Result of WRAP Retail Offer
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Arecor Therapeutics plc, (AIM: AREC), the biopharmaceutical group advancing today's therapies to enable healthier lives, is pleased to confirm, further to the announcements made on 19 July 2024 in relation to the Fundraising, the result of its Retail Offer at the Issue Price of 90 pence per share. The Company announces that it has conditionally raised aggregate gross proceeds of approximately £0.16 million pursuant to the Retail Offer, in addition to the previously announced Placing and Subscription.
Accordingly, the Company will issue a total of 173,768 new Ordinary Shares at the Issue Price pursuant to the Retail Offer, subject to, amongst other things, the approval of the Resolutions at the General Meeting and Admission.
In total, the Fundraising has conditionally raised gross proceeds of approximately £6.42 million for the Company, via the proposed issuance of 7,129,615 new Ordinary Shares pursuant to the Fundraise.
Related Party Transaction
In addition to the participation of certain directors of the Company in the Placing and Subscription (as announced on 19 July 2024), Christine Soden, a director of the Company who is deemed to be a Related Party pursuant to Rule 13 of the AIM Rules for Companies, has conditionally subscribed for 11,111 new Ordinary Shares at the Issue Price through the Retail Offer.
Jeremy Morgan, being the Director who is independent of the Related Party Transaction, having consulted with the Company's nominated adviser, Panmure Liberum, considers that the terms of the Related Party Transaction are fair and reasonable insofar as the Company's shareholders are concerned.
Admission
Application will be made for the Placing Shares, Subscription Shares and Retail Shares to be admitted to trading on AIM, which is expected to occur at 8.00 a.m. on 9 August 2024, subject to, amongst other things, the approval of the Resolutions at the General Meeting.
Capitalised terms used in this announcement have the meanings given to them as ascribed in the Company's announcement released at 1:10 p.m. on 19 July 2024.
| a) | Name | Christine Soden |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Arecor Therapeutics plc |
| b) | LEI | 98450093D12I3A8DDD58 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each |
| Identification code | ISIN : GB00BMWLM973 | |
| b) | Nature of the transaction | Subscription of new Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 90 pence | 11,111 | |
| d) | Aggregated information Aggregate volume Price | 11,111 Ordinary Shares 90 pence |
| e) | Date of the transaction | 22 July 2024 |
| f) | Place of the transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.