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Allergy Therapeutics PLC - West Sussex, England-based commercial biotechnology company - Says that it has conditionally raised total gross proceeds of approximately GBP40.8 million through an equity financing, which was announced on April 6. Proceeds of the equity financing will be used to repay amounts owed under the loan facility agreement.
Applications from qualifying shareholders amounted to 240.5 million of the open offer shares, representing a take-up of 35% of the maximum number of shares available. ZQ Capital, acting through its affiliate SkyGem Acquisition Ltd, has agreed to underwrite the open offer, and will subscribe for 448.6 million shares. Additionally, 2.2 million subscription shares will be issued to ZQ Capital, and 1.2 million subscription shares will be issued to Southern Fox. The total interests of ZQ Capital and Southern Fox following admission will be 2.85 billion ordinary shares and 1.31 billion ordinary shares respectively, representing 60% and 28% of the issued share capital of the Allergy Therapeutics.
As a technical consequence of SkyGem acquiring further Allergy Therapeutics Shares pursuant to the equity financing, SkyGem's interest in Allergy Therapeutics shares will, following admission, exceed 30% of the voting rights of the group. SkyGem will therefore be required to make a mandatory cash offer for the Allergy Therapeutics shares that it doesn't already have.
Current stock price: 1.30 pence, down 10% on Friday
12-month change: down 84%
By Holly Beveridge, Alliance News reporter
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