8 Jun 2018 07:00
8 June 2018
AorTech International plc
("AorTech" or the "Company")
Result of Open Offer
On 21 May 2018, AorTech International plc (AIM: AOR), the biomaterials and medical device IP company, announced an Open Offer to Qualifying Shareholders.
The Open Offer closed for applications at 11.00 a.m. on 7 June 2018 and the Company is pleased to confirm that it was heavily oversubscribed. The Company received valid acceptances from Qualifying Shareholders in respect of 1,050,543 Open Offer Shares, including applications for 1,605,925 Open Offer Shares under the Excess Application Facility. This represents approximately 159 per cent. of the maximum number of 1,667,309 Open Offer Shares available.
Qualifying Shareholders who have validly applied for Open Offer Shares will receive their full Open Offer Entitlement. Applications for New Ordinary Shares under the Excess Application Facility will be scaled back pro rata to the number of Excess Shares applied for by Qualifying Shareholders under the Excess Application Facility.
The Company has therefore raised gross proceeds of approximately £0.5 million through the Open Offer. This is in addition to approximately £2.1 million (before expenses) raised pursuant to the Placing and the Subscription.
The Open Offer remains conditional upon, inter alia, the approval of Shareholders at the General Meeting to be held at 11.00 a.m. on 8 June 2018 and Admission which is expected will become effective at 8.00 a.m. on 11 June 2018.
Commenting, Bill Brown, Chairman of the Company, said: "We are delighted with the level of support demonstrated by shareholders in the heavily oversubscribed Open Offer. The strength of demand for new shares from shareholders is a pleasing endorsement of our future strategy to maximise value from the Company's existing IP and the development of new products."
This announcement should be read in conjunction with the full text of the Circular which was posted to Shareholders on 22 May 2018, copies of which are available on the Company's website at www.aortech.net. Capitalised terms in this announcement have the same meaning as given in the Circular.
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Stockdale Securities Limited Tel: +44 20 7601 6100
Tom Griffiths/David Coaten
About AorTech:
AorTech has developed biostable, implantable polymers, including Elast-Eon™ and ECSil™ the world's leading long-term implantable co-polymers, now manufactured on their behalf by Biomerics LLC in Utah, USA. With several million implants and seven years of successful clinical use, AorTech polymers are being developed and used in cardiology and urological applications, including pacing leads, cardiac cannulae, stents and neuro stimulation devices. Devices manufactured from AorTech polymers have numerous US FDA PMA approvals, 510ks, CE Marks, Australian TGA and Japanese Ministry of Health approvals.
Elast-Eon™ and ECSil™'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. A range of materials in a variety of application-specific formulations for use in medical devices and components are available.