Result of General Meeting and Director Dealings

RNS Number : 8993P

Instem plc

23 February 2016

 

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, JAPAN OR ANY JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A VIOLATION OF LOCAL SECURITIES LAWS OR REGULATIONS.

THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR ISSUE, OR ANY SOLICITATION OF ANY OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY NEW ORDINARY SHARES, NOR SHALL IT (OR ANY PART OF IT), OR THE FACT OF ITS DISTRIBUTION, FORM THE BASIS OF, OR BE RELIED ON IN CONNECTION WITH, OR ACT AS ANY INDUCEMENT TO ENTER INTO, ANY CONTRACT OR COMMITMENT WHATSOEVER WITH RESPECT TO THE PLACING.

Instem plc

("Instem", the "Company" or the "Group")

Result of General Meeting, Director Dealings and Total Voting Rights

Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, announced on 3 February 2016 the Fundraising, subject to Shareholder approval, by way of a placing.  The gross proceeds of the Fundraising will be £5 million. 

Result of General Meeting

The Board is pleased to announce that at the General Meeting held earlier today, all Resolutions proposed were duly passed.

The Placing remains conditional on Admission becoming effective on or before 8.00 a.m. on 24 February 2016 (or such later time and  / or date, being no later than 8.00 a.m. on 24 March 2016, as the Company and N+1 Singer may agree). Application has been made for the 2,500,000 New Ordinary Shares to be admitted to trading on AIM, with Admission expected to become effective at 8.00 a.m. tomorrow, 24 February 2016.

Directors' shareholdings

As part of the Placing, Mike McGoun, Non-Executive Director of the Company purchased 22,500 Ordinary Shares at the Placing Price. Following Admission Mike McGoun shall own 36,786 Ordinary Shares, representing 0.2% of the Company's voting rights.

Also as part of the Placing, the trustees of the DG 2008 Discretionary Settlement (of which David Gare (the Company chairman) and his wife are the trustees) and David Sherwin (Non-Executive Director) agreed to sell 600,000 and 200,000 Existing Ordinary Shares, respectively, at the Placing Price. Following Admission, the DG 2008 Discretionary Settlement shall own 1,418,427 Ordinary Shares, representing 9.1% of the Company's voting rights and David Sherwin shall own 1,380,066 Ordinary Shares, representing 8.9% of the Company's voting rights.

Total voting rights

On Admission, the Company will have 15,550,217 Ordinary Shares in issue and there are no Ordinary Shares held in treasury. Therefore the Company's total number of Ordinary Shares with voting rights is 15,550,217.

The above figure of 15,550,217 may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure and Transparency Rules.

Defined terms used in this announcement have the same meaning as in the Company's Circular dated 3 February 2016.

For further information, please contact:

Instem plc	[phone]
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser & Broker)	[phone]
Richard Lindley
Nick Owen
James White
Walbrook Financial PR	[phone]
Paul Cornelius	[e-mail]
Helen Cresswell
Sam Allen
Paul Whittington

About Instem plc

Instem is a leading supplier of IT applications to the early development healthcare market, delivering compelling solutions for data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidly expanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.

Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.

Instem supports over 400 clients through full service offices in the United States, the United Kingdom, India and China, with additional presence in France and Japan.

To learn more about Instem solutions and its mission, please visit www.instem.com

 

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