TIDMMEDG
RNS Number : 6704M
Medgenics Inc
03 February 2009
Medgenics, Inc.
('Medgenics' or the 'Company')
3 February 2009
The Board of Medgenics announces that it was informed on 30 January 2009 that,
on that same day, pursuant to the warrant repricing programme announced on 17
December 2008, Lord Leonard Steinberg (a Director of the Company) exercised
4,000,000 warrants at the reduced exercise price of $0.0375 each (the "Reduced
Warrant Price") which entitled him to 4,000,000 ordinary shares of
US $0.0001 each ("Ordinary Shares") and warrants to purchase 450,000 Ordinary
Shares. The warrants ("Bonus Warrants") are exercisable from 30/1/09 and expire
on 30/12/12 at an exercise price US $0.25 per Ordinary Share. The total cost of
this exercise was $150,000.
The Company is also pleased to announce that it was also informed on 30 January
2009 that, on that same day, Joel Kanter (also a director of the Company) and
his affiliated interests have exercised 4,000,000 warrants at the Reduced
Warrant Price, in order to acquire 4,000,000 Common Shares and 450,000 Bonus
Warrants for total consideration of US $150,000. These warrants exercised were
held by CIBC Trust Company (Bahamas) Limited, as Trustee of T-555*.
Pursuant to Rule 21 of the AIM Rules for Companies, Lord Leonard Steinberg and
Joel Kanter declared binding commitments to these warrant exercises which were
notified on 17 December 2008.
The Board is also very pleased to announce that a further 2,637,578 warrants
have been exercised at the Reduced Warrant Price resulting in the issues of
2,637,578 Ordinary Shares and 296,728 Bonus Warrants. This has resulted in total
consideration (including the investments by Lord Leonard Steinberg and Joel
Kanter) received by the Company as a result of the warrant repricing programme
of US$ $398,909.
These new Ordinary Shares will be admitted to AIM pursuant to the block listing
which was applied for on 4 December 2007 and will trade under the TIDM (ticker)
MEDG. The Company announces that, as at the date of this announcement, it has
117,365,773 Ordinary Shares in issue.
Following the above warrant conversions, Lord Leonard Steinberg and Joel Kanter
are interested in the following number of Ordinary Shares:
+-----------------------------------------+----------------+----------------+
| Name | Number of | % of Issued |
| | Common Shares | Share Capital |
+-----------------------------------------+----------------+----------------+
| Lord Leonard Steinberg | 18,484,725 | 15.7% |
+-----------------------------------------+----------------+----------------+
| Joel Kanter * | 12,998,556 | 11.1% |
+-----------------------------------------+----------------+----------------+
Notes:
*Included in the interests of Joel Kanter are his interests in:
(i) 949,226 Common Shares held by the Kanter Family Foundation, an Illinois
not-for-profit corporation of which Mr. Kanter is the President and is a
Director;
(ii)7,605,985 Common Shares held by CIBC Trust Company (Bahamas) Limited
("CIBC"). CIBC is the trustee of Settlement T-555 (the "CIBC Trust"). The CIBC
Trust was established for the benefit of various descendants of (i) Helen and
Henry Krakow, and (ii) Beatrice and Morris Kanter. Mr. Kanter is a discretionary
beneficiary of the CIBC Trust. Sole voting and investment control of the Common
Shares owned by the CIBC Trust is vested in CIBC as trustee of the CIBC Trust;
(iii) 4,400,807 Common Shares held by Chicago Investments, Inc. ("CII"). CII is
a majority-owned subsidiary of Chicago Holdings, Inc. ("CHI"). CHI is majority
owned by various trusts (together the "Kanter Trusts") established for the
benefit of various descendants of (i) Helen and Henry Krakow, and (ii) Beatrice
and Morris Kanter. Joel Kanter is a discretionary beneficiary of some, but not
all, of the Kanter Trusts. Sole voting and investment control of the Common
Shares owned by CII is vested in Mr. Kanter's brother, Joshua Kanter, as
President of CII; and
(iv)42,548 Common Shares held by Chicago Private Investments, Inc ("CPI"). CPI
is a wholly owned subsidiary of The Holding Company ("THC"). THC is owned by
Kanter Trusts. Sole voting and investment control of the shares of the Company
owned by CPI is vested in Mr. Kanter's brother, Joshua Kanter, as President of
CPI.
For the purposes of applicable US Securities Laws and regulations, Mr. Kanter
disclaims all beneficial and pecuniary interest to the Common Shares held by CII
and CPI and the CIBC Trust. Such disclaimer does not affect Mr. Kanter's status
as a discretionary beneficiary under the Kanter Trusts or the CIBC Trust.
Following the Transaction, Lord Leonard Steinberg and Joel Kanter are interested
in the following number of warrants:
+-----------+----------+-------------+----------+----------+----------+
| Name | Warrant | Number | Issue | Expiry | Exercise |
+-----------+----------+-------------+----------+----------+----------+
| | Name | | date | date | price |
+-----------+----------+-------------+----------+----------+----------+
| | | | | | US$ |
+-----------+----------+-------------+----------+----------+----------+
| | | | | | |
+-----------+----------+-------------+----------+----------+----------+
| Lord | W | 832,423 | 4/12/07 | 4/12/12 | 0.194 |
| Leonard | | | | | |
+-----------+----------+-------------+----------+----------+----------+
| Steinberg | W | 1,145,964 | 31/5/07 | 31/5/12 | 0.164 |
+-----------+----------+-------------+----------+----------+----------+
| | W | 763,997 | 4/12/07 | 4/12/12 | 0.164 |
+-----------+----------+-------------+----------+----------+----------+
| | Bonus | 450,000 | 30/1/09 | 30/1/12 | 0.025 |
+-----------+----------+-------------+----------+----------+----------+
| -------------------------------------------------------------- |
+---------------------------------------------------------------------+
| | | 3,192,384 | | | |
+-----------+----------+-------------+----------+----------+----------+
| | | | | | |
+-----------+----------+-------------+----------+----------+----------+
| | | | | | |
+-----------+----------+-------------+----------+----------+----------+
| Joel | W | 3,059,192 | 31/3/06 | 31/3/11 | 0.071 |
+-----------+----------+-------------+----------+----------+----------+
| Kanter | W | 1,069,575 | 23/10/06 | 23/10/11 | 0.117 |
+-----------+----------+-------------+----------+----------+----------+
| | W | 857,007 | 23/10/06 | 23/10/11 | 0.117 |
+-----------+----------+-------------+----------+----------+----------+
| | RW | 197,914 | 31/3/06 | 31/3/11 | 0.000005 |
+-----------+----------+-------------+----------+----------+----------+
| | RS | 14,080,734 | 31/3/06 | 31/3/11 | 0.023634 |
+-----------+----------+-------------+----------+----------+----------+
| | Bonus | 450,000 | 30/1/09 | 30/1/12 | 0.025 |
+-----------+----------+-------------+----------+----------+----------+
| -------------------------------------------------------------- |
+---------------------------------------------------------------------+
| | | 19,714,422 | | | |
+-----------+----------+-------------+----------+----------+----------+
The current warrants outstanding in the Company are as follows:
+----------+-------------+-------------+-----------+-----------+
| Warrant | Date | No. of | | Expiry |
| | of | | Exercise | Date |
+----------+-------------+-------------+-----------+-----------+
| Type | Issue | Common | Price | |
| | | | per | |
+----------+-------------+-------------+-----------+-----------+
| | | Shares | Common | |
+----------+-------------+-------------+-----------+-----------+
| | | | Share | |
+----------+-------------+-------------+-----------+-----------+
| RS | 31.03.06 | 15,680,818 | US | 31.03.11 |
| | | | $0.0005 | |
+----------+-------------+-------------+-----------+-----------+
| RS | 31.03.06 | 36,481,902 | US | 31.03.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| RW | 31.03.06 | 1,586,735 | US | 31.03.11 |
| | | | $0.000005 | |
+----------+-------------+-------------+-----------+-----------+
| RW | 22.10.08 | 22,588 | US | 31.03.11 |
| | | | $0.000005 | |
+----------+-------------+-------------+-----------+-----------+
| X | 31.03.06 | 4,278,298 | US | 24.03.10 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| X | 31.03.06 | 533,183 | US | 31.03.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 31.03.06 | 21,397,303 | US | 31.03.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 10.04.06 | 1,026,792 | US | 10.04.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 14.06.06 | 1,069,575 | US | 14.06.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 23.10.06 | 19,893,486 | US | 23.10.11 |
| | | | $0.117 | |
+----------+-------------+-------------+-----------+-----------+
| W | | 705,919 | US | 31.03.11 |
| | 9.02.07 | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 13.03.07 | 705,919 | US | 31.03.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 13.03.06 | 2,117,758 | US | 21.06.11 |
| | | | $0.071 | |
+----------+-------------+-------------+-----------+-----------+
| W | 13.03.07 | 1,336,968 | US | 23.10.11 |
| | | | $0.117 | |
+----------+-------------+-------------+-----------+-----------+
| W | 31.05.07 | 1,329,310 | US | 31.05.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| W | | 402,246 | US | 13.08.12 |
| | 13.08.07 | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| W | 17.08.07 | 64,174 | US | 17.08.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| W | 4.12.07 | 252,334 | US | 13.08.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| W | | 1,259,810 | US | 4.12.12 |
| | 4.12.07 | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| W | 4.12.07 | 2,997,420 | US | 4.12.12 |
| | | | $0.194 | |
+----------+-------------+-------------+-----------+-----------+
| W | 4.12.07 | 570,992 | 10p | 4.12.12 |
+----------+-------------+-------------+-----------+-----------+
| W | 19.10.08 | 305,598 | US | 17.08.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| Platinum | 13.08.07 | 1,909,619 | US | 31.08.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| Platinum | 4.12.07 | 1,604,362 | US | 4.12.12 |
| | | | $0.164 | |
+----------+-------------+-------------+-----------+-----------+
| Platinum | 4.12.07 | 23,183 | 10p | 4.12.12 |
+----------+-------------+-------------+-----------+-----------+
| Platinum | 1.12.08 | 2,353,064 | US | 4.12.13 |
| | | | $0.194 | |
+----------+-------------+-------------+-----------+-----------+
| Bonus | 30.1.09 | 1,196,728 | US | 30.1.12 |
| | | | $0.025 | |
+----------+-------------+-------------+-----------+-----------+
| | | | | |
+----------+-------------+-------------+-----------+-----------+
| Total | 121,106,081 | | | |
+----------+-------------+-------------+-----------+-----------+
For further information, contact:
+-----------------------------------+------------------------+
| Medgenics, Inc. | +972 4 902 8900 |
+-----------------------------------+------------------------+
| Dr. Andrew L. Pearlman | |
+-----------------------------------+------------------------+
| | |
+-----------------------------------+------------------------+
| Blomfield Corporate Finance | +44 207 489 4500 |
+-----------------------------------+------------------------+
| James Pinner or | |
+-----------------------------------+------------------------+
| Alan MacKenzie | |
+-----------------------------------+------------------------+
| | |
+-----------------------------------+------------------------+
| SVS Securities plc | +44 207 638 5600 |
+-----------------------------------+------------------------+
| Peter Manfield or | |
+-----------------------------------+------------------------+
| Ian Callaway | |
+-----------------------------------+------------------------+
| | |
+-----------------------------------+------------------------+
| Grayling Global | +44 207 255 5406 |
+-----------------------------------+------------------------+
| Jonathan Shillington or | |
+-----------------------------------+------------------------+
| Alistair Scott | |
+-----------------------------------+------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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