Last checked at 29 Mar 2018 07:00
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
Feedback Plc
("Feedback" the "Company" or the "Group")
Equity Fundraising to raise £440,000
Cambridge, UK - 29 March 2018: Feedback plc ("Feedback" or the "Company") (AIM: FDBK), the specialist medical imaging technology company, is pleased to announce it has raised, in aggregate, £440,000 before expenses through a subscription and placing of, in aggregate, 35,200,000 new ordinary shares of 0.25 pence each in the capital of the Company ("Ordinary Shares") at a price of 1.25 pence per share (the "Issue Price") (the "Fundraising"). The Fundraising comprises a placing of 20,400,000 new Ordinary Shares ("the Placing Shares") via the Company's joint broker, Peterhouse Corporate Finance Limited, and a subscription for a further 14,800,000 new Ordinary Shares ("the Subscription Shares"), both at the Issue Price, with certain existing and new strategic investors.
Use of Proceeds
Underpinned by a strategic focus on operational efficiencies, the net proceeds from the Placing will be used to: invest in marketing, sales and customer support to increase TexRAD® and Cadran platform technology sales from distributors as well as direct sales; develop the clinical evidence base following the first CE marked release of the TexRADÒ technology; further new product development; and for general working capital purposes.
David Crabb, Chief Executive Officer of Feedback plc, commented: "This fundraising will support the optimisation and expansion of Feedback's operations, allowing us to leverage our two platform technologies and increase our market presence. We have solid foundations and deep domain expertise, and thanks to the support of our new and long-term shareholders we are well-placed to position Feedback at the forefront of innovation in the quantitative medical imaging analysis field."
Directors' and Substantial Shareholder participation and interests
Certain Directors have agreed to subscribe for Subscription Shares at the Issue Price as per the table below (the "Directors' Participation"). In addition, Tom Charlton, who currently holds 24.61 per cent. of the issued share capital of the Company, has agreed to subscribe for 8,800,000 Subscription Shares at the Issue Price.
Director/Shareholder | Number of Subscription Shares subscribed for | Beneficial shareholding following completion of the Fundraising | Percentage of Ordinary Shares held following completion of the Fundraising |
Dr Alastair Riddell | 1,000,000 | 6,000,000 | 2.13 |
David Crabb | 1,000,000 | 1,000,000 | 0.36 |
Tom Charlton | 8,800,000 | 69,437,408 | 24.66 |
The Directors' Participation and the subscription by Tom Charlton, who is a substantial shareholder of the Company, are regarded as related party transactions under the AIM Rules. The Directors, other than Alastair Riddell and David Crabb, having consulted with the Company's nominated adviser, Allenby Capital Limited, consider the terms of the Directors' Participation and the subscription by Tom Charlton to be fair and reasonable insofar as the Company's shareholders are concerned.
On Admission, the shareholdings of the other directors who hold shares in Feedback will be as follows:
Director | Holding of Ordinary Shares | Percentage of enlarged share capital |
Dr Balaji Ganeshan (Executive Director) | 2,860,000 | 1.02% |
Mike Hayball (Executive Director) | 5,670,600 | 2.01% |
Admission of the Subscription and Placing Shares
Once issued, the Subscription Shares and Placing Shares will rank pari passu with the existing Ordinary Shares. Application will be made for the Subscription Shares and Placing Shares to be admitted to trading on the AIM market ("Admission") and dealings are expected to commence on 6 April 2018.
Total Voting Rights
Following Admission, there will be 281,616,584 Ordinary Shares in issue. The figure of 281,616,584 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Dr Alastair Riddell | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Chairman | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | |||||
b) | LEI | 213800UGOF2GT2U2RV90
| ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.25p each in Feedback plc
Identification code (ISIN) for GB0003340550
| ||||
b) | Nature of the transaction | Purchase of shares
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||
e) | Date of the transaction | 28 March 2018
| ||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | David Crabb | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | |||||
b) | LEI | 213800UGOF2GT2U2RV90
| ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.25p each in Feedback plc
Identification code (ISIN) for GB0003340550
| ||||
b) | Nature of the transaction | Purchase of shares
| ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A | ||||
e) | Date of the transaction | 28 March 2018
| ||||
f) | Place of the transaction | London Stock Exchange, AIM (XLON) | ||||
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014.
The Market Abuse Regulation (MAR) became effective from 3 July 2016. Market soundings, as defined in MAR, were taken in respect of the Placing with the result that certain persons became aware of inside information, as permitted by MAR. That inside information is set out in this announcement and has been disclosed as soon as possible in accordance with paragraph 7 of article 17 of MAR. Therefore, those persons that received inside information in a market sounding are no longer in possession of inside information relating to the Company and its securities.
Notes to editors
About Feedback plc
Feedback plc is a specialist medical imaging technology company. It develops software and systems that provide innovative techniques and improved workflows for practitioners involved in medical research and treating patients. TexRAD®, the Company's patented quantitative image texture analysis technology, has the potential to assist clinicians in diagnosis, prognosis and treatment of patients with cancer and is currently installed in over 40 of the world's leading research institutions across Europe, North America, Asia and Australasia. The Cadran platform provides a suite of medical imaging tools for decision support. The Cadran range includes the picture archiving communication system (PACS) to provide decision support for scan analysis, diagnostic workstations which provide secure remote access to view scans on demand, and products to securely share and transport patient data. Visit www.fbk.com.
For further information, please contact:
Feedback plc David Crabb, Chief Executive Officer Lara Mott, Investor Relations
| Tel: 01954 718072 IR@fbk.com |
Allenby Capital Limited (Nominated Adviser and Joint Broker) David Worlidge / Asha Chotai
| Tel: 020 3328 5656 |
Northland Capital Partners Ltd (Joint Broker) David Hignell / John Howes
| Tel: 020 3861 6625 |
Peterhouse Corporate Finance Ltd (Joint Broker) Lucy Williams / Duncan Vasey
| Tel: 020 7469 0936 |