Extension of Warrants in Incanthera plc21st August 2023 - 3:50 pm
ImmuPharma PLC (LSE:IMM), the specialist drug discovery and development company, is pleased to announce that the Company has agreed with Incanthera plc (“Incanthera”) that Warrants issued to the Company on 26 February 2020, in conjunction with Incanthera’s IPO onto the Aquis Exchange, are extended by 12 months.
- The Company entered into a Warrant Instrument (“Warrant Instrument”) with Incanthera on 26 February 2020, whereby Incanthera created and issued Warrants to ImmuPharma to subscribe in cash at £0.095 per share, for 7,272,740 Ordinary Shares, valid until 6 September 2023.
- Incanthera has agreed with the Company to extend the Warrant Instrument by 12 months to 6 September 2024.
- All other provisions in the Warrant Instrument remain the same.
- No consideration is being paid by ImmuPharma to obtain the extension.
ImmuPharma currently owns 9,904,319 shares in Incanthera (representing 12.7% of its issued share capital). In addition, Tim McCarthy, ImmuPharma’s Chairman, is also the Chairman of Incanthera and has a holding of 3,931,646 shares (5.05%).
The Board of ImmuPharma has determined to treat the extension of the Warrants as a related party transaction. Mr McCarthy has not been involved in the ImmuPharma Board’s decision to agree to the extension.
The Directors (excluding Mr McCarthy), having consulted with SPARK, the Company’s nominated adviser, consider that the terms of the Warrant extension are fair and reasonable insofar as the Company’s shareholders are concerned.
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