Result of Offer and Additional Allotment

RNS Number : 4490E

Deltex Medical Group PLC

09 February 2018

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, RUSSIA, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

9 February 2018

Deltex Medical Group plc

("Deltex" or the "Company")

Result of Offer and Additional Allotment

On 24 January 2018, the Company published its shareholder circular (the "Circular") in connection with the Capital Raising including details of the Offer to raise £350,000.

Result of the Offer and Additional Allotment

The Offer closed for acceptances at 12.00 noon. on 7 February 2018.

The Company announces that valid acceptances have been received from Qualifying Participants in respect of 61,015,191 Offer Shares. This represents approximately 218 per cent. of the maximum number of Offer Shares available under the Offer.

The Company has therefore raised the maximum gross proceeds of £350,000 through the Offer. This is in addition to the £1.75 million (before expenses) to be raised pursuant to the Placing and the Subscription.

The Directors have considered the high level of interest from existing shareholders in the Offer and have decided to allot to certain existing shareholders a further 8,650,000 Ordinary Shares (the "Additional Shares) using the allotment authorities granted to the Directors at the annual general meeting of the Company on 9 June 2017. This has the effect of reducing the level of scale back of applications under the Offer from 54 per cent. to 40 per cent. and accordingly allows Qualifying Participants to receive a greater proportion of the Ordinary Shares under the Offer than would otherwise have been the case.

Qualifying Participants have been scaled back across the Offer and the Additional Shares (taken together) pro rata to the number of Offer Shares applied for by Qualifying Participants. Those who applied by cheque will receive refund cheques for those shares not allotted under their application in due course.

Offer Shares and Additional Shares (held in uncertificated form) are expected to be credited to CREST accounts on 12 February 2018 and definitive share certificates for the Offer Shares and Additional Shares (held in certificated form) are expected to be despatched to shareholders who hold their Ordinary Shares in certificated form by 23 February 2018.

The Capital Raising (as enlarged by the Additional Shares) remains conditional upon, amongst other things, Shareholder approval of the Resolution at the General Meeting to be at 10.00 a.m. on 9 February 2018 and Admission.

It is expected that the Admission of the 28,000,000 Offer Shares and the Additional Shares will become effective at 8.00 a.m. on 12 February 2018.

Directors Participation

As disclosed in the Circular certain Directors indicated their intention to subscribe in the Offer. The Company confirms that the following five Directors participated in the Offer (as augmented by the Additional Shares), pari passu, with other applicants under the Offer (as so augmented):

Director	Ordinary Shares held before the Capital Raising	Offer Shares applied for under the Offer	Scale back	Ordinary Shares allotted	Ordinary Shares held post the Capital Raising	% of the Company's Enlarged Share Capital
Ewan Phillips	2,921,051	1,600,000	40%	961,060	3,882,111	0.8%
Jonathan Shaw	262,931	400,000	40%	240,265	503,196	0.1%
Julian Cazalet	7,063,020	2,400,000	40%	1,442,050	8,505,070	1.7%
Mark Wippell	1,108,444	800,000	40%	480,530	1,588,974	0.3%
Sir Duncan Nichol	1,586,912	1,200,000	40%	720,795	2,307,707	0.5%

The issue of Ordinary Shares to the five Directors, listed in the table above, is considered to be a related party transaction for the purposes of Rule 13 of the AIM Rules for Companies. The independent Directors (considered to be Nigel Keen and Christopher Jones) consider, having consulted with Arden Partners plc, the Company's nominated adviser, that the terms of the issue of Ordinary Shares to the five Directors noted above are fair and reasonable in so far as the Company's Shareholders are concerned.

Capitalised terms used in this announcement shall have the same meanings given to them in the Circular.

Ewan Phillips, Chief Executive of Deltex, said:

"The Company is pleased that the Offer to its existing shareholders was substantially oversubscribed and that it was able to reduce the level of subsequent scale back by the allotment of additional shares. The additional proceeds will be applied for general working capital purposes."

For further information please contact:

Deltex Medical Group plc	Ewan Phillips Jonathan Shaw	01243 774 837 [e-mail]
Arden Partners plc	Chris Hardie Ciaran Walsh	020 7614 5900
Turner Pope Investments (TPI) Ltd	Andy Thacker	0203 621 4120 [e-mail]
IFC Advisory Ltd	Tim Metcalfe Graham Herring Heather Armstrong	0203 934 6630

PDMR Notification Forms:

The notifications below are made in accordance with the requirements of MAR.

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ewan Phillips
2.	Reason for the Notification
a)	Position/status	Chief Executive
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Deltex Medical Group plc
b)	LEI	N/A
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	GB00B95L0551
b)	Nature of the Transaction	Subscription of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.25p 961,060
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	12 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jonathan Shaw
2.	Reason for the Notification
a)	Position/status	Finance Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Deltex Medical Group plc
b)	LEI	N/A
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	GB00B95L0551
b)	Nature of the Transaction	Subscription of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.25p 240,265
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	12 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Julian Cazalet
2.	Reason for the Notification
a)	Position/status	Non-executive Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Deltex Medical Group plc
b)	LEI	N/A
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	GB00B95L0551
b)	Nature of the Transaction	Subscription of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.25p 1,442,050
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	12 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Wippell
2.	Reason for the Notification
a)	Position/status	Non-executive Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Deltex Medical Group plc
b)	LEI	N/A
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	GB00B95L0551
b)	Nature of the Transaction	Subscription of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.25p 480,530
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	12 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Sir Duncan Nichol
2.	Reason for the Notification
a)	Position/status	Non-executive Director
b)	Initial notification/amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Deltex Medical Group plc
b)	LEI	N/A
4.	Details of the transaction(s):section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv)each place where transactions have been conducted
a)	Description of the Financial instrument, type of instrument	Ordinary shares of 1 pence each
	Identification code	GB00B95L0551
b)	Nature of the Transaction	Subscription of ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.25p 720,795
d)	Aggregated information Aggregated volume Price	N/A (Single transaction)
e)	Date of the transaction	12 February 2018
f)	Place of the transaction	London Stock Exchange, AIM

 

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