Plant Health Care plc (LON:PHC), a leading provider of novel patent-protected biological products to global agricultural markets, today announced its intention to raise a minimum of $4.0 million by way of (i) a placing of new Ordinary Shares at a fixed price of 8 pence per new Ordinary Share to institutional and other investors and (ii) a subscription of new Ordinary Shares at the Issue Price to institutional and other investors.
Highlights:
· The Company intends to conduct a conditional Placing and Subscription to raise a minimum of $4.0 million via the issue of the Placing Shares at the Issue Price and Subscription of the Subscription Shares at the Issue Price.
· The Placing is to be conducted by way of an accelerated bookbuild process which will commence immediately following this Announcement and will be subject to the terms and conditions set out in Appendix I to this Announcement.
· The Company has conditionally raised approximately $3.1 million (before expenses) through the Subscription of 29,887,132 Subscription Shares.
· The Issue Price represents a discount of approximately 43.9 per cent. to the closing mid-market price on 21 February 2020, being the latest practicable date before this Announcement.
· Admission of the Placing Shares and Subscription Shares (the “Fundraising Shares“) to trading on AIM (“Admission“) is expected to occur no later than 8.00 a.m. on 18 March 2020 or such later time and/or date as Arden and the Company agree (being in any event no later than 8.00 a.m. on 3 April 2020).
· The Company will be seeking the approval of Shareholders at a general meeting of the Company (“General Meeting“) for general authority to allot the Fundraising Shares and equity securities for cash on a non-pre-emptive basis under the Companies Act 2006. A circular containing further details of the Fundraising and notice of General Meeting to be held at 11.00 a.m. on 16 March 2020 to, inter alia, approve the resolutions required to implement the Fundraising (“Fundraising Resolutions“), is expected to be published and despatched to Shareholders on 25 February 2020 (“Circular“). Following its publication, the Circular will be available on the Company’s website.
The number of Placing Shares and Subscription Shares to be issued will be determined based on the Bloomberg exchange rate between US dollar and pound sterling at 7.00 a.m. (UK time) on 21 February 2020, being the last practicable date prior to this Announcement. Any reference to gross or net proceeds in this Announcement assumes an exchange rate of 1:1.2897.
