NetScientific PLC Result of Placing (2273V)
August 05 2020 - 5:32AM
UK Regulatory
TIDMNSCI
RNS Number : 2273V
NetScientific PLC
05 August 2020
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION
OR DISTRIBUTION WOULD BE UNLAWFUL.
NetScientific plc
("NetScientific" or the "Company")
Result of Placing
NetScientific plc (AIM:NSCI), the transatlantic healthcare IP
commercialisation group, is pleased to announce that it has
conditionally raised gross proceeds of approximately GBP2.3 million
as a result of the Placing that was announced earlier today. Terms
and expressions in this announcement will have the same meaning as
in that announcement.
A total of 3,538,455 Placing Shares in the Company have been
placed by WH Ireland with institutional and other investors at a
price of 65 pence per New Ordinary Share (the "Issue Price"), after
taking into account the 1 for 10 share consolidation.
Entities associated with Melvin Lawson, a substantial
shareholder in the Company, have subscribed for 923,076 Placing
Shares. Dr Ilian Iliev, CEO of the Company, has also agreed to
subscribe for 76,923 Placing Shares. These subscriptions constitute
related party transactions under the AIM Rules.
The independent Directors (being John Clarkson and Professor
Stephen Smith) consider, having consulted with WH Ireland, the
Company's nominated adviser, that the terms of the subscriptions
are fair and reasonable insofar as the shareholders of
NetScientific are concerned.
Application for admission to trading on AIM for the New Ordinary
Shares will be made and Admission is expected to take place on 25
August. The Placing Shares will rank pari passu with the New
Ordinary Shares following the proposed Capital Reorganisation.
Following Admission, the Company's issued and fully paid share
capital will consist of 14,916,122 New Ordinary Shares of 5 pence
each.
The Fundraising is subject to, inter alia, shareholder approval,
Admission becoming effective and the Placing Agreement becoming
unconditional and not being terminated in accordance with its
terms. The Company expects to publish a circular in connection with
the Placing, in due course, which will contain a notice convening
the General Meeting in order to approve certain matters necessary
to implement the Fundraising, including the approval by Independent
Shareholders of the Waiver Resolution. A copy of the Circular will
be made available on the Company's website
https://netscientific.net/investors-2/ following its publication,
which is expected shortly.
The Circular will set out arrangements for the General Meeting
in light of the current British Government restrictions placed on
public gatherings in response to the COVID-19 outbreak. Under the
current prohibition on non-essential travel and public gatherings,
it will not be possible for Shareholders to attend the General
Meeting in person. Shareholders are strongly urged to vote by proxy
in advance of the deadline by completing their form of proxy in
accordance with the instructions and further details are set out in
the Circular and the form of proxy. The General Meeting is expected
to be convened for 10.00 a.m. on 24 August 2020, with the minimum
necessary quorum of two shareholders (which will be facilitated by
the Company) and will take place at to be held at [the offices of
NetScientific plc.
The actions that Shareholders should take to vote on the
Resolutions will be set out in the Circular to be posted in due
course.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations .
For more information, please contact:
NetScientific
Ilian Iliev, CEO Tel: +44 (0)20 3514 1800
WH Ireland (NOMAD, Financial Adviser and Broker)
Chris Fielding / Jessica Cave / Darshan Patel Tel: +44 (0)20
7220 1666
About NetScientific
NetScientific PLC is a transatlantic healthcare IP
commercialisation Group focused on technologies and companies that
have the potential to treat chronic disease and significantly
improve the health and well-being of people.
For more information, please visit the website at www.NetScientific.net
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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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