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ViaLogy PLC (VIY)

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Tuesday 01 July, 2014

ViaLogy PLC

Open Offer Oversubcribed

RNS Number : 0577L
ViaLogy PLC
01 July 2014
 



1 July 2014

ViaLogy Plc

(the "Company")

 

Open Offer Oversubcribed

 

On 13 June 2014, ViaLogy Plc issued a circular to shareholders detailing that the Company had:

 

·     conditionally acquired the entire issued share capital of Premaitha Health Limited ("Premaitha"), a molecular diagnostic company employing next generation DNA analysis technology to develop molecular diagnostic products intended to have a major beneficial impact on human health (www.premaitha.com);

 

·     raised £6.5 million (before expenses) by means of the Placing; and

 

·     intended to raise up to a further £0.7 million by means of the Open Offer.

 

The result of the Open Offer, which closed for acceptances at 11.00 a.m. on 30 June 2011, resulted in valid acceptances, including excess applications, being received in respect of 11,256,554 Open Offer Shares, representing a total of approximately 167 per cent. of those Open Offer Shares available and, as such, the Open Offer has been oversubscribed.

 

All valid applications in respect of basic entitlements under the Open Offer have been met in full and a scaling back exercise on a pro-rata basis to the number of excess Open Offer Shares applied for by Qualifying Shareholders under the Excess Application Facility has been undertaken.

 

The Company is therefore pleased to announce that it has raised gross proceeds of £7.2 million, comprising £0.7 million through the Open Offer and £6.5 million through the Placing.

 

The Proposals are subject to the approval of shareholders at a General Meeting to be held at 11.00 a.m. on 3 July 2014 at the offices of Panmure Gordon (UK) Limited, One New Change, London EC4M 9AF.

 

Adam Reynolds, Executive Chairman, commented:

"We are delighted by the support shown by our shareholders through the Open Offer. The net proceeds from the Placing and Open Offer will be used primarily to develop and commercialise the IONA® Test. "

 

This announcement should be read in conjunction with the full text of the Admission Document dated 13 June 2014.  Defined terms in this announcement have the same meaning as those in the Admission Document.

 

 

For further information please contact:

ViaLogy Plc

Mark Collingbourne

 

 

+44 1620 810 183

 

Cairn Financial Advisers LLP

Nomad

Liam Murray

Avi Robinson

 

 

 

+44 20 7148 7900

 

Panmure Gordon (UK) Limited

Broker

Robert Naylor

Freddy Crossley

 

+44 20 7886 2500

 


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