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Placing

14 Dec 2016 09:45

RNS Number : 7434R
InnovaDerma PLC
14 December 2016
 

This announcement must not be sent or transmitted, directly or indirectly, into the United States, Australia, Canada or Japan and is not for distribution, directly or indirectly in the United States, Australia, Canada or Japan or any other jurisdiction where the extension or availability of the Fundraising (and any other transaction contemplated thereby) would (i) result in a requirement to comply with any governmental or other consent or any registration filing or other formality which InnovaDerma regards as unduly onerous, or (ii) otherwise breach any applicable law or regulation.

 

 

InnovaDerma PLC

("InnovaDerma" or the "Company")

Placing

InnovaDerma (LON: IDP), a UK developer of 'at-home' and clinically proven treatments for hair loss, hair care, self-tanning and skin rejuvenation, is pleased to announce that the Company has raised £800,000 before expenses through a placing by Hybridan LLP of 727,273 new ordinary shares (the "Placing Shares") at a placing price of 110 pence per share.

Use of proceeds

The Company has continued to receive strong demand for its products and therefore the key funding priority is to build stock levels at a faster pace to fulfil any increase in demand from various markets in the second half of our financial year in 2017.

Presentation

The Company has updated its corporate presentation on its website, http://www.innovaderma.com/investor-relations/ to include clarifications and corrections to some statements.

 

Haris Chaudhry, Executive Chairman said:

"Following our recent fundraise, we are delighted with the further support shown by investors which will ensure we have adequate levels of stock to meet demand in the second half of our financial year in 2017."

 

Details of the Placing

Placing Price

110 pence per share

Number of Placing Shares

727,273

Gross proceeds receivable by the Company

£800,000.30

Number of Ordinary Shares in issue following Admission of the Placing Shares

11,844,236

New Placing Shares as a percentage of the enlarged share capital

Approximately 6.1%

 

Estimated timetable of principal events

Announcement of the Placing

14 December 2016

Admission of Placing Shares

22 December 2016

New Ordinary Shares in uncertificated form expected to be credited to accounts in CREST

As soon as possible following Admission of the Placing Shares

 

Settlements and Dealings

Applications will be made for the Placing Shares to be admitted to the Standard Listing segment of the UK Listing Authority and to trading on the Main Market of the London Stock Exchange. Admission of the Placing Shares is expected to become effective on 22 December 2016 and the Placing Shares will rank pari passu with the existing ordinary shares of the Company. Following Admission, the Company will have 11,844,236 ordinary shares in issue. This figure (11,844,236), is the number which 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 interests in, the Company under the FCA's Disclosure and Transparency Rules.

 

 

Further enquiries:

InnovaDerma

Haris Chaudhry/Joe Bayer

 

+61 (0)3 9111 0071

Sole broker

Hybridan LLP

Claire Noyce

 

+44 (0)203 764 2341

Cardew Group

Shan Shan Willenbrock

David Roach

Emma Ruttle

 

+ 44 (0)20 7930 0777

 

About InnovaDerma:

InnovaDerma PLC (LSE: IDP) specializes in the research, manufacture and marketing of clinically proven products in hair loss, anti-ageing and beauty sectors. InnovaDerma has presence in the UK, US, Australia, New Zealand, Philippines, South Africa, Hong Kong and South Korea.

 

www.innovaderma.com

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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