The Company is delighted to announce that it has successfully completed the Fundraising. The Fundraising received a very strong response from private and institutional investors, and the Fundraising was oversubscribed. The Offer was on a “first come, first served” basis and was closed early at 7.00 p.m. on 4 March 2017, with the Fundraising having already been approximately 50% oversubscribed by that time. The Company has therefore decided to increase the size of the Fundraising in order to meet this demand. The Company will therefore issue and allot a total of 10,036,699 new ordinary shares to satisfy the Fundraising. The gross proceeds of the Fundraising are GBP1,505,504.85.
Henderson Global Investors and Miton, each of whom are substantial shareholders in the Company, have subscribed for 1,333,333 and 1,333,334 new ordinary shares respectively in the Fundraising. Their subscriptions constitute a related party transactions under the AIM Rules as each currently holds more than 10% of the existing ordinary shares and is therefore a “substantial shareholder” under the AIM Rules. The Directors, all of whom are independent for the purposes of this transaction, consider, having consulted with WH Ireland, the Company’s nominated adviser, that the terms of Henderson’s and Miton’s subscriptions are fair and reasonable insofar as the Shareholders are concerned.
Application will be made to the London Stock Exchange for the New Ordinary Shares, which rank pari passu with the Company’s existing Ordinary Shares, to be admitted to trading on AIM. Dealings are expected to commence at 8.00 a.m. on 10 March 2017.
Total Voting Rights
Following the issue of the New Ordinary Shares, the Company will have 131,330,702 ordinary shares of 1p each in issue. No ordinary shares are held in treasury. The figure of 131,330,702 may be used by the Company’s shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
