Rns Out!15 Oct 2020 08:02
Results of Placing,
Details of Open Offer
and
Exercise of options and PDMR dealings
Southampton, UK - 15 October 2020: Further to the announcement made on 14 October 2020 by the Company (the "Announcement"), Synairgen is pleased to announce the successful completion of the Placing, conditionally raising gross proceeds for the Company of approximately GBP80.0 million.
The Company has placed, in aggregate, 45,714,285 Placing Shares at the Issue Price of 175 pence per share with existing and new institutional and other shareholders. The Issue Price represents a discount of approximately 4.1 per cent. to the volume-weighted average price of an Ordinary Share for the ten day period up to and including 14 October 2020 (being the latest practicable date prior to this Announcement).
The net proceeds of the Placing will be used by the Company to (i) support the Phase III clinical trial in COVID-19 patients; (ii) support SNG001 manufacturing and device scale up activities; (iii) generate further SNG001 data to support clinical, manufacturing and regulatory activities; (iv) strengthen the Company's balance sheet; and (v) also provide the opportunity for certain Directors to exercise options and for the Company to net settle them on their behalf (details of which are set out below).
Richard Marsden, Chief Executive Officer of Synairgen, commented: "Having demonstrated the great promise of SNG001 in hospitalised COVID-19 patients earlier this year, we are delighted to have now received the financial support to be able to progress this potential breakthrough treatment in such a critical area of unmet need."
The Placing, which was significantly oversubscribed, is being undertaken in two tranches, with the Firm Placing of 14,943,300 Firm Placing Shares utilising the Company's existing shareholder authorities to issue new shares for cash on a non-pre-emptive basis and the Conditional Placing of 30,770,985 Conditional Placing Shares (together with the Open Offer Shares) to be issued subject to new shareholder approvals to be sought at the General Meeting of the Company. A Circular convening the General Meeting at which the Resolutions will be proposed will be sent to Shareholders today.
In addition, in order to provide Shareholders who have not taken part in the Placing with an opportunity to participate in the Fundraising on a pre-emptive basis, the Company will today make the Open Offer to Qualifying Shareholders on the terms and conditions set out in the Circular. The Open Offer provides all Qualifying Shareholders with the opportunity to subscribe at the Issue Price for an aggregate of up to 4,038,741 Open Offer Shares to raise up to approximately GBP7.0 million (before fees and expenses) for the Company, on the basis of:
1 Open Offer Share for every 37 Existing Ordinary Shares held as at the Record Date
The Open Offer is conditional on the Placing becoming or being declared unconditional in all respects and not being terminate
Sign In
Follow the stocks
