TSL.L Regulatory News (TSL)

18 Mar 2005 07:00

Tissue Science Laboratories PLC18 March 2005 18 March 2005 Tissue Science Laboratories plc ('TSL' or 'the Company') Result of Placing & Open Offer Tissue Science Laboratories plc (LSE: TSL), the medical devices companyspecialising in human tissue replacement and repair products derived fromporcine dermis, announced that by 3 pm yesterday (being the latest time and datefor receipt of completed Application Forms and payment in full under the OpenOffer), valid applications had been received in respect of 1,472,815 OfferShares, representing 31 per cent of the New Ordinary Shares available pursuantto the Placing and Open Offer. On 24 February 2005, the Company announced a Placing and Open Offer of 4,690,641New Ordinary Shares to raise approximately £8 million before expenses(approximately £7.5 million net of expenses). The offer price of 171 pence perNew Ordinary Share represented a 7 per cent discount to the closing mid-marketprice of 184 pence for Ordinary Shares traded on AIM on 23 February 2005. 1,546,109 New Ordinary Shares, which represented approximately 33 per cent ofthe New Ordinary Shares to be issued, were subject to irrevocable undertakingsby certain Qualifying Shareholders not to take-up their rights and accordingly,these New Ordinary Shares were placed firm with certain institutional investorsby Code Securities. The balance of New Ordinary Shares, representing 36 per centof the New Ordinary Shares, not taken up by Qualifying Shareholders under theOpen Offer, were also placed with institutional investors. In summary, a total of 3,217,826 New Ordinary Shares (comprising 1,546,109 NewOrdinary Shares were placed firm and the remaining 1,671,717 New Ordinary Sharesnot subject to valid applications under the Open Offer), representing 69 percent of the New Ordinary Shares available pursuant to the Placing and OpenOffer, will be subscribed for according to the terms of the Placing and OpenOffer Agreement. Admission to trading on AIM of the New Ordinary Shares will become effective anddealings will commence at 8:00 am on 22 March 2005. Commenting on today's announcement, Martin Hunt, CEO of TSL said,"We are pleased with the support we have had from both existing and newinvestors. The funds raised will enable us to accelerate the progress of theCompany." -Ends-Code Securities Limited (which is regulated in the United Kingdom by theFinancial Services Authority) is acting solely for Tissue Science Laboratoriesplc in connection with the Placing and Open Offer and is not acting for anyperson other than Tissue Science Laboratories plc and will not be responsiblefor any person other than Tissue Science Laboratories plc for providing theprotections afforded to clients of Code Securities Limited or for providingadvice to any person in connection with the matters described in this document. Enquiries: TSL plc Tel: 01252 369603Martin Hunt, Chief ExecutiveDavid Jennings, Finance Director Code Securities Tel: 0207 024 2004Juliet Thompson Fax: 0207 024 2001 Hogarth Partnership Limited Tel: 020 7357 9477Melanie Toyne-Sewell / Kate Catchpole Mob: 07767 66 00 40 This information is provided by RNS The company news service from the London Stock Exchange