Vernalis Group plc proposed Placing and Open Offer to raise £16 million
1 May 2003
Vernalis Group plc (“Vernalis” or the “Company”) today announces its intention to raise approximately £14.1 million (after expenses) by way of a Placing and Open Offer of 44,444,445 new Ordinary Shares (representing approximately 103 per cent. of Vernalis’s existing issued share capital).
Highlights- Placing and Open Offer of 44,444,445 New Ordinary Shares at 36 pence per share to raise £16 million (£14.1 million net of expenses);
- 14,346,359 New Ordinary Shares placed firm and 30,098,086 New Ordinary Shares placed subject to clawback to satisfy valid applications under the Open Offer;
- Open Offer to Qualifying Shareholders on the basis of 7 New Ordinary Shares for every 10 existing Ordinary Shares; and
- Undertakings obtained from Invesco in respect of 27.88 per cent. of the existing Ordinary Shares to vote in favour of the special resolution, to take up 8,392,300 shares under the Open Offer and to subscribe for 4,000,220 shares under the Firm Placing.
George Kennedy, Chairman of Vernalis, commented:
“I am very pleased that investors have supported the Company through this equity offering which places Vernalis in a sound financial position. We will continue to work to maximise the value from our portfolio of programmes and will pursue all strategic options for the benefit of the Company and its shareholders.”
Your attention is drawn to the full text of the announcement in particular, the section entitled “Introduction”.
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