Motif Bio PLC Placing to raise GBP650,000 (8944L)
05 Maggio 2020 - 11:21AM
UK Regulatory
TIDMMTFB
RNS Number : 8944L
Motif Bio PLC
05 May 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014. Upon the publication
of this announcement via the Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Motif Bio plc
("Motif Bio" or the "Company")
Placing to raise GBP650,000
Motif Bio plc (AIM: MTFB), which has been reclassified as an AIM
Rule 15 cash shell, announces that it has raised a total of
GBP650,000 (before expenses) by means of a Placing (the "Placing")
via the issue of 162,500,000 ordinary shares of 0.01pence (the
"Ordinary Shares") in the capital of the Company with an
institutional investor (the "Placing Shares") at a price of 0.4
pence (the "Placing Price") per Placing Share.
The Placing, which uses the Company's existing share
authorities, was undertaken by the Company's broker SP Angel
Corporate Finance LLP, details of which are set out below.
Background to the Placing
Motif Bio is undertaking the Placing at this time in response to
investor demand. In addition, the Placing will strengthen Motif
Bio's balance sheet as the Company's Directors continue to focus on
sourcing an appropriate reverse takeover candidate for Motif Bio.
The Company's Directors are currently in discussions with several
companies in the healthcare sector that have expressed an interest
in proceeding with a reverse takeover, although at this stage no
assurances can be provided that the effort will be successful to
source and/or complete a reverse takeover transaction.
Following its reclassification as an AIM Rule 15 cash shell in
January 2020, the Company is required to make an acquisition which
constitutes a reverse takeover under the AIM Rules by 28 July 2020,
failing which the Company's ordinary shares would be suspended from
trading on AIM pursuant to AIM Rule 40. The Company's admission to
trading on AIM would then be cancelled six months from the date of
suspension, should the reason for the suspension not have been
rectified.
Use of Proceeds
The net proceeds of the Placing will be used as follows:
-- To strengthen the Company's balance sheet as the Company's
Directors continue the search for an appropriate reverse takeover
candidate; and
-- To provide the Company with additional working capital.
Following the Placing, Motif Bio will have cash of approximately
GBP815,000 which will provide the Company with sufficient working
capital until February 2021. The Directors will continue to impose
disciplined cost controls.
Details of the Placing
The Company has conditionally raised GBP650,000 (before
expenses), by way of a Placing to an institutional investor of
162,500,000 Placing Shares at the Placing Price.
Application will be made for the Placing Shares to be admitted
to trading on AIM ("Admission") and admission is currently expected
to occur at 8.00a.m. on or around 11 May 2020.
Assuming the issue of all of the Placing Shares, the Placing
Shares will represent approximately 33.5 per cent. of the existing
Ordinary Shares and will, when issued, represent approximately 25.1
per cent. of the enlarged issued Ordinary Share capital of the
Company immediately following Admission.
The Placing Shares will, following Admission, rank in full for
all dividends and distributions declared, made or paid in respect
of the issued Ordinary Share capital of the Company and otherwise
rank pari passu in all other respects with the Ordinary Shares.
Total Voting Rights
Following Admission, the Company will have a total of
647,848,166 Ordinary Shares in issue with each Ordinary Share
carrying the right of one vote. The above figure may be used by
shareholders as the denominator for the calculation by which they
will determine if they are required to notify their interest in, or
change to their interest in, the Company under the FCA's Disclosure
Guidance and Transparency Rules.
For further information please contact:
ir@motifbio.com
Motif Bio plc
Jon Gold (President, Chief Business
Officer)
SP Angel Corporate Finance LLP (NOMAD
& BROKER) +44 (0)20 3470 0470
David Hignell/Caroline Rowe (Corporate
Finance)
Vadim Alexandre/Richard Parlons (Sales
& Broking)
Walbrook PR Ltd. (UK FINANCIAL PR
& IR) +44 (0)20 7933 8780
Paul McManus /Lianne Cawthorne motifbio@walbrookpr.com
Forward-Looking Statements
When used in this Press Release, the words or phrases "intends,"
"anticipates," "expected to be" or similar expressions are intended
to identify "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Such statements
are subject to certain risks and uncertainties including, but not
limited to, changes in economic conditions in the Company's market
area, changes in policies by regulatory agencies, fluctuations in
interest rates, competition that could cause actual results to
differ materially from historical earnings and those presently
anticipated or projected, and other risks described in the
Company's filings with the Securities and Exchange Commission. The
Company cautions readers not to place undue reliance on any such
forward-looking statements, which speak only as of the date made.
The Company advises readers that the factors listed above could
affect the Company's financial performance and could cause the
Company's actual results for future periods to differ materially
from any opinions or statements expressed with respect to future
periods in any current statements. The Company does not undertake,
and specifically disclaims any obligation, to publicly release the
result of any revision which may be made to any forward-looking
statements to reflect events or circumstances after the date of
such statements or to reflect the occurrence of anticipated or
unanticipated events.
This information is provided by RNS, the news service of the
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Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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May 05, 2020 05:21 ET (09:21 GMT)
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