RNS - oversubscribed11 Aug 2020 11:59
The Company is also pleased to announce that the Open Offer, which closed for receipt of applications at 11.00 a.m. on 10 August 2020 in accordance with its terms, was significantly oversubscribed. Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full basic entitlements under the Open Offer. As applications under the Excess Application Facility cannot be satisfied in full, applications for Open Offer Shares under the Excess Application Facility will be scaled back in accordance with the terms set out in the Circular. Following the scale back, 36,498,499 Open Offer Shares in aggregate will be issued pursuant to basic and excess entitlements.
Accordingly, the Company has raised approximately £15.0 million in aggregate (before expenses) through the Capital Raise. This is comprised of £9.0 million in aggregate (before expenses) through the issue of 163,771,225 New Ordinary Shares pursuant to the Placing, Subscription and Open Offer and gross proceeds from the subscription by the Redmile Funds and Vulpes for Convertible Loan Notes with an aggregate principal amount of £6.0 million. Issue of the New Ordinary Shares and Convertible Loan Notes remains conditional on Admission.