20 Dec 2010 10:24
20 December 2010
Plethora Solutions Holdings plc
("Plethora" or "the Company")
Completion of Placing, Issue of Equity, LTIP awards
Plethora Solutions Holdings plc (AIM: PLE), the UK-based speciality pharmaceutical company, announces that all resolutions were passed at the general meeting held earlier today to complete a Placing of new shares. The Company also announces an extension of funds raised.
On 3 December 2010 the Company announced a Placing to raise £700,000, before expenses, through the issue of 8,235,296 new ordinary shares of 1p each at 8.5p per share (the "Placing Price"). Following the announcement of the Placing the Company received further expressions of interest of £150,000, including from a major existing shareholder, to participate in the fund raising. The board considered this proposal and concluded that it was in the interests of all shareholders to increase the fund raising and that it would use the authority granted at the Annual General Meeting on 27 May 2010 to issue additional shares on a non pre-emptive basis. This additional subscription gives rise to the issue of a further 1,764,704 new ordinary shares at the Placing Price.
Application was made to the London Stock Exchange for 10,000,000 new ordinary shares to be admitted to trading on the Alternative Investment Market. Dealing in the New Ordinary Shares is expected to commence at 8:00 am on 21 December 2010.
Following the issue of these 10,000,000 new ordinary shares, Plethora will have an issued share capital of 54,325,800 ordinary shares of 1p each.
The Company also announces that, following the General Meeting, the board of directors made the following awards to directors under the Long Term Incentive Plan approved by shareholders in December 2009. These awards vest on 20 December 2013, three years following grant, and are subject to performance criteria in accordance with the scheme rules.
Director | Shares subject to Award |
Bill Robinson | 95,250 |
Steven Powell | 447,600 |
Ronald Openshaw | 264,286 |
Michael Wyllie | 278,571 |
-Ends-
Enquiries:
Plethora Solutions Steven Powell | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) Antony Legge (Nomad) / Martin Lampshire (Broker) | Tel : +44(0) 20 7776 6550
|
Hybridan LLP (Joint Broker) Claire Louise Noyce | Tel: +44(0) 20 7947 4350
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Hansard Communications Kirsty Corcoran / John Bick | Tel: +44(0) 20 7245 1100
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About Plethora:
Plethora is focused on the development and marketing of products for the treatment of urological disorders. The Company has products in clinical development for the treatment of overactive bladder (PSD506), stress urinary incontinence (PSD503 - Virgafem), interstitial cystitis (PSD597 - Urolieve) erectile dysfunction (PSD510) and premature ejaculation (PSD502).
Plethora's subsidiary, The Urology Company Limited, was established in 2009 to market and distribute a range of branded and generic pharmaceutical products, pharmaceutical specials, medical devices and nutritional supplements for the treatment of urology, andrology and obstetric conditions.
The Company is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE.L). Further information is available at www.plethorasolutions.co.uk and www.theurologyco.com