Onzima Ventures PLC Proposed Acquisition, Update & Change of Adviser (3584U)
January 17 2017 - 5:40AM
UK Regulatory
TIDMONZ
RNS Number : 3584U
Onzima Ventures PLC
17 January 2017
Onzima Ventures plc
("Onzima" or the "Company")
Proposed Acquisition, Strategic Update
and
Appointment of Nominated Adviser and Broker
Onzima is pleased to announce that it has agreed in principle
terms conditionally to acquire the 51 per cent. of the issued
shares of N4 Pharma Limited ("N4 Pharma") which it does not already
own (the "Proposed Acquisition"). The consideration for the
Proposed Acquisition will be satisfied by the issue of 36,409,210
new ordinary shares of 0.1p each in the capital of Onzima
("Ordinary Shares"). It is intended that at the same time the
Company will seek to raise approximately GBP3.0 million by way of a
placing of new Ordinary Shares to fund development of additional
patented reformulations of a wider range of generic drugs, to
undertake clinical trials for the Company's reformulation of
Sildenafil and for working capital purposes.
The Proposed Acquisition will be classified as a reverse
takeover under the AIM Rules for Companies and, as a result, is
subject to the publication of an admission document in respect of
the Company as enlarged by N4 Pharma setting out full details of
the Proposed Acquisition and convening a general meeting of the
Company where shareholders' approval will be sought for, among
other things, the Proposed Acquisition and to change the Company's
name to N4 Pharma plc (the "Admission Document").
Onzima is gradually monetising its share portfolio to provide
funds for the continued development of N4 Pharma and the costs of
the Proposed Acquisition. Following completion of the Proposed
Acquisition, its trading division will cease to exist. Onzima has
today agreed to increase its loan facility to N4 Pharma from
GBP209,000 to GBP309,000.
In anticipation of the Proposed Acquisition, the Company has
appointed Stockdale Securities Limited as its nominated adviser and
broker with immediate effect.
It is expected that, subject to the completion of satisfactory
due diligence, preparation of the requisite documentation and
obtaining shareholders' approval, the Proposed Acquisition will be
completed in mid-April 2017 ("Completion"). On Completion, it is
expected that new directors will be appointed to the board of
Onzima, including Nigel Theobald, the founder and Chief Executive
of N4 Pharma, and that Professor Mughal and Gavin Burnell will step
down as directors of the Company.
It is expected that the temporary suspension of trading on AIM
in the Ordinary Shares will remain until Completion.
Further announcements will be made in due course.
For further information please contact:
Onzima Ventures plc Tel: +44 (0) 207 264 4405
Gavin Burnell, Luke Cairns
Stockdale Securities Limited Tel: +44 (0) 20 7601 6100
Tom Griffiths
This information is provided by RNS
The company news service from the London Stock Exchange
END
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