Increased Fundraising

RNS Number : 9908I

Angle PLC

01 August 2012

 



For immediate release

1 August 2012

ANGLE plc

("ANGLE" or the "Company")

INCREASED FUNDRAISING

ANGLE plc, the specialist medtech company, is pleased to announce that, following further demand, it has increased the fundraising announced on 26 July 2012 to up to £0.9 million (the "Increased Fundraising") net of costs, from £0.7 million.  

Following publication of its Preliminary Results on 26 July 2012, which described the progress at its key businesses and in particular its Parsortix Non-Invasive Cancer Diagnostic, the Company was approached by certain existing shareholders and new investors wishing to participate in the fundraising.  Since the additional funding will further support the launch of the Parsortix cancer diagnostic product for the research market, it was agreed that it was appropriate to accommodate them.    

In total investors will now acquire up to 2,392,500 new ordinary shares of 10p per share in the Company (the "Increased Fundraising Shares") at a price of 40 pence per share.  This represented a discount of 12.0% on the mid price of 45.45 pence per share at close of business on 25 July 2012and a discount of 1.5% on the mid price of 40.62 pence per share at close of business on 31 July 2012.  

The Increased Fundraising Shares will represent approximately 5.9% 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 40,217,059.      

The Increased Fundraising was supported both by existing shareholders and new investors.  As announced on 26 July 2012, 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 Increased Fundraising Shares, which is under existing authorities, is conditional on, inter alia, admission of the Increased 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 Increased 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 Increased 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 on28 August 2012.  Increased Fundraising Shares issued to other investors will be admitted to trading on AIM and dealings will commence no earlier than 8.00am on 29 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 further demonstrated their continued support for the Company.  The new funds raised will enable us to strengthen the launch of the Parsortix cancer diagnostic product 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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