Result of Retail Offer, Subscription
No summary for this filing – the full text is below.
Select text to share a quote on X · sign in to keep highlights & notes in your VAL notes
Further to the Conditional Fundraise, Notice of General Meeting announcement dated 13 December 2023, ValiRx plc (the "Company") (AIM: VAL), is pleased to announce that, following the closing of the Retail Offer on the BookBuild platform on 19 December 2023, a total of 3,204,068 new Shares have been subscribed for at the Issue Price of 6 pence per Retail Offer Share in connection with the Retail Offer, raising £192,244 for the Company, before expenses. In addition, the Company has conditionally issued 499,998 new Shares at the Issue Price of 6 pence per Subscription Share pursuant to the Subscription.
Consequently, 26,324,997 Placing Shares, 499,998 Subscription Shares and 3,204,068 Retail Offer Shares, resulting in a total of 30,029,063 new Shares, will be issued conditional on shareholder approval at the Company's forthcoming general meeting and Admission, in relation to the Placing, Subscription and Retail Offer, raising total gross proceeds of approximately £1.80 million.
Subscription
In addition to the Placing and the Retail Offer, certain Directors and PDMRs (together the "Participants") of the Company have agreed to subscribe directly with the Company for, in aggregate, 499,998 Subscription Shares at the Issue Price of 6 pence per Share. Details of the Subscription are set out below:
| Director/PDMR | Existing beneficial shareholding | Subscription Shares subscribed for | Shareholding on completion of the Fundraising | Shareholding as a percentage of the Enlarged Share Capital |
|---|---|---|---|---|
| Suzanne Dilly | 416,668 | 66,666 | 483,334 | 0.37% |
| Kevin Cox | 372,333 | 150,000 | 522,333 | 0.39% |
| Gerry Desler | 128,668 | 66,666 | 195,334 | 0.15% |
| Martin Lampshire | 144,000 | 150,000 | 294,000 | 0.22% |
| Cathy Tralau-Stewart | - | 66,666 | 66,666 | 0.05% |
In addition to the Subscription, and as announced on 13 December 2023, Stella Panu, Non-Executive Director of the Company has subscribed for 333,333 Placing Shares. Subject to the passing of the Fundraising Resolutions, the Placing Agreement becoming unconditional and Admission, Stella Panu will hold 333,333 Shares representing approximately 0.25% of the Enlarged Share Capital of the Company.
The aggregate participation by all Directors and PDMRs pursuant to the Placing and Subscription is approximately £50k.
The participation of the Participants in the Subscription constitutes a related party transaction for the purposes of Rule 13 of the AIM Rules by virtue of the Participants being a director or PDMR of the Company and therefore a related party (the "Transactions"). Stella Panu, Non-Executive Director, being a director of the Company independent of the Transactions considers, having consulted with Cairn Financial Advisers LLP, the Company's nominated adviser for the purposes of the AIM Rules, that the terms of the Transactions are fair and reasonable in so far as the Shareholders are concerned.
The Retail Offer Shares and Subscription Shares will, when issued, be credited as fully paid up and will have the same rights as the Existing Ordinary Shares including, voting, dividend, return of capital and other rights, and will on issue be free of all claims, liens, charges, encumbrances and equities.
Capitalised terms used in this announcement have the meaning given to them in the Conditional Fundraise, Notice of General Meeting announcement dated 13 December 2023, unless otherwise defined in this announcement.
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.