TIDMAVCT
RNS Number : 2267W
Avacta Group PLC
30 July 2018
THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED
TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET
ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS
ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN
THE PUBLIC DOMAIN.
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF
IRELAND, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER COUNTRY,
TERRITORY OR JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR
DISTRIBUTION WOULD BE UNLAWFUL.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN AVACTA GROUP
PLC IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION
WOULD BE UNLAWFUL.
Avacta Group plc
("Avacta", the "Group" or the "Company")
Results of Placing and Subscription
Notice of General Meeting
Pursuant to the announcement released earlier today in relation
to the proposed Fundraising (the "Fundraising Announcement"), the
Company is pleased to announce that finnCap, WG Partners and Turner
Pope, on behalf of the Company, have successfully raised GBP11.6
million (before expenses) through the placing of 38,952,724 Placing
Shares and 7,520,000 Subscription Shares with new and existing
institutional investors at a price of 25 pence per share,
representing a discount of approximately 19 per cent. to the
average 30 day closing price of the Ordinary Shares on AIM to the
27 July 2018, being 30 pence per share.
finnCap is acting as Nominated Adviser and joint broker,
alongside WG Partners and Turner Pope who are also acting as joint
brokers in connection with the Placing (together the "Joint
Brokers").
Eliot Forster, Alastair Smith, Alan Aubrey and Trevor Nicholls,
Directors of the Company, each of whom indicated that they intended
to subscribe for New Ordinary Shares, have now confirmed their
subscriptions for a total of 280,000 New Ordinary Shares on the
same terms as the Placing, raising gross proceeds of GBP70,000.
The allotment and issue of the Placing Shares and Subscription
Shares would exceed the Company's existing authorities and
therefore Shareholder approval will be required. Accordingly, a
circular to Shareholders will be posted shortly to include the
notice convening a General Meeting.
DIRECTORS' INTERESTS
The participating Directors' interests as at today and following
completion of the Subscription and the Placing are as follows:
Director Existing Subscription Placing Interest % of
beneficial Shares Shares in Ordinary Enlarged
interest subscribed subscribed Shares after Share
in Ordinary for for Third Admission Capital
Shares
Eliot Forster - 120,000 - 120,000 0.10%
Alastair Smith 606,309 - 40,000 646,309 0.56%
Alan Aubrey 191,334 - 80,000 271,334 0.23%
Trevor Nicholls 35,000 - 40,000 75,000 0.06%
GENERAL MEETING
A circular and notice convening the General Meeting, to be held
at the offices of Walker Morris LLP, Kings Court, 12 King Street,
Leeds LS1 2HL at 10.00 a.m. on 17 August 2018, will be sent to
Shareholders shortly and available from the Company's website at
www.avacta.com. The General Meeting has been convened to consider
and if thought fit approve, amongst other things, the issue of the
Placing Shares (other than the First Placing Shares) and the
Subscription Shares.
The Directors believe the Fundraising to be the most appropriate
way to provide the capital necessary to meet the Company's future
requirements. Should the Fundraising not proceed for any reason,
the Company would need to find alternative funding or else face
future uncertainty. The Directors urge Shareholders to vote in
favour of the Special Resolution numbered 1 set out in the notice
of General Meeting.
ADMISSION
Applications will be made to the London Stock Exchange for
admission of the EIS/VCT Shares, the General Shares and the
Subscription Shares to trading on AIM. It is expected that
admission will become effective and trading will commence in the
First Placing Shares at 8.00 a.m. on 3 August 2018, the Second
Placing Shares at 8.00 a.m. on 20 August 2018 and the Third Placing
Shares and the Subscription Shares at 8.00 a.m. on 21 August
2018.
Following Third Admission, the Company will have 115,462,211
ordinary shares of 10 pence each in issue and shareholders may use
this figure 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 Guidance and Transparency Rules.
Other than where defined, capitalised terms used in this
announcement have the meanings given to them in the Fundraising
Announcement.
For further information from Avacta Group plc, please
contact:
Avacta Group plc Tel: +44 (0) 844 414 0452
Alastair Smith, Chief Executive Officer www.avacta.com
Tony Gardiner, Chief Financial Officer
finnCap Ltd Tel: +44 (0) 207 220 0500
Geoff Nash / Giles Rolls - Nominated www.finncap.com
Adviser
Tim Redfern / Nikita Jain - Corporate
Broking Tel: +44 (0) 203 705 9318
Tel: +44 (0) 203 705 9317
WG Partners www.wgpartners.co.uk
Nigel Birks / Nigel Barnes
David Wilson / Claes Spang
Turner Pope
James Pope Tel: +44 (0) 203 621 4120
Andy Thacker www.turnerpope.com
Zyme Communications (Trade and Regional Tel: +44 (0)7787 502 947
Media) katie.odgaard@zymecommunications.com
Katie Odgaard
Tel: +44 (0)7764 947137
Yellow Jersey (Financial Media and avacta@yellowjerseypr.com
IR)
Sarah Hollins
About Avacta Group plc (www.avacta.com)
Avacta's principal focus is on its proprietary Affimer(R)
technology which is a novel engineered alternative to antibodies
that has wide application in Life Sciences for diagnostics,
therapeutics and general research and development.
Antibodies dominate markets worth in excess of $50bn despite
their shortcomings. Affimer technology has been designed to address
many of these negative performance issues, principally; the time
taken to generate new antibodies, the reliance on an animal's
immune response, poor specificity in many cases, and batch to batch
variability. Affimer technology is based on a small protein that
can be quickly generated to bind with high specificity and affinity
to a wide range of protein targets.
Avacta has a pre-clinical biotech development programme with an
in-house focus on immuno-oncology and bleeding disorders as well as
partnered development programmes. Avacta is commercialising
non-therapeutic Affimer reagents through licensing to developers of
life sciences research tools and diagnostics.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alastair Smith
------------------------------- ----------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- ----------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Avacta Group Plc
------------------------------- ----------------------------------
b) LEI 2138009U3EG31OPMGH36
------------------------------- ----------------------------------
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 Ordinary shares of
Financial instrument, 10p
type of instrument
Identification code GB00BYYW9G87
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
25 pence 40,000
----------
------------------------------- ----------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------------------------------- ----------------------------------
e) Date of the transaction 30 July 2018
------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ----------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Eliot Forster
------------------------------- ----------------------------------
2. Reason for the Notification
-------------------------------------------------------------------
a) Position/status Chairman
------------------------------- ----------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Avacta Group Plc
------------------------------- ----------------------------------
b) LEI 2138009U3EG31OPMGH36
------------------------------- ----------------------------------
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 Ordinary shares of
Financial instrument, 10p
type of instrument
Identification code GB00BYYW9G87
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
25 pence 120,000
----------
------------------------------- ----------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------------------------------- ----------------------------------
e) Date of the transaction 30 July 2018
------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ----------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Alan Aubrey
------------------------------- ----------------------------------
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 Avacta Group Plc
------------------------------- ----------------------------------
b) LEI 2138009U3EG31OPMGH36
------------------------------- ----------------------------------
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 Ordinary shares of
Financial instrument, 10p
type of instrument
Identification code GB00BYYW9G87
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
25 pence 80,000
----------
------------------------------- ----------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------------------------------- ----------------------------------
e) Date of the transaction 30 July 2018
------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ----------------------------------
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Trevor Nicholls
------------------------------- ----------------------------------
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 Avacta Group Plc
------------------------------- ----------------------------------
b) LEI 2138009U3EG31OPMGH36
------------------------------- ----------------------------------
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 Ordinary shares of
Financial instrument, 10p
type of instrument
Identification code GB00BYYW9G87
------------------------------- ----------------------------------
b) Nature of the transaction Purchase of ordinary shares
------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
25 pence 40,000
----------
------------------------------- ----------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------------------------------- ----------------------------------
e) Date of the transaction 30 July 2018
------------------------------- ----------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
------------------------------- ----------------------------------
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END
MSCURRBRWOABOAR
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