4 Jun 2014 07:00
4d pharma plc
("the Company" or" 4d pharma")
Acquisition of a further 37.5% of GT Biologics ltd
4d pharma (AIM: DDDD), a pharmaceutical company focusing on significant new therapeutic areas, is pleased to announce that it has today acquired a further 37.5% of the issued share capital of GT Biologics ltd ("GT"), for a total consideration of approximately £1.22 million, taking its total stake to approximately 83.5% of the issued share capital of GT ("the Acquisition"). The consideration for the Acquisition was satisfied by the issue of 699,500 new ordinary shares in the capital of 4d pharma ("4d pharma Shares"), with each 4d pharma Share being issued at £1.75, being the average mid-market price of a 4d pharma Share for the 5 business days immediately preceding completion of the Share Purchase.
Application has been made for the new ordinary shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will take place on 10 June 2014.
The Acquisition constitutes a substantial transaction and a related party transaction under the AIM Rules.
For the year ended 31 December 2013, GT had gross assets of £525,408 and recorded a loss of £1,060,866. GT has no turnover.
David Norwood, having consulted with Zeus Capital, considers that the terms of the Acquisition are fair and reasonable insofar as shareholders of the Company are concerned.
As a result of the Acquisition both Duncan Peyton and Alex Stevenson, directors of the Company, increased their respective beneficial holdings of ordinary shares in the Company by 286 from 6,250,000 (equivalent to approximately 17.1% of the Company's issued share capital before the Acquisition), to 6,250,286 (equivalent to approximately 16.8% of the Company's issued share capital following the Acquisition).
Duncan Peyton, Chief Executive Officer of 4d pharma commented: "We are delighted to have increased our ownership of GT, an important part of the stated strategy of the Company at the time of its admission to AIM, and we look forward to the continued accelerated development of GT's live biotherapeutic candidates".
Following Admission the Company's issued share capital will consist of 37,249,500 ordinary shares. There are no ordinary shares held in treasury. Therefore, in accordance with the FCA's Disclosure and Transparency Rule 5.6.1, the Company confirms that following Admission, the total number of voting rights in the Company will be 37,249,500.
For Further information please contact:
4d pharma plc
Duncan Peyton
0161 837 6200
Zeus Capital Limited
Ross Andrews/John Depasquale/Dan Bate
0161 831 1512/020 7533 7727