Result of Subscription
EMV Capital raised £880,000 through subscription of 1.76m shares at 50p per share.
- Amount raised £880,000
- Issue price per share £0.50
- New shares issued 1,760,000
- CEO shareholding post-admission 3,861,457 shares (14.11%)
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EMV Capital plc (AIM: EMVC), the deeptech and life sciences VC investment group, is pleased to announce, following its announcement made earlier today (Impact Announcement), the successful completion of the Subscription at the Issue Price of £0.50 per New Share for 1,760,000 New Shares, raising in aggregate £880,000 from new and existing shareholders. Terms defined in the Impact Announcement have the same meanings in this announcement.
Retail Offer
As announced earlier today, the Company also launched the Retail Offer through the Winterflood Retail Access platform to raise up to £620,000. The Retail Offer is expected to close at 4:30 p.m. on 4 December 2024, or such later time and date as the Company and Winterflood may agree, the results of which are expected to be announced on or around 5 December 2024.
Related party transactions
Director participation
Ilian Iliev (Chief Executive Officer) has participated in the Subscription by subscribing for 200,000 New Shares at the Issue Price, with payment therefor to be settled by releasing the Company from £100,000 of the annual bonus awarded to him for the year ended 31 December 2023, such amount being c.80 per cent. of such annual bonus.
Charles Spicer (Non-Executive Chair) and Ed Hooper (Executive Director) intend to participate in the Retail Offer by subscribing for New Shares (20,000 and 180,000 respectively) at the Issue Price via their respective Self-Invested Personal Pensions. Further details will be included in the announcement of the result of Retail Offer.
Ilian Iliev is deemed to be a related party pursuant to Rule 13 of the AIM Rules for Companies and his participation in the Fundraising (as described above) is a related party transaction for the purposes of such Rule (Director RPT).
The table below summarises the interests of Ilian Iliev in the Fundraising.
| Existing beneficial shareholding | New Shares subscribed for | Shareholding on Admission | Shareholding as a percentage of the enlarged share capital upon Admission* |
|---|---|---|---|
| 3,661,457 | 200,000 | 3,861,457 | 14.11% |
*assuming the Retail Offer is fully subscribed
The information below the heading 'About EMV Capital plc (EMVC)', set out in accordance with the requirements of MAR, provides further detail.
Substantial Shareholder participation
A Beckman plc SSAS (Small Self Administered Pension Scheme), which is associated with Melvin Lawson, a substantial shareholder in the Company, has participated in the Subscription by subscribing for 100,000 New Shares at the Issue Price (Substantial Shareholder Participation). The Substantial Shareholder Participation is deemed to be a related party transaction pursuant to the AIM Rules for Companies (Shareholder RPT).
AIM Rule 13 fair and reasonable opinion
Jonathan Robinson, being the Director who is independent of the Director RPT and the Shareholder RPT (together Related Party Transactions), having consulted with the Company's nominated adviser, Panmure Liberum Limited, considers the terms of the Related Party Transactions to be fair and reasonable insofar as the Company's shareholders are concerned.
Admission
Application will be made to London Stock Exchange plc for the admission to trading on AIM of the Subscription Shares and such number of Retail Offer Shares as are subscribed for pursuant to the Retail Offer (Admission). It is expected that Admission will become effective and dealings will commence at 8.00 a.m. on or around 9 December 2024.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Dr Ilian Iliev | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Director | ||||
| b) | Initial notification /Amendment | Initial Notification | ||||
| a) | Name | EMV Capital plc | ||||
| b) | LEI | 213800N5WD46G1Y7I458 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | EMVC 5p Ordinary Shares GB00BN4R5Q82 | ||||
| b) | Nature of the transaction | Subscription for new Ordinary Shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | N/a | ||||
| e) | Date of the transaction | 3 December 2024 | ||||
| f) | Place of the transaction | UK AIM |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.