Increased Fundraising

RNS Number : 2930L
Angle PLC
03 September 2012
 



 

For immediate release

3 September 2012

 

ANGLE plc

 

("ANGLE" or the "Company")

 

INCREASED FUNDRAISING, ISSUE OF EQUITY AND TOTAL VOTING RIGHTS

 

 

ANGLE plc, the specialist medtech company, is pleased to announce that, following further demand, it has further increased the fundraising first announced on 26 July 2012 at £0.7 million to £1.1 million (the "Increased Fundraising") net of costs.  

 

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 2,892,500 new ordinary shares of 10p per share in the Company (the "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 2012 and a discount of 4.8% on the mid price of 42.00 pence per share at close of business on 31 August 2012.

 

The Fundraising Shares will represent approximately 7.1% 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 40,717,059.

 

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.

 

ANGLE has now received Advanced Assurance from HMRC of eligibility for EIS and VCT relief in relation to the Increased Fundraising Shares.  As a result, the Company has applied for the Fundraising Shares to be admitted to trading on AIM.  Admission of the Fundraising Shares to trading on AIM is expected as to 527,500 Ordinary shares at 8:00am on 6 September 2012 for investors that are neither EIS nor VCT investors and as to 2,365,000 Ordinary shares at 8.00am on 7 September 2012 for the EIS and VCT qualifying investors ("Admission").

 

For the purposes of the Financial Services Authority's Disclosure and Transparency Rules, the Company's total issued share capital following Admission will consist of 40,717,059 Ordinary Shares of 10 pence each, with one voting right per share. There are no shares held in treasury. The total number of voting rights in the Company will therefore be 40,717,059.

The above figure of 40,717,059 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest, or a change to their interest, in the Company, under the Disclosure and Transparency Rules.

 

ANGLE is pleased to confirm good progress is continuing in relation to its Parsortix Non-Invasive Cancer Diagnostic product.  Development of the automated separation instrument has been successfully completed and manufacture of the first few machines is in progress with delivery due this month. In parallel to this, design of the GEN3 separation cassette has also been successfully completed and this is also in production with delivery due this month.

 

The next key area of focus will be in-house testing of the automated instrument and the GEN3 separation cassette and refinement of operational protocols, prior to setting up studies with the Paterson Institute for Cancer Research and the University of Surrey oncology department.

 

 

ANGLE Founder and Chief Executive, Andrew Newland, commented:

"We are grateful to shareholders for their support for the fundraising, which strengthens our position to bring the Parsortix technology to market. We are now looking forward to moving from technology development into the commercialisation phase."

 

 

 

 

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

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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