NetScientific PLC Result of Placing and Total Voting Rights (7159P)
June 22 2022 - 2:00AM
UK Regulatory
TIDMNSCI
RNS Number : 7159P
NetScientific PLC
22 June 2022
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THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY,
SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN ANY
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NetScientific PLC
("NetScientific" or the "Company")
Result of Placing and Total Voting Rights
NetScientific, the life sciences and sustainability technology
investment and commercialisation group , is pleased to announce
that it has raised gross proceeds of approximately GBP1.5 million
in a fundraising as announced yesterday (the "Placing").
A total of 2,238,807 Placing Shares in the Company have been
conditionally placed by WH Ireland Limited ("WH Ireland") with new
and existing investors at a price of 67 pence per share (the
"Placing Price").
Application has been made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM and it is
anticipated that dealings in the Placing Shares will commence on
AIM at 8.00 a.m. on 27 June 2022 ("Admission"). The Placing Shares
will represent approximately 9.6 per cent. of the Company's issued
share capital following completion of the Placing ("Enlarged Share
Capital"). The Placing Price represents a discount of approximately
10.6 per cent. to the closing mid-market price of NetScientific's
existing ordinary shares of 75 pence on 20 June 2022 (being the
last business day prior to the announcement of the Placing
yesterday).
The Placing is subject to Admission becoming effective and the
Placing Agreement becoming unconditional and not being terminated
in accordance with its terms.
Related Party Transactions
Entities associated with Melvin Lawson, a substantial
shareholder in the Company, have subscribed for 485,074 Placing
Shares at the Placing Price. The participation of Melvin Lawson and
his associated parties is deemed to be a related party transaction
pursuant to the AIM Rules for Companies. The independent Directors
of the Company, being Clive Sparrow and Professor Stephen Smith,
consider, having consulted with the Company's nominated adviser, WH
Ireland, that the participation of Melvin Lawson and his associated
parties pursuant to the Fundraising is fair and reasonable so far
as the shareholders of the Company are concerned.
Following Admission, the Company's issued and fully paid share
capital will consist of 23,360,660 Ordinary Shares, all of which
carry one voting right per share. The Company does not hold any
Ordinary Shares in treasury. The figure of 23,360,660 Ordinary
Shares may be used by shareholders as the denominator for the
calculation 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 Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
Capitalised terms used but not defined in this announcement have
the meanings given to them in the Company's announcement released
yesterday in respect of the Placing unless the context provides
otherwise.
John Clarkson, Executive Chairman, commented: "The Board is
grateful to investors for their support with this fundraising,
which further strengthens the Company's position and facilitates
the continuation of its successful growth strategy."
Ilian Iliev , Chief Executive Officer , stated: "We are grateful
for the support from our shareholders in this difficult
macro-economic climate and look forward to deploying these funds to
develop the Company's growth strategy."
Enquiries:
NetScientific PLC Dr Ilian Iliev Via Walbrook PR
WH Ireland Limited Corporate Finance: Tel: +44 (0) 207 220 1666
Chris Fielding
Darshan Patel
Enzo Aliaj
Sales / Corporate
Broking:
Harry Ansell
Walbrook PR Nick Rome / Paul McManus Tel: 07748 325 236 / 07980
541 893
This announcement contains inside information for the purposes
of Article 7 of the UK version of Regulation (EU) No 596/2014 which
is part of UK law by virtue of the European Union (Withdrawal) Act
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