Result of Placing & Director Subscription
Ilika raised £3.3m through placing at 33p per share, exceeding initial £3m target.
vs expectations: ahead
- Gross proceeds from Placing £3.3m
- Issue price per Ordinary Share 33p
- Total new Ordinary Shares placed 9,965,836
- Further Retail Offer up to £0.5m
- Shares in issue post-Capital Raising (full take-up) 179,590,053
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Ilika (AIM: IKA), the UK pioneer in solid-state battery technology, is pleased to announce that further to the Company's announcement released on 21 May 2025 (the "Launch Announcement"), the accelerated bookbuild has closed. The Company had intended to raise gross proceeds of approximately £3.0 million through the Placing. However, the Company received further demand following the Launch Announcement and, as a result, the Company has conditionally raised gross proceeds of approximately £3.3 million before expenses by way of a successful placing of, and subscription for, a total of 9,965,836 new Ordinary Shares at the Issue Price of 33 pence per Ordinary Share.
In addition to the Placing and Subscription, the Company proposes to raise up to a further £0.5 million through the issue of up to 1,515,151 new Ordinary Shares pursuant to a Retail Offer to existing retail Shareholders at the Issue Price. A further announcement will be made regarding the Retail Offer later today.
The Company intends to use the net proceeds of the Capital Raising primarily to advance the commercial status of both of the Company's product lines, specifically supporting the commercial launch and ramp up of Stereax and the continued development of the Goliath technology through to a position where it is possible to secure commercial licensing agreements with commercial partners.
Cavendish Capital Markets Limited ("Cavendish") acted as nominated adviser, sole bookrunner and sole broker in connection with the Capital Raising.
The Placing and the issue of the Placing Shares are conditional upon:
- Admission taking place by no later than 8.00 a.m. on 2 June 2025 (or such later date as Cavendish may agree in writing with the Company, being not later than 8.00 a.m. on 30 June 2025, the Long Stop Date).
Commenting on the Capital Raising, Graeme Purdy, CEO of Ilika, said:
"We are delighted with the continued support received for this placing from existing and new high quality institutional investors. We'd like to thank those investors and our hard-working advisors for enabling this successful placing. We're pleased that our fundraising strategy of maximising return on investment for our shareholders while minimising dilution continues to resonate strongly with our investor base."
Director Participation
A total of 81,819 Director Subscription Shares are, conditional upon Admission, being issued to certain Directors. The following Directors have participated in the Directors Subscriptions:
| Director | Existing beneficial shareholding | new Ordinary Shares subscribed for | Shareholding on completion of the Capital Raising | Shareholding as a percentage of the issued share capital (enlarged by the Capital Raising) 1,2 |
|---|---|---|---|---|
| Graeme Purdy | 836,498 | 45,455 | 881,953 | 0.49% |
| Keith Jackson | 119,999 | 15,152 | 135,151 | 0.08% |
| Monika Biddulph | 16,071 | 15,152 | 31,223 | 0.02% |
| Jason Stewart | 7,142 | 6,060 | 13,202 | 0.01% |
1 Assuming full take up of the Retail Offer
Admission & Total Voting Rights
Completion of the Placing and Directors Subscriptions remains subject, inter alia, to Admission of the Placing and Director Subscription Shares. Application will be made to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on AIM. It is expected that dealings in the New Ordinary Shares will commence on or around 8.00 a.m. on 2 June 2025 (or such time and/or date as the Company and Cavendish may agree, being not later than 30 June 2025 the Long Stop Date).
Following Admission, assuming the full take up of the New Ordinary Shares pursuant to the Capital Raising, the Company will have 179,590,053 Ordinary Shares in issue. For the avoidance of doubt, if the Placing Agreement between the Company and Cavendish is terminated prior to Admission then none of the Placing, the Director Subscriptions or the Retail Offer will occur. The New Ordinary Shares, when issued, will be credited as fully paid and will rank on Admission pari passu in all respects with each other and with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue.
The Company has two product lines. Its Stereax batteries are designed for powering miniature medical implants, industrial wireless sensors and Internet of Things (IoT) applications and the Goliath large format batteries are designed for electric vehicles ("EVs") and cordless appliances.
Note:
The information contained within this Announcement is deemed by the Company to constitute inside information as stipulated under UK MAR. If you have any queries on this, please contact those contacts listed above.
| a) | Name | Graeme Purdy |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Ilika plc |
| b) | LEI | 213800TMDNIE3Z8XXD26 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each |
| Identification code | GB00B608Z994 | |
| b) | Nature of the transaction | Subscription for Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 33p | 45,455 | |
| d) | Aggregated information | N/A- Single Transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 22 May 2025 |
| f) | Place of the transaction | AIM, London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Keith Jackson |
| 2 | Reason for the notification | |
| a) | Position/status | Chairman |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Ilika plc |
| b) | LEI | 213800TMDNIE3Z8XXD26 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each |
| Identification code | GB00B608Z994 | |
| b) | Nature of the transaction | Subscription for Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 33p | 15,152 | |
| d) | Aggregated information | N/A- Single Transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 22 May 2025 |
| f) | Place of the transaction | AIM, London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Monika Biddulph |
| 2 | Reason for the notification | |
| a) | Position/status | Non-Executive Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Ilika plc |
| b) | LEI | 213800TMDNIE3Z8XXD26 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each |
| Identification code | GB00B608Z994 | |
| b) | Nature of the transaction | Subscription for Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 33p | 15,152 | |
| d) | Aggregated information | N/A- Single Transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 22 May 2025 |
| f) | Place of the transaction | AIM, London Stock Exchange |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Jason Stewart |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Ilika plc |
| b) | LEI | 213800TMDNIE3Z8XXD26 |
| a) | Description of the financial instrument, type of instrument | Ordinary shares of 1 pence each |
| Identification code | GB00B608Z994 | |
| b) | Nature of the transaction | Subscription for Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 33p | 6,060 | |
| d) | Aggregated information | N/A- Single Transaction |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 22 May 2025 |
| f) | Place of the transaction | AIM, London Stock Exchange |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.