Poolbeg Pharma PLC - London-based pharmaceutical company - Confirms proposals have been accepted by distribution in specie shareholders seeking to sell a total of GBP366,000 of Poolbeg shares, representing only 3% of the distribution in specie shares. Says 97% of distribution in specie shareholders have decided to remain invested in Poolbeg following the end of the lock-up period.
Earlier this month, it had said a number of new investors expressed interest in acquiring up to GBP1.6 million of company's shares at 5.9p per share which were locked-up and held in trust by Croft Nominees Ltd as a result of the distribution in specie from Open Orphan PLC in June last year.
Chair Cathal Friel says: "We are delighted to see that the vast majority of distribution in specie shareholders have decided to remain invested in Poolbeg. This demonstrates the very strong confidence among these shareholders in the company, which has made significant progress since its IPO and has multiple value inflection points expected in 2022 and beyond.
"We were pleased to receive interest from the New Investors which ensures that any potential shares sold as part of this initiative would go to committed, long-term investors. This proposal also offered distribution in specie shareholders the option to sell shares prior to the end of the lock-up period, if they chose to do so.
"Additionally, considering the significant GBP1.2m unrealised demand by these New Investors, we remain optimistic that some, if not all, of these New Investors may now seek to purchase Poolbeg shares in the open market, given their interest and belief in the Poolbeg story as it enters the exciting clinical phase of its development."
Current stock price: 6.30 pence
12-month change: down 41%
By Arvind Bhunjun; arvindbhunjun@alliancenews.com
Copyright 2022 Alliance News Limited. All Rights Reserved.
Poolbeg Pharma (POLB)