Result30 May 2024 07:05
Manchester, UK - 30 May 2024: genedrive plc (LSE: GDR), the point of care pharmacogenetic testing company, is pleased to announce that it has conditionally raised total gross proceeds of approximately £2.03 million through the Open Offer and a further circa £1.89 million through the REX Offer both of which were announced on 9 May 2024.
As a result, taking into account the amounts raised in the Firm Placing (circa £168,000) and the Conditional Placing (circa £1.9 million), which were also announced on 9 May 2024, the Company has conditionally raised £6.0 million which was the required minimum amount needed to be raised in order for the Fundraising (other than the Firm Placing which has already completed) to become unconditional. The Conditional Placing, the Open Offer and the REX Offer are still conditional on, inter alia, the passing of resolutions 1 and 2 at the General Meeting (convened for tomorrow at 11.00 a.m.) and Second Admission occurring no later than 8.00 a.m. on 3 June 2024 (or such later time and/or date as may be agreed between the Company and Peel Hunt, being no later than 8.00 a.m. on 17 June 2024).
Result of the Open Offer
The Company received valid acceptances for 135,177,430 Open Offer Shares which is slightly less than the 143,141,481 Open Offer Shares that were offered to Qualifying Shareholders. As a result, all subscriptions by Qualifying Shareholders will be met in full. The level of take-up represents 94.4 per cent. and the Board appreciates this strong support from the Company's existing shareholders.
Result of the REX Offer
The REX Offer will result in the issue of a total of 126,022,576 REX Offer Shares.
In total, 388,826,006 New Ordinary Shares will be issued pursuant to the Conditional Placing, the Open Offer and the REX Offer. The net proceeds of the Fundraising are estimated to be approximately £5.47 million.
Application has been made to the London Stock Exchange for the admission of 388,826,006 New Ordinary Shares to trading on AIM ("Second Admission"). This comprises (i) 127,626,000 Conditional Placing Shares; (ii) 135,177,430 Open Offer Shares; and (iii) 126,022,576 REX Offer Shares. These New Ordinary Shares will rank pari passu with the existing Ordinary Shares.
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