Bay Capital
BAY · Main Market · Financial Services · mcap £11m · 15.2p 3 open situations →
Open · 3
Acquisition of Plenty Biologics
Bay Capital, a listed shell, signed non-binding heads of terms on 20 October 2026 to buy pre-revenue biosimilars developer Plenty Biologics for £40m in new shares at 15p. A related party deal: Chairman David Williams is an investor. A c.£5m placing is planned and trading was suspended on 20 October 2026. An initial transaction is due by 30 July 2027.
- Price
- £40m debt free, all in 266.7m new shares at 15p; values existing Bay share capital at £10.5m 20 Oct 2026 ↗
- Funding
- Concurrent placing of about £5m of growth capital 20 Oct 2026 ↗
- Related party
- Chairman David Williams to receive about 16.6m shares (about £2.5m); he abstains from the board vote 20 Oct 2026 ↗
- Exclusivity
- 150 days from signing of heads of terms 20 Oct 2026 ↗
- Lock-up
- 12 months for principal sellers, then a 12-month orderly market period 20 Oct 2026 ↗
- Conditions
- Due diligence, definitive agreements, FCA-approved prospectus, shareholder approval, placing, readmission 20 Oct 2026 ↗
Next: Definitive agreements, prospectus and shareholder approval
- 20 Oct 2026 Non-binding heads of terms; shares suspended
DAVID JEFFREYS WILLIAMS towards control
Chairman David Williams had raised his stake to 25.35% from 22.8% by 13 August 2026. On 20 October 2026 Bay disclosed he is also an investor in Plenty Biologics, holds £290,000 of its convertible loan notes, and would receive about 16.6m Bay consideration shares (about £2.5m), making the deal a related party transaction.
- 13 Aug 2026 25.3499%
1 director buying
- 11 Aug 2026 David Jeffreys Williams £180k
Closed · 1
Company filings. Not investment advice.