Avacta Group PLC Proposed Shareholder Consolidation (5156M)
January 21 2016 - 2:00AM
UK Regulatory
TIDMAVCT
RNS Number : 5156M
Avacta Group PLC
21 January 2016
Avacta Group plc
("Avacta" or the "Group")
Proposed Share Consolidation
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and research reagents, is undertaking a share
consolidation of 1 new ordinary share of 10p each for every 100
existing ordinary shares of 0.1p each (the "Share
Consolidation").
The Share Consolidation is conditional upon shareholder approval
at the Company's Annual General Meeting which is to be held on
Monday 25 January 2016 at 2.00pm GMT at the offices of Walker
Morris, Kings Court, 12 King Street, Leeds, LS1 2HL.
Following the Share Consolidation, Avacta's shareholders will
still hold the same proportion of the Company's ordinary share
capital as before the Share Consolidation (save in respect of
fractional entitlements and subject to any further issue of
shares). The new ordinary shares will carry the same rights under
Avacta's Articles of Association as the existing ordinary
shares.
Any fractional shares that arise as a result of the Share
Consolidation will be sold, and the aggregate proceeds of such sale
(net of expenses) will be retained for the benefit of the
Company.
The resolution to approve the Share Consolidation (the
"Resolution") is set out in the Company's Notice of Annual General
Meeting, which was posted to shareholders on 30 December 2015 and
is available to view on the Company's website www.avacta.com.
Application has been made to the London Stock Exchange for the
new ordinary shares arising out of the Share Consolidation to be
admitted to trading on AIM ("Admission"). On the assumption that,
inter alia, the Resolution is passed at the Annual General Meeting,
it is expected that Admission will become effective at 8.00am on 26
January 2016.
As at 20 January 2016, the Company had 6,746,295,954 existing
ordinary shares in issue. If the number of issued ordinary shares
remains unchanged in the period prior to the Share Consolidation
(and ignoring the effects of fractional entitlements), immediately
following Admission, the Company would have 67,462,959 new ordinary
shares in issue, with each share carrying the right to one vote. No
shares are held in treasury. Therefore, the total number of voting
rights in the Company would be 67,462,959.
Enquiries:
Avacta Group plc Tel: +44 (0)
Alastair Smith, Chief Executive 844 414 0452
Officer www.avacta.com
Tony Gardiner, Chief Financial
Officer
Numis Securities Limited Tel: +44 (0)
Michael Meade / Freddie Barnfield 207 260 1000
- Nominated Adviser www.numiscorp.com
James Black - Corporate Broking
Media Enquiries Tel: +44 (0)
FTI Consulting 20 3727 1000
Simon Conway/Natalie Garland-Collins avacta@fticonsulting.com
Notes to Editors
Avacta Group plc (www.avacta.com)
Avacta's principal focus is on its proprietary Affimer(R)
technology which is a novel engineered alternative to antibodies
that has wide application in Life Sciences for diagnostics,
therapeutics and general research and development.
Antibodies dominate markets worth in excess of $50bn despite
their shortcomings. The Affimer technology has been designed to
address many of these negative performance issues, principally: the
time taken to generate new antibodies, the reliance on an animal's
immune response, poor specificity in many cases, and batch to batch
variability. The Affimer technology is based on a small protein
that can be quickly generated to bind with high specificity and
affinity to a wide range of protein targets.
Avacta has a pre-clinical biotech development programme with an
in-house focus on oncology and bleeding disorders as well as
several partnered development programmes. Avacta is commercialising
Affimer reagents through custom Affimer services to provide bespoke
solutions to customers and via a growing on-line catalogue of
Affimer reagents.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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