RE: Funds3 Nov 2023 14:29
17 August 2023
Aptamer Group plc
("Aptamer Group", "APTA" or the "Company")
Result of General Meeting
Update on Fundraise, Strategy, Board Changes, Change of Broker, Broker Research Marketing Communication and PDMR Dealings
Aptamer Group (AIM:APTA), the developer of novel Optimer® binders to enable innovation in the life sciences industry, is pleased to announce that, further to the Company's announcement on 31 July 2023, at its general meeting held today, all resolutions were passed.
Accordingly, all of the proposals set out in the circular dated 31 July 2023 will proceed.
Fundraise
Further to the Company's announcement on 31 July 2023, following shareholder approval at the general meeting today, the Company has successfully raised £3.6 million (before costs) by way of a Placing and Subscription. The Company intends to use the net proceeds of the Fundraise for working capital purposes, with the aim of reaching an EBITDA and cash break even position within two years.
In aggregate, 370,000,000 new Ordinary Shares have been issued at a price of 1p each in connection with the Fundraise, of which 10,318,390 new Ordinary Shares were admitted to trading on AIM on 4 August 2023 and the remaining 359,681,610 new Ordinary Shares are expected to be admitted to trading on AIM on 21 August 2023.
Certain of the existing Directors, all of the of Proposed Directors and certain senior managers have participated in the Fundraise, contributing £269,900 in aggregate to the total raised. Following completion of the Fundraise, the continuing board and certain senior managers will hold in aggregate approximately 12.37 per cent of the issued share capital.
Strategy
The Company will focus on tight costs discipline with the intention of reaching an EBITDA and cash break even position within two years.
Consequently, budgeted costs for premises, overheads and development, directors and staff are targeted to be reduced from approximately £6.4 million (unaudited) in the year ended 30 June 2023 to approximately £3.5 million for the current financial year. This reset of the cost base is expected to be completed by the end of September 2023 with a reduction in operational headcount to the level required to meet forecasted revenues over the next several years.
Research and development activities will focus on process improvements to reduce delivery timelines or increase margins, cost reduction activities, and driving recurring revenues through customer support. It is intended that higher risk development work will in whole or part be funded via grants and collaborations that will be sought to minimise the impact on working capital requirements.