Avacta Group Regulatory News (AVCT)

21 Jul 2006 10:15

AIM21 July 2006 ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH AIM RULE 2 ALL APPLICANTS MUST COMPLETE THE FOLLOWING: COMPANY NAME:Readybuy plc COMPANY ADDRESS:Television House, 10-12 Mount Street, Manchester COMPANY POSTCODE:M2 5NT COUNTRY OF INCORPORATION:England and Wales COMPANY BUSINESS OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTMENT STRATEGY TO BE DISCLOSED INACCORDANCE WITH SCHEDULE 2, PARAGRAPH (J) OF THE AIM RULES:Since the Readybuy group's trading activities were terminated in July 2005, the directors of Readybuy have beenexploring the future options available to the Company. The Company's investing strategy is to acquire a companyinvolved in developing enabling technologies, particularly in the defence and bio-chemistry sectors. The Boardbelieves that the proposed acquisition of Avacta meets this investment strategy. Avacta was spun-out from the University of Leeds in January 2004 by its current management team as a biophysicscompany, with the aim of combining the disciplines of physics and biology to develop innovative technologies toaddress needs in the homeland security, pharmaceutical and clinical diagnostic markets. Avacta has two core activities: the development of detection technology platforms designed to meet the needs ofits target markets; and the provision of analytical services relating to the chemical and physical analysis ofmaterials to a range of companies, principally in the pharmaceutical, healthcare and personal care sectors. DETAILS OF SECURITIES TO BE ADMITTED (i.e. where known, number of shares, nominal value and issue price to whichit seeks admission and the number and type to be held as treasury shares):644,857,446 ordinary shares of 0.1p each on First Admission 24,469,898 ordinary shares of 0.1p each on Second AdmissionCAPITAL TO BE RAISED ON ADMISSION:£1,012,500 before expenses, by means of a placing of 45,000,000 ordinary shares of 0.1p each at 2.25p per share FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS:Directors: Daron Ross Lee (non-executive Chairman) Professor David Alastair Maclaughlin Smith (non-executive director and proposed Chief Executive followingAdmission) Proposed Directors: Dr. Gwynfor Owen Humphreys (proposed non-executive Chairman)Dr. Simon Webster (proposed Chief Scientific Officer)Dr. Kurt Justin Baldwin (proposed Chief Technology Officer)Timothy James Sykes (proposed Chief Financial Officer and proposed Company Secretary)Professor Anthony William Robards (proposed non-executive director)Alan John Aubrey (propose non-executive director) PERSON(S) INTERESTED IN 3% OR MORE OF THE ISSUER'S CAPITAL, EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITALBEFORE AND AFTER ADMISSION:Before: Robert Quested (29.76%)Christopher Potts (16.96%)Stephen James (16.09%)Robert Quested, Christopher Potts and Stephen James are also interested in warrants to subscribe for 18,500,000;10,500,000; and 10,000,000 Ordinary Shares respectively. On Admission: Robert Quested (8.93%)Christopher Potts (3.15%)Stephen James (2.99%) The members of the Existing Concert Party, as at the date of this document, together hold 83.71% of the issuedshare capital of the Company, and will, immediately following the Placing and Admission hold 19.84 % thereof.The members of the New Concert Party (being the vendors of Avacta), as at the date of this document, togetherhold 0.96% of the issued share capital of the Company, and will, immediately following the Placing and Admissionhold 74.88% thereof. NAMES AND ADDRESSES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:None ANTICIPATED ACCOUNTING REFERENCE DATE:30 April EXPECTED ADMISSION DATE:8 August 2006 (First Admission)9 August 2006 (Second Admission) NAME AND ADDRESS OF NOMINATED ADVISER:WH Ireland Limited11 St James's SquareManchesterM2 6WH NAME AND ADDRESS OF BROKER:WH Ireland Limited11 St James's SquareManchesterM2 6WH DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENTTHAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:Copies of the admission document containing full details about the applicant and the admission of its securitieswill be available free of charge to the public until at least one month after admission at the offices of:- WH Ireland Limited11 St James's SquareManchesterM2 6WH DATE OF NOTIFICATION:21 July 2006 NEW/ UPDATE (see note):New This information is provided by RNS The company news service from the London Stock Exchange