Itaconix PLC Completed New Funding with Institutional Investors (2351B)
09 Giugno 2021 - 08:00AM
UK Regulatory
TIDMITX
RNS Number : 2351B
Itaconix PLC
09 June 2021
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF THE UK VERSION OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON
THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS
NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
Itaconix plc
(" Itaconix " or the " Company " )
Itaconix Completes New Funding with Institutional Investors
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
sustainable specialty polymers, is pleased to announce a placement
of new ordinary shares to raise GBP1.1 million by way of direct
subscription with a new institutional investor together with
existing institutional shareholder IP Group plc ("IP Group") (the
"Fundraise"). The proceeds of the Fundraise will be used for
general working capital purposes and new product development to
further the Company's commercial progress.
The Company will issue and allot a total of 9,091,115 new
ordinary shares ("New Ordinary Shares") at an issue price of 12.1
pence per share to satisfy the Fundraise. The issue price
represents a 3.2 per cent. discount to the closing share price on 8
June 2021 of 12.5 pence. The New Ordinary Shares are being issued
pursuant to the shareholder authorities granted to the Directors at
the Company's 2020 AGM.
Application is being made to the London Stock Exchange for these
New Ordinary Shares, which will rank pari passu with the Company's
existing Ordinary Shares, to be admitted to trading on AIM .
Dealings in the New Ordinary Shares on AIM are expected to commence
at 8:00 a.m. on 15 June 2021.
The Company may in due course raise further equity funding
utilising the remaining balance of the shareholder authorities
granted to the Directors at the Company's 2020 AGM.
Related Party Transaction
IP Group has agreed to subscribe for 2,066,115 New Ordinary
Shares (or approximately GBP250,000) pursuant to the Fundraise. As
at the date of this announcement (prior to completion of the
Fundraise), IP Group holds 48,291,523 existing ordinary shares
representing approximately 11.12 per cent. of the existing ordinary
shares in issue. As such, IP Group is a substantial shareholder of
the Company by definition of the AIM Rules for Companies and its
participation in the Fundraise is a related party transaction
pursuant to AIM Rule 13.
The Directors, all of whom are independent to IP Group, consider
that having consulted with the Company's nominated adviser, N+1
Singer, the terms of IP Group's participation in the Fundraise are
fair and reasonable insofar as the Company's shareholders are
concerned.
Immediately following admission of the New Ordinary Shares to
trading on AIM, IP Group will hold 50,357,638 ordinary shares,
representing approximately 11.36 per cent. of the issued share
capital of the Company as enlarged by the Fundraise.
Total Voting Rights
Following admission of the New Ordinary Shares to trading on
AIM, the Company will have 443,462,757 ordinary shares of 1 pence
in issue. The figure of 443,462,757 may be used by the Company's
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
- Ends -
Enquiries
Itaconix plc
John R Shaw / Laura Denner +1 (603) 775 4400
Belvedere Communications
+44 (0) 20 3687 2754
John West / Llew Angus
N+1 Singer
+44 (0) 207 496 3000
Peter Steel / James Moat (Corporate Finance)
Tom Salvesen (Corporate Broking)
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June 09, 2021 02:00 ET (06:00 GMT)
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