PVG.L Regulatory News (PVG)

14 Dec 2006 07:01

Ark Therapeutics Group PLC14 December 2006 Ark Therapeutics Group plc (the "Company" or "Ark") Placing of Shares London, 14 December 2006: Ark Therapeutics Group plc announces that fundsmanaged by a major international institution (the "Investor") have agreed tosubscribe for 6,374,886 new ordinary shares of the Company (the "SubscriptionShares"), representing 4 per cent of Ark's issued share capital, at a price of96.5 per share, a premium of approximately 6 per cent to the closing mid-marketprice on 12 December 2006. Application has been made for, and the subscription is conditional upon,admission of the Subscription Shares to listing on the Official List of the UKListing Authority and to trading on the London Stock Exchange's market forlisted securities (together, "Admission"). Subject to these conditions beingsatisfied by 31 December 2006, the Subscription Shares will be issued creditedas fully paid and will rank pari passu in all respects with Ark's existingordinary shares. It is expected that Admission will become effective and dealings in theSubscription Shares will commence at 8.00 a.m. on 15 December 2006. Ark has also agreed, conditional upon the directors being granted authority toallot such shares at the Company's Annual General Meeting in 2007 or 2008, toissue to the Investor warrants over a further 5,589,307 ordinary shares.Subject to the grant of such authority, the warrants will be exercisable at anytime between 1 May 2007 and 31 December 2008 at an exercise price of 140p pershare (a premium of approximately 54 per cent to the closing mid market price on12 December 2006). For further information please contact: Ark Therapeutics Group plc: +44 (0)20 7388 7722 Dr Nigel Parker, Chief ExecutiveMartyn Williams, Chief Financial Officer Financial Dynamics: +44 (0)20 7831 3113David YatesAnna Keeble This information is provided by RNS The company news service from the London Stock Exchange