Result of GM, Completion of Placing, TVRs

RNS Number : 5784J

Microsaic Systems plc

12 September 2016

 

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

Result of General Meeting, Completion of Placing and Total Voting Rights

12 September 2016

On 26 August 2016, Microsaic Systems plc (AIM: MSYS), the developer of chip-based mass spectrometry instruments, announced a proposed Placing to raise up to £5.4 million (before expenses) through the issue of up to 108,000,000 new ordinary shares of 0.25p each ("New Ordinary Shares") at an issue price of 5 pence per New Ordinary Share.

The Company is pleased to announce that, at its General Meeting held earlier today, the Resolution put to shareholders to authorise the directors of the Company to allot the New Ordinary Shares in connection with the proposed Placing was duly passed.

Further to this, the Company can now confirm that it will issue, pursuant to the Placing, 108,000,000 New Ordinary Shares at 5 pence per share, raising £5.4 million (before expenses).  Application has been made for the 108,000,000 New Ordinary Shares to be admitted to trading on AIM and it is expected that Admission will become effective and trading will commence in the New Ordinary Shares at 8.00 a.m. on 13 September 2016. Following Admission the Company's issued share capital will comprise 181,365,146 Ordinary Shares. From Admission, the figure of 181,365,146 may be used by shareholders in the Company 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 share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

Colin Nicholl, Chairman of Microsaic, said:

''We are grateful to our existing shareholders as well as new investors for supporting this issue. The funds raised will provide the Company with the resources to develop our existing partnerships, secure additional relationships,  and to increase the spread of applications that are addressed. This in turn will allow the business to grow in a profitable way."

Defined terms used in this announcement will have the meanings (unless the context otherwise requires) set out in the circular dated 26 August 2016, which is available on the Company's website at http://www.microsaic.com.

Enquiries:
Microsaic Systems plc Jim Ramage, CEO Bevan Metcalf, FD	[phone]
N+1 Singer (Nominated Adviser & Broker) Shaun Dobson Liz Yong	[phone]
Citigate Dewe Rogerson (Financial PR) Mark Swallow, Marine Perrier	[phone]/1068

About Microsaic Systems

Microsaic Systems plc is a high technology company developing chip-based, bench-top mass spectrometry ("MS") instruments that are designed to improve the efficiency of Pharma R&D.  MS is an analytical technique of choice for biochemists across many industry sectors.

Microsaic aims to bring routine MS analysis to the pharmaceutical scientist, providing powerful methods of analysis to enable earlier decision making relating to product identification, purity and bioactivity.

The Company is working with established global companies in preparative and purification science with expertise in Pharma and life sciences to co-develop new, integrated and optimised, application-specific, solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines.

The Microsaic 4000 MiD®, single quadrupole, is the world's smallest 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. The Company is also developing new MS systems, based on its patented chip technologies, to address further areas of emerging need in Pharma R&D.

Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in 2011 (ticker: MSYS).

www.microsaic.com  

 

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