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Pin to quick picksInduction Heal. Regulatory News (INHC)

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Induction Healthcare - Admission to trading on AIM

Wed, 22nd May 2019 08:00

RNS Number : 7616Z
Induction Healthcare Group PLC
22 May 2019
 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, NEW ZEALAND, CANADA, JAPAN OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.

 

This announcement is not an offer of securities for sale in any jurisdiction, including in or into the United States, Australia, New Zealand, Canada or Japan. Neither this announcement nor anything contained herein shall form the basis of, or be relied upon in connection with, any offer of securities for subscription or sale in any jurisdiction. Prospective investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws and regulation and on the basis of the information in the admission document ("Admission Document") published by the Company, in connection with the placing ("Placing") of its ordinary shares ("Shares") and the admission ("Admission") of the Shares to trading on the AIM market of London Stock Exchange plc ("London Stock Exchange"). A copy of the Admission Document is available for viewing on the Company's website at www.inductionhealthcare.com

 

22 May 2019

Induction Healthcare Group PLC

 

("Induction", the "Company, or the "Group")

 

Admission to trading on AIM and first day of dealings

 

Induction Healthcare Group PLC, a leading healthcare technology company focused on helping healthcare professionals to streamline the delivery of patient care, today announces the admission of its Ordinary Shares to trading on the AIM market of the London Stock Exchange.

 

Highlights

 

·      The Company will receive gross proceeds of approximately £14.6 million pursuant to the Placing. In addition, prior to the Placing, the Company completed a pre-IPO fundraise which raised approximately £2.0 million in gross proceeds for the Company.

 

·      The Directors believe that the Placing and admission will enable the Company to accelerate its growth strategy, both through organic and acquisitive growth, with the majority of the funds raised for making acquisitions across a number of modules and geographies.

 

·      Upon Admission, the Company will have a market capitalisation (at the Placing Price) of approximately £34.1 million.

 

·      The total of 29,626,201 Ordinary Shares (including 12,681,915 Ordinary Shares issued pursuant to the recently announced Placing) have been admitted to trading on AIM under the ticker INHC.L, and ISIN number GB00BJ0M3545.

 

·    The Company's Admission Document is available to view on its website www.inductionhealthcare.com.

 

Ibraheem (Ibs) Mahmood, CEO at Induction said 

 

"Today marks an important step in a new chapter as we embark on the next stage of Induction's growth strategy. We are pleased with the response of our new and existing shareholders and thank them for their confidence and support. We have made good progress since launch and already attracted over 76,200 healthcare professionals to our app which is helping them deliver patient care more efficiently. 

 

"The additional funding will enable us to accelerate our growth plans by adding and acquiring new features and functionality to the service we provide and expanding into selective new geographies. We are optimistic and confident that we have the right strategy in place to deliver on the many growth opportunities we have identified and look forward to working with all our stakeholders and healthcare professionals to meet the anticipated demand."

 

 

Defined terms used in this announcement shall have the meanings given to them in the Admission Document.

 

ENQUIRIES

 

Induction

 

Ibs Mahmood, Chief Executive Officer

Via FTI Consulting

Seb Jantet, Chief Financial Officer

Via FTI Consulting

 

 

Numis Securities (Nominated Adviser and Broker)

 

James Black

Freddie Barnfield

Huw Jeremy

Matthew Jones

 

+44 (0) 207 260 1000

 

FTI Consulting (Public relations adviser to Induction)

 

Brett Pollard  

Jamie Ricketts

Elena Kalinskaya

+44 (0) 203 727 1000

 

 

About Induction

 

Induction Healthcare Group PLC is a healthcare technology company focused on streamlining the delivery of care by healthcare professionals. The Group's technology helps healthcare professionals to save time and deliver care more effectively and to identify ways to allocate resources more efficiently.

 

The Group is initially targeting improving the way healthcare professionals communicate with each other through its app, Induction Switch ("Switch"). Switch is an app that provides a directory (allowing Healthcare Professionals to easily find extension numbers), messaging and an administration portal (to share and view hospital guidelines), all in a secure and regulatory compliant setting.

 

As at 28 February 2019, Switch had over 76,200 registered users, primarily in the UK, including over 50,500 doctors, GPs and consultants. The registered user base grew by more than 42% over the six months to 28 February 2019.

 

Important Notice

 

Numis, which is authorised and regulated by the Financial Conduct Authority, is acting only for the Company in connection with the Placing and Admission and is not acting for or advising any other person, or treating any other person as a client, in relation thereto and will not be responsible for providing the regulatory protection afforded to clients of Numis or advice to any other person in relation to the matters contained herein. Such persons should seek their own independent legal, investment and tax advice as they see fit.  Numis' responsibilities as the Company's nominated adviser under the AIM Rules for Nominated Advisers and AIM Rules for Companies will be owed solely to the London Stock Exchange and not to the Company, to any of its directors or any other person in respect of a decision to subscribe for or otherwise acquire Shares in reliance on the Admission Document. Numis has not authorised or approved the contents of, or any part of, this announcement and no representation or warranty, express or implied, is made by Numis or its affiliates as to any of its contents. 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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