Fundraising

RNS Number : 5542I

Angle PLC

26 July 2012

 



For immediate release

26 July 2012

ANGLE plc

("ANGLE" or the "Company")

FUNDRAISING AND DIRECTOR'S DEALINGS

ANGLE plc, the specialist medtech company, is pleased to announce that it has successfully completed a fundraising of up to £0.7 million (the "Fundraising") net of costs.  Investors will acquire up to 1,642,500 new ordinary shares of 10p per share in the Company (the "Fundraising Shares") at a price of 40 pence per share representing a discount of 12.0% on the mid price of 45.45 pence per share at close of business on 25 July 2012.  

The proceeds of the Fundraising will be used to strengthen the Company's financial position and support the launch of the Parsortix cancer diagnostic product for the research market.    

The Fundraising Shares will represent approximately 4.2% of the enlarged issued share capital of the Company and will rank pari passu in all respects with ANGLE's existing ordinary shares, including the right to receive and retain all dividends and other distributions declared, made or paid after admission of the Fundraising Shares to trading on AIM ("Admission"). The number of ANGLE ordinary shares in issue following Admission of the Fundraising Shares will be 39,467,059.        

The Fundraising was supported both by existing shareholders and new investors.  Ian Griffiths, the Company's Finance Director, has subscribed for 30,000 shares.  Following the subscription, he will have a beneficial interest in 559,546 ANGLE ordinary shares, representing 1.4% of the enlarged issued share capital of the Company.

The allotment of the Fundraising Shares, which is under existing authorities, is conditional on, inter alia, admission of the Fundraising Shares to trading on AIM becoming effective in accordance with the AIM Rules for Companies.  Application will be made by the Company for the Fundraising Shares to be admitted to AIM following receipt of Advance Assurance from HMRC of eligibility for EIS relief.  Subject to completion of the Fundraising, it is expected that the Fundraising Shares to be issued to EIS qualifying investors will be admitted to trading on AIM and dealings will commence no earlier than 8.00am on 27 August 2012.  Fundraising Shares issued to other investors will be admitted to trading on AIM and dealings will commence no earlier than 8.00am on 28 August 2012.  An update will be provided once HMRC Advance Assurance has been received.  

ANGLE Founder and Chief Executive, Andrew Newland, commented:

"We are delighted that investors have demonstrated their continued support for the Company.  The funds raised will enable us to continue the strong progress of our Parsortix cancer diagnostic product, specifically the product's launch in the research market."

For further information:

ANGLE plc	01483 685830
Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Cenkos Securities Stephen Keys, Adrian Hargrave (Nominated adviser) Andy Roberts (Sales)	020 7397 8900
Buchanan Mark Court, Fiona Henson, Sophie Cowles	020 7466 5000
Scott Harris Stephen Scott, Harry Dee	0207 653 0030

 

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