Angle PLC Proposed further subscription for £2.8 million (3760T)
October 12 2017 - 2:00AM
UK Regulatory
TIDMAGL
RNS Number : 3760T
Angle PLC
12 October 2017
For immediate release 12 October 2017
ANGLE plc ("the Company")
PROPOSED FURTHER SUBSCRIPTION FOR GBP2.8 MILLION
ANGLE plc (AIM:AGL OTCQX:ANPCY), a world-leading liquid biopsy
company, is pleased to announce that further to the announcement on
5 October 2017, the Company has conditionally raised approximately
GBP2.8 million by way of a subscription for 7,481,570 new Ordinary
Shares (the "Further Subscription Shares") at a price of 37.5 pence
each (the "Further Subscription"). The Further Subscription is in
addition to the Fundraising to raise approximately GBP12.2 million
(before expenses) through the issue of 34,789,178 new Ordinary
Shares at a price of 35 pence per new Ordinary Share, as announced
on 5 October 2017.
The Further Subscription has been entered into to allow an
investor to subscribe for new shares; the investor had wanted to
participate in the Fundraising, but due to the compact timelines of
the Fundraising, could not co-ordinate the necessary paperwork in
time. Whilst neither the Directors nor the Company gives any
warranty or undertaking that EIS relief will be available in
relation to any of the Further Subscription Shares it is expected
that the investor will seek EIS relief in respect of 2,666,666 of
the Further Subscription Shares ("EIS Further Subscription
Shares"); EIS relief will not be sought for the remaining 4,814,904
Further Subscription Shares ("Non-EIS Further Subscription
Shares"). The issue price for the Further Subscription Shares
represents a premium of approximately 7.14 per cent. to the issue
price of the Fundraising Shares.
Issue of the EIS Further Subscription Shares is not conditional
on either the passing of the Resolutions at the General Meeting or
the Placing Agreement becoming unconditional and is only
conditional upon admission to trading on AIM of the EIS Further
Subscription Shares becoming effective (the "EIS Further
Subscription Admission").
Issue of the Non-EIS Further Subscription Shares is not
conditional on the passing of the Resolutions at the General
Meeting, the Placing Agreement becoming unconditional or on EIS
Further Subscription Admission and is only conditional upon
admission to trading on AIM of the Non-EIS Further Subscription
Shares becoming effective. Application will be made by the Company
for the Further Subscription Shares to be admitted to trading on
AIM. It is expected that the Further Subscription Shares will be
admitted to trading on AIM and that dealings will commence at 8am
on 25 October 2017 for the EIS shares and on 26 October 2017 for
the remainder. Following the EIS Further Subscription Admission and
the Non-EIS Further Subscription Admission, it is expected that the
Company will have 82,297,344 Ordinary Shares in issue.
As a result of the Further Subscription, the total number of new
Ordinary Shares to be issued pursuant to the Fundraising and the
Further Subscription will be 42,270,748 and the total number of
Ordinary Shares in issue following admission of all of the
Fundraising Shares and the Further Subscription Shares will be
117,086,522. The new Ordinary Shares being issued pursuant to the
Fundraising and Further Subscription will represent approximately
36.1 per cent. of the Enlarged Issued Share Capital.
ANGLE Founder and Chief Executive, Andrew Newland,
commented:
"This further subscription will give the Company a stronger
balance sheet, which will provide flexibility to both target
relevant investment and assist the Company in pursuing commercial
partnerships for both Parsortix(TM) and the assets to be acquired
from Axela."
Capitalised terms not otherwise defined in this announcement
shall have the same meaning ascribed to such terms in the
announcement entitled "Acquisition and Fundraising" released on 5
October 2017 unless the context requires otherwise.
For further information ANGLE:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
finnCap Ltd (NOMAD and Joint
Broker)
Corporate Finance - Adrian
Hargrave, Simon Hicks, Kate
Bannatyne
Corporate Broking - Alice Lane,
Nikita Jain +44 (0)20 7220 0500
WG Partners (Joint Broker)
Nigel Barnes, Nigel Birks,
Andrew Craig, Chris Lee +44 (0) 203 705 9330
FTI Consulting
Simon Conway, Mo Noonan, Stephanie
Cuthbert +44 (0) 203 727 1000
Kimberly Ha (US) +1 212 850 5612
For Frequently Used Terms, please see the Company's website on
http://www.angleplc.com/the-parsortix-system/glossary/
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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