Last checked at 26 Feb 2016 08:34
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Shield Therapeutics plc
("Shield" or the "Company")
First Day of Dealings on AIM
London, UK, 26 February 2016. Shield Therapeutics plc (LSE:STX), a specialty pharmaceutical company focused on secondary care, announces that its Ordinary Shares and Warrants were admitted to trading on the AIM market of the London Stock Exchange at 8.00am GMT today. This follows a successful placing raising gross proceeds of £32.5 million by way of a placing and subscription of Ordinary Shares in the capital of the Company and the issue of Warrants to subscribe for Ordinary Shares. On admission the Company will have a market capitalisation of approximately £162 million.
Trading of the Ordinary Shares and Warrants will take place under the symbols "STX" and "STXW", respectively.
Liberum is acting as Nominated Adviser and Sole Broker to the Company.
In a separate press release issued today, the Company announced that the European Commission has granted marketing authorisation across all member states for its wholly owned product, Feraccru®, as a treatment for adults with iron deficiency anaemia (IDA) in patients with inflammatory bowel disease (IBD). This approval allows Shield to begin a roll-out of commercialisation in the coming months.
Carl Sterritt, Chief Executive Office of Shield Therapeutics plc, said: "We are excited to be joining the AIM market today and also extremely pleased to celebrate the approval of our lead drug, Feraccru. The successful completion of our IPO facilitates the commercial launch of Feraccru in Europe, thereby turning us into a revenue-generating specialty pharmaceutical business just five years after we commenced the development of Feraccru. The transaction also enables us to conduct further human trials of Feraccru, positive results from which will facilitate our commercial plans in other indications and markets, including the US. I would like to thank our staff and advisors for their professionalism throughout the IPO process; as well as our investors, new and existing, for their support and confidence and we look forward to updating all stakeholders on our anticipated strong progress."
Placing Statistics
Placing Price per Placing Share: | 150p |
Estimated net proceeds of the Placing receivable by the Company | £30.1 million |
Number of Ordinary Shares in issue immediately following Admission | 108,135,416 |
Number of Warrants in issue immediately following Admission | 11,666,658 |
Placing Shares as a percentage of the enlarged issued ordinary share capital upon Admission | 20% |
Number of Ordinary Shares issuable by exercise of Warrants as a percentage of the enlarged issued ordinary share capital upon Admission | 10.8% |
Market capitalisation of the Company at the Placing Price upon Admission | £162.2 million |
Copies of the Admission Document are available on the Company's website at www.shieldtherapeutics.com. Capitalised terms used in the Admission Document shall, unless the context provides otherwise, have the same meanings in this Announcement.
For further information please contact:
Shield Therapeutics plc | +44 (0)191 511 8507 |
Carl Sterritt, Chief Executive Officer Richard Jones, Chief Financial Officer | |
Nominated Adviser and Sole Bookrunner Liberum Capital Limited Christopher Britton Steve Pearce Jamil Miah
| +44 (0)20 3100 2222 |
Financial PR Advisor Consilium Strategic Communications | +44 (0)203 709 5700 shieldtherapeutics@consilium-comms.com |
Mary-Jane Elliott Matthew Neal Lindsey Neville Hendrik Thys |
Important notice
This announcement does not constitute a prospectus within the meaning of section 85 of Financial Services and Markets Act 2000 ("FSMA"), has not been drawn up in accordance with the Prospectus Rules and has not been approved by or filed with the Financial Conduct Authority. This announcement does not constitute an offer of transferable securities to the public within the meaning of FSMA or otherwise.
Important information
Neither this announcement nor any copy of it may be made or transmitted into the United States of America (including its territories or possessions, any state of the United States of America and the District of Columbia) (the "United States"), or distributed, directly or indirectly, in the United States. Neither this announcement nor any copy of it may be taken or transmitted directly or indirectly into Australia, Canada, The Republic of South Africa or Japan or to any persons in any of those jurisdictions, except in compliance with applicable securities laws. Any failure to comply with this restriction may constitute a violation of United States, Australian, Canadian, South African or Japanese securities laws. The distribution of this announcement in other jurisdictions may be restricted by law and persons into whose possession this announcement comes should inform themselves about, and observe, any such restrictions. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for securities in the United States, Australia, Canada, The Republic of South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful.
The securities to which this announcement relates have not been, and will not be, registered under the US Securities Act of 1933, as amended (the "Securities Act") or with any regulatory authority or under any applicable securities laws of any state or other jurisdiction of the United States, and may not be offered or sold within the United States unless registered under the Securities Act or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with applicable state laws. There will be no public offer of the securities in the United States.
The securities referred to herein have not been registered under the applicable securities laws of Australia, Canada, The Republic of South Africa or Japan and, subject to certain exceptions, may not be offered or sold within Australia, Canada, The Republic of South Africa or Japan or to any national, resident or citizen of Australia, Canada, The Republic of South Africa or Japan.
The securities to which this announcement relates have not been approved or disapproved by the U.S. Securities and Exchange Commission, any state securities commission in the United States or any United States regulatory authority, nor have any of the foregoing authorities passed upon or endorsed the merits of the offering of the securities or the accuracy of adequacy of this announcement. Any representation to the contrary is a criminal offence in the United States.
In any EEA Member State that has implemented Directive 2003/71/EC, as amended including by Directive 2010/73/EU (together with any applicable implementing measures in any Member State, the "Prospectus Directive"), this announcement is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive.
This announcement is an advertisement. Investors should not subscribe for or purchase any securities referred to in this announcement except in compliance with applicable securities laws on the basis of information in the Admission Document published by Shield on 12 February 2016, in connection with the placing of its Ordinary Shares and the admission of its Ordinary Shares to trading on the AIM Market of the London Stock Exchange. Copies of the Admission Document are available, subject to applicable securities laws, from www.shieldtherapeutics.com and at the Company's main office at: Northern Design Centre, Baltic Business Quarter, Gateshead Quays NE8 3DF.
Any purchase of Ordinary Shares in the Placing should be made solely on the basis of the information contained in the Admission Document, which contains detailed information about the Company and its management, as well as financial statements. Before purchasing any Ordinary Shares, persons viewing this announcement should ensure that they fully understand and accept the risks, which are set out in the Admission Document. The information in this announcement is for background purposes only and does not purport to be full or complete. No reliance may be placed for any purpose on the information contained in this announcement or its accuracy or completeness. This announcement does not constitute or form part of any offer or invitation to sell or issue, or any solicitation of any offer to purchase or subscribe for any Ordinary Shares or any other securities nor shall it (or any part of it) or the fact of its distribution, form the basis of, or be relied on in connection with, any contract therefor.
This announcement does not constitute a recommendation concerning the Placing. The price and value of securities and any income from them can go down as well as up. Past performance is not a guide to future performance. Before purchasing any Ordinary Shares, persons viewing this announcement should ensure that they fully understand and accept the risks that are set out in the Admission Document. Information in this announcement or any of the documents relating to the Placing and Admission cannot be relied upon as a guide to future performance. Potential investors should consult a professional advisor as to the suitability of the Placing for the entity concerned.
Liberum, authorised and regulated by the Financial Conduct Authority in the United Kingdom, is acting exclusively for the Company and no one else in connection with the Placing and Admission, will not regard any other person as their respective customer or be responsible to any other person for providing the protections afforded to customers of Liberum, nor for providing advice in relation to the Placing, Admission or any other transaction or arrangement referred to in this announcement. Its responsibilities as the Company's nominated adviser under the AIM Rules for Nominated Advisers are owed solely to the London Stock Exchange and are not, under the AIM Rules for Nominated Advisers, owed to the Company or to any Director or to any other person in respect of his or her decision to acquire Ordinary shares in reliance on any part of the Admission Document. No representation or warranty, express or implied, is made by Liberum as to any of the contents of this announcement (without limiting the statutory rights of any person to whom this announcement is issued). Liberum will not be offering advice and will not otherwise be responsible to anyone other than the Company for providing the protections afforded to customers of Liberum or for providing advice in relation to the Placing, Admission or any other matter. No liability is accepted by Liberum for the accuracy of any information or opinions contained in, or for the omission of any material information from, this announcement, for which the Company and the Directors are solely responsible.
Certain figures contained in this announcement, including financial information, have been subject to rounding adjustments. Accordingly, in certain instances, the sum or percentage change of the numbers contained in this announcement may not conform exactly to the total figure given.