Successful Fundraising of £5.5 million

RNS Number : 4194Q

Microsaic Systems plc

06 June 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN OR INTO, OR TO ANY PERSON LOCATED OR RESIDENT IN, ANY JURISDICTION WHERE IT IS UNLAWFUL TO RELEASE, PUBLISH OR DISTRIBUTE THIS ANNOUNCEMENT.

6 June 2018

MICROSAIC SYSTEMS PLC
("Microsaic" or the "Company")

Successful Fundraising of £5.5 million

Microsaic Systems plc (AIM: MSYS) the developer of point of need mass spectrometry ("MS") instruments, yesterday announced a Placing and the launch of the PrimaryBid Offer. The Company is pleased to announce that it has conditionally raised gross proceeds totalling, in aggregate, £5.5 million through the successful Placing and PrimaryBid Offer of 275,000,000 New Ordinary Shares at an Offer Price of 2 pence per New Ordinary Share (the "Fundraising").

The PrimaryBid Offer has conditionally raised £101,840, which will result in the issue of 5,092,000 New Ordinary Shares. N+1 Singer has subscribed for 14,908,000 New Ordinary Shares pursuant to its underwriting obligation to the Company.

The Fundraising is conditional on, inter alia, the passing of the Special Resolution to be proposed at the General Meeting expected to be held at the offices of N+1 Singer, One Bartholomew Lane, London, EC2N 2AX at 10.00 a.m. on 22 June 2018 (the "General Meeting"). A circular which will provide further details of the Fundraising and will include a notice convening the General Meeting (the "Circular"), is expected to be sent to shareholders and to be available on the Company's website today.

Application will be made to the London Stock Exchange for the admission of the New Ordinary Shares to trading on AIM. It is expected that Admission will occur and that dealings will commence at 8.00 am on 25 June 2018.

Glenn Tracey, CEO of Microsaic commented: "We are delighted to have completed this fundraise with a good mix of high calibre institutional and private investors. The new funds will not only strengthen the Company's balance sheet and provide new opportunities, but also enable the Company to complete ongoing projects with our existing partner in bioprocessing. The fundraising will allow us to continue to further enhance our miniaturised mass spectrometer instruments to ensure our continued competitiveness, as well as put Microsaic in a stronger position to negotiate commercial partnerships."

Directors' interests

Further to the Company's announcement of 5 June 2018, each of the Directors has participated in the Placing. The Directors have conditionally agreed to subscribe for an aggregate of 3,500,000 Placing Shares, representing approximately 1.4 per cent. of the Placing Shares. Immediately following Admission, the Directors will together hold an aggregate of 11,478,743 Ordinary Shares, representing 2.5 per cent. of the Enlarged Issued Share Capital, as set out in the table below:

Director	Number of Existing Ordinary Shares held as at 5 June 2018	Percentage of Existing Ordinary Shares held as at 5 June 2018	Number of Placing Shares intended to subscribe for	Expected number of Existing Ordinary Shares held on Admission	Expected holding as a percentage of the Enlarged Issued Share Capital
Peter Grant	-	-	750,000	750,000	0.16%
Glenn Tracey	300,000	0.17%	500,000	800,000	0.18%
Bevan Metcalf	300,000	0.17%	750,000	1,050,000	0.23%
Chris Buckley	300,000	0.17%	250,000	550,000	0.12%
Andrew Holmes	3,182,111	1.75%	500,000	3,682,111	0.81%
Eric Yeatman	3,896,632	2.15%	750,000	4,646,632	1.02%

The participation by the Directors in the Placing constitutes a related party transaction for the purposes of the AIM Rules. As there are no independent directors (for the purposes of the Fundraising) to provide a fair and reasonable statement because all of the Directors are participating in the Placing, N+1 Singer (in its capacity as nominated adviser for the purposes of the AIM Rules) considers that the participation by the Directors in the Placing is fair and reasonable insofar as the Shareholders are concerned.

Expected Timetable of Principal Events

Posting of the Circular and Form of Proxy	6 June 2018
General Meeting	10.00 a.m. on 22 June 2018
Admission and commencement of dealings in the New Ordinary Shares on AIM	8.00 a.m. on 25 June 2018

Unless otherwise defined, capitalised terms shall have the meaning as those set out in the Company's announcements of 5 June 2018.

Contacts:

Microsaic Systems plc	[phone]
Glenn Tracey, CEO Bevan Metcalf, FD
N+1 Singer (Nominated Adviser & Broker)	[phone]
Shaun Dobson Liz Yong
PrimaryBid Limited	[phone]
Dave Mutton
IFC Advisory Ltd (Financial PR)	[phone]
Graham Herring Heather Armstrong Florence Chandler

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company developing chip-based, bench-top and point-of-analysis mass spectrometry ("MS") instruments that are designed to improve the efficiency of pharmaceutical R&D. The Company is working with established global life science companies to co-develop new solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines. MS is a powerful method of analysis to enable earlier decision making relating to product identification, purity and bioactivity, and is the analytical technique of choice for biochemists across many industry sectors.

Microsaic's core product, the 4500 MiD®, is a robust and compact MS system, retaining the functionality of larger conventional MS systems, is easier to use by non-specialists, consumes less energy and has lower running costs. For more information, please go to www.microsaic.com.

 

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