunt.com/ +44 (0)20 7418 8900 www.aquila-financial.com +44 (0)118 979 4100
Notes to editors Ikon Science Ltd Ikon Science develops and applies new software technology, know-how and services to help oil and gas exploration professionals interpret subsurface properties quantitatively, in order to assess exploration and production risks and opportunities. Ikon Science’s flagship RokDoc® software system is in global use with over 60 leading Energy Companies and Service organisations and Ikon Science provides quantitative interpretation (QI) services and training to over 120 leading Oil Companies throughout the world. Ikon Science, was founded in 2001, and employs over 90 people in offices located in London, Durham, Edinburgh, Houston & Boulder, USA, Kuala Lumpur, Malaysia and Perth, Australia. For further details on Ikon Science Ltd see www.ikonscience.com
About FF&P Private Equity FF&P Private Equity provides its clients with the opportunity to invest in the equity of high growth, unquoted companies whose objective is to generate attractive returns through the subsequent listing, or trade sale, of these companies. FF&P Private Equity has over £285 million of funds committed to its discretionary management and invests, typically, £5 million to £20 million of equity per transaction, although it will also commit larger amounts in conjunction with a number of its blue-chip co-investors. It places particular emphasis on backing commercial managers with a track record in successful execution of business plans and enhancing shareholder value. For further details on FF&P Private Equity see www.ffandppe.com About KBC Peel Hunt KBC Peel Hunt Ltd is a full-service, London-based investment bank that offers corporate clients a complete stockbroking service, including corporate finance, sales, making markets and corporate broking. The equity research team writes research on 250 stocks, ranging from AIM to FTSE250-size companies, and across a range of sectors – including specialisms in technology, support services, property and renewable energy. It also has one of the largest market making teams in the City. It is part of the KBC Group, a leading European banking network. This provides the company with presence and strength across European markets. KBC Peel Hunt and KBC Bank often work together to structure different financing deals in the UK. It has been voted AIM Adviser of the Year for five consecutive years in a row to 2008, and was awarded AIM broker of the year for 2007. See www.kbcpeelhunt.com