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Pin to quick picksProvexis Regulatory News (PXS)

Share Price Information for Provexis (PXS)

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Draw Down of Funds and Issue of Equity

22 Jun 2010 07:00

RNS Number : 9915N
Provexis PLC
22 June 2010
 



22 June 2010

Provexis plc ("Provexis" or the "Company")

 

Draw Down of Funds and Issue of Equity

 

 

Provexis plc (PXS.L), which focuses on the discovery, development and licensing of scientifically-proven functional food, medical food and dietary supplement technologies, has raised net proceeds of £88,869 by drawing down on its Equity Financing Facility ("EFF") with Evolution Securities Limited ("ESL"). The EFF agreement was arranged by Darwin Strategic Limited ("Darwin") and was announced by Provexis on 31 March 2010. This draw down of funds is the first under the EFF agreement.

 

Under the terms of the EFF agreement the Company has allotted, conditional on admission to trading on AIM, 2,135,000 new ordinary shares of 0.1p each to ESL (the "New Provexis Shares"). The New Provexis Shares have been issued at 4.1625p per share and rank pari passu in all respects with the existing ordinary shares of 0.1p each in Provexis.

 

The draw down is the first undertaken by the Company since the announcement of the EFF and represents a premium of 2.8 per cent to the closing middle market price of the Company on 21 June 2010 (being the latest practicable date prior to this announcement). The net proceeds raised by the draw down were linked to the floor price set by the Directors at the time of draw down.

 

Application will be made to the London Stock Exchange for the 2,135,000 New Provexis Shares to be admitted to trading on AIM. It is expected that the admission will become effective and that trading in the New Provexis Shares will commence on 28 June 2010 ("Admission").

 

Following Admission, the Company's enlarged issued share capital will comprise 1,110,216,929 ordinary shares with voting rights. The Company does not hold any shares in treasury. This figure of 1,110,216,929 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FSA's Disclosure and Transparency Rules.

 

The Company and ESL have agreed to enter into a variation to the terms of the EFF agreement such that in relation to any future draw down under the EFF while the Company will continue to be obliged to specify a floor price in any draw down notice, the Company will have the right (with the agreement of ESL) to modify that floor price at any time during the relevant pricing period.

 

Following the granting of the requisite regulatory approvals to Darwin on 28 April 2010, each of the Company, ESL and Darwin have agreed to enter into a novation of the EFF from ESL to Darwin, such that all draw downs associated with the facility will be provided by Darwin.

 

About Darwin:

Darwin, a majority owned subsidiary of The Evolution Group, provides funding solutions for UK listed PLCs, including Equity Financing Facilities. Darwin's team has extensive experience in both corporate finance and secondary market trading, and can create bespoke funding solutions for companies beyond traditional debt and equity funding.

 

Enquiries:

Provexis plc

Stephen Moon, Chief Executive

Ian Ford, Finance Director

Tel: 01753 752290

Haggie Financial LLP

Peter Rigby/Juliet Tilley

Tel: 020 7417 8989

Evolution Securities Ltd

Sam Plumptre/Bobbie Hilliam

Tel: 020 7071 4317

Darwin Strategic Limited

Paul Hennigan/Anand Sambasivan

Tel: 020 3178 6174

 

This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
IOEFBMRTMBBTBIM
Date   Source Headline
27th Oct 20094:35 pmRNSPrice Monitoring Extension
20th Oct 20097:00 amRNSChange of Adviser
15th Oct 200910:46 amRNSResult of General Meeting
12th Oct 20097:00 amRNSProvexis Announces Update on Human Trial
7th Oct 20094:36 pmRNSHolding(s) in Company
2nd Oct 20091:09 pmRNSHolding(s) in Company
29th Sep 200910:00 amRNSPosting of Circular
28th Sep 20092:40 pmRNSHolding(s) in Company
25th Sep 20097:00 amRNSSubscription and Notice of General Meeting
23rd Sep 20099:54 amRNSShare Price Movement
17th Sep 20092:15 pmRNSDirectorate Change
10th Sep 20093:10 pmRNSResult of AGM
8th Sep 200912:33 pmRNSAdditional Listing
3rd Sep 20094:12 pmRNSAdditional Listing
3rd Sep 200912:37 pmRNSHolding(s) in Company
28th Aug 20098:53 amRNSRecent share price increase
26th Aug 20093:08 pmRNSDisposal of Provexis Holding
25th Aug 200910:32 amRNSHolding(s) in Company
25th Aug 200910:27 amRNSHolding(s) in Company
17th Aug 20099:25 amRNSAnnual Financial Report
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11th Aug 20097:00 amRNSCommencement of Clinical Trial
10th Aug 20099:43 amRNSRecent share price movement
2nd Jul 20094:44 pmRNSHolding(s) in Company
9th Jun 20097:00 amRNSAudited Results Year ended 31 March 2009
28th May 20097:00 amRNSEuropean Health Claim Adoption for Fruitflow
4th Feb 20097:00 amRNSSirco Launch
3rd Feb 200912:39 pmRNSR&D Pipeline Update
3rd Feb 200911:32 amRNSFurther re Agreement
2nd Dec 20087:00 amRNSInterim Results
3rd Oct 200810:47 amRNSHolding(s) in Company
2nd Oct 20083:17 pmRNSDirector/PDMR Shareholding
2nd Oct 200811:08 amRNSResult of AGM
1st Oct 20087:00 amRNSDirectorate Change
16th Sep 20083:22 pmRNSAdditional Listing
11th Sep 20089:49 amRNSAnnual Report and Accounts
2nd Sep 200811:44 amRNSHolding(s) in Company
1st Sep 20085:50 pmRNSGrant of options
1st Sep 200812:57 pmRNSDirectorate Change
29th Aug 20089:32 amRNSHolding(s) in Company
26th Aug 200810:41 amRNSResult of Meeting
21st Aug 20087:00 amRNSJoint Venture Project
4th Aug 20087:00 amRNSProvexis Fundraising
1st Aug 20084:32 pmRNSFinal Results
1st Aug 20084:30 pmRNSPlacing and Share Reorganisat
9th Jun 20084:52 pmRNSResponse to Share Price Movem
27th Mar 200810:07 amRNSHolding(s) in Company
20th Mar 20083:08 pmRNSHolding(s) in Company
3rd Mar 20089:51 amRNSHolding(s) in Company
25th Jan 200810:39 amRNSHolding(s) in Company

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