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RNS Number : 4569P
Adams PLC
10 June 2020
Adams plc
("Adams" or the "Company")
Investment in Oxehealth Limited ("Oxehealth")
The Directors announce that, on 9 June 2020, Adams committed to
subscribe for 21,630 new ordinary shares of GBP0.001 in Oxehealth
at a price of GBP26.19 per share for a total cash consideration of
GBP566,489.70 under a subscription agreement dated today
("Subscription Agreement"), which will raise gross subscription
proceeds of GBP5 million for Oxehealth. Settlement of the cash
consideration will be by way of payment of GBP339,893.82 on the
first completion date of on or around 10 June 2020, followed by
payment of GBP226,595.88 on the second final completion date of on
or around 10 November 2020.
The Company's total holding of 21,630 ordinary shares of
GBP0.001 in Oxehealth following the second final completion will
represent 2.4% of the issued ordinary share capital of Oxehealth of
903,083 shares at that date. Adams is expected to have remaining
cash balances of approximately GBP240,000 following this
investment.
Richard Griffiths, who has an interest in 77.3% of Adams' issued
share capital, has a current interest in 144,182 Oxehealth shares
representing approximately 20.33% of Oxehealth's issued share
capital, and Michael Bretherton, Chairman of Adams, holds 1,310
shares in Oxehealth representing 0.18% of its issued share capital.
Richard Griffiths is subscribing for 15,274 new ordinary shares in
Oxehealth under the Subscription Agreement for a consideration of
GBP400,026 through his controlled undertaking, ORA Limited, and Mr
Bretherton is subscribing for 1,528 new ordinary shares in
Oxehealth under the Subscription Agreement for a consideration of
GBP40,018. Following full completion of the Subscription Agreement,
Mr Griffiths will have a total interest in 181,086 Oxehealth
shares, including the Oxehealth shares held by Adams, representing
20.06% of Oxehealth's enlarged share capital. Other substantial
shareholders in Oxehealth include the IP Group plc, which is also
investing in the current funding round in order to maintain their
interest of approximately 35% in Oxehealth's issued share capital
held directly and through the IP Venture Fund II.
As a result of Michael Bretherton's personal interest in
Oxehealth and his directorship of ORA Limited, he took no part in
the Board's decision to invest in Oxehealth.
About Oxehealth
Oxehealth is involved in vision-based patient monitoring and
management, using proprietary signal processing and computer vision
to process normal digital video camera data to measure the vital
signs and activity of patients. This is achieved through the
deployment of their Digital Care Assistant (DCA) platform which
consists of a fixed installation camera and illuminator, monitoring
screens and software modules including the Vital Signs module, a
Class IIa medical device cleared in Europe which represents a
global first for a software. The platform enables clinicians to
take non-contact cardiorespiratory measurements of patients' pulse
and breathing rate, generates alerts to potentially risky activity
and reports on patients' vital signs and behaviour, all without the
clinician entering the patient's room.
The system offers measurable benefits in helping clinicians to
improve the safety of both patients and carers. Since its
commercialisation in 2018, the DCA been deployed into a number of
different markets, primarily in Mental Health, Acute Hospital
settings, Primary Care settings, Care Home, and Custodial
facilities in both the UK and now in Sweden. Since launch, the DCA
has achieved significant traction, being deployed in 30% of all NHS
England Mental Health Trusts.
These partners have seen improvements in safety, quality and
efficiency, with recent data* demonstrating:
-- 48% reduction in falls in dementia facility
-- 68% reduction in A&E visits from the dementia facility
-- 49% reduction in emergency service visits
-- 71% reduction in spend on enhanced observations
Recently, Oxehealth has reported that clinicians have made
increasing use of the Oxehealth Service when caring for patients
with COVID-19, both in Mental Health and also in Primary Care
settings (General Practitioner COVID-19 Triage Hubs), due to its
ability to limit clinician to patient contact whilst helping to
maintain patient safety remotely.
With non-contact monitoring becoming increasingly important and
clinically relevant, Oxehealth plans to further expand into Europe
and North America.
The last filed accounts for Oxehealth are for the year ended 31
December 2018 and include a loss after tax of approximately GBP2.8
million, reflecting the continued significant investment in
development and marketing in that year.
Barney Quinn, Chairman of Oxehealth, commented: "We would like
to thank Adams Plc for contributing to the current successful
funding round. The investment shows the faith in the Oxehealth
Digital Care Assistant and the measurable benefits it brings to
patients, clinicians and managing healthcare budgets. The
investment funds will help Oxehealth on its continued expansion in
the UK and internationally."
Further information on Oxehealth is available on the Oxehealth
website www. oxehealth .com .
Certain information contained in this announcement would have
been deemed inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 until the release of this
announcement.
*Source data published in early 2020 by Coventry &
Warwickshire Partnership NHS Trust with support from Oxehealth
following an 8 month clinical study on the impact of using the
Digital Care Assistant (DCA) on their dementia wards.
Enquiries:
Adams plc
Mike Bretherton Tel: +44 1534 719 761
Nomad
Cairn Financial Advisers LLP
Sandy Jamieson, James Caithie Tel: +44 207 213 0880
Broker
Peterhouse Corporate Finance Limited
Lucy Williams, Duncan Vasey Tel: +44 207 469 0930
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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of this information may apply. For further information, please
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END
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