RE: Why the drop???6 May 2020 16:05
From Corporate press releas yesterday,
"...genedrive plc (AIM: GDR), the near patient molecular diagnostics company, is pleased to announce the successful completion of the placing announced earlier today (the "Placing").
A total of 8,750,000 new ordinary shares of 1.5 pence each in the capital of the Company (the "Placing Shares") have been conditionally placed by Peel Hunt LLP ("Peel Hunt") and finnCap Ltd ("finnCap") (together, the "Joint Bookrunners") with new and existing investors at a price of 80 pence per Placing Share (the "Placing Price") raising gross proceeds of £7.0 million for the Company. The Placing Shares will represent approximately 20 per cent. of the enlarged share capital of the Company assuming full take-up of the Broker Option ("Enlarged Share Capital").
The Placing Price equates to a 60 per cent. discount to the mid-market closing price of an Ordinary Share on 4 May 2020, the last practicable date prior to the date of the Announcement, and a 1.8 per cent. discount to the 20 day volume weighted average price ending on 4 May 2020.
The Broker Option of up to 1,250,000 new Ordinary Shares, which would raise £1 million if taken up in full, will be open until 5.00 p.m. on 11 May 2020.
To subscribe for Broker Option Shares, investors should communicate their bid to Peel Hunt or finnCap via their stockbroker as neither Peel Hunt nor finnCap can take direct orders from individual private investors. Investors who wish to register their interest in participating in the Broker Option Shares should instruct their stockbroker to call Peel Hunt on +44 (0)20 7418 8900 or finnCap on +44 (0)20 7220 0500. Each bid should state the number of Broker Option Shares the investor wishes to subscribe for at the Placing Price."
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