Result of Broker Option / PDMR Dealings
11th August 2022 - 10:31 amImmuPharma plc (“ImmuPharma” or “the Company”), announces that it has raised £0.95 million (before expenses) pursuant to a Broker Option following the announcement made on 3 August 2022.
Under the terms of a placing agreement entered into by the Company with Stanford Capital Partners Limited (“SCP”) and SPARK Advisory Partners Limited on 3 August, the Company granted an option to SCP to enable it to deal with additional demand under the Placing in the event that requests to participate in the Placing from qualifying investors were received during the period from the time of the announcement of the Placing up to 5.00 p.m. on 10 August 2022, up to a maximum of £1.3 million (“Broker Option”). SCP has exercised its Broker Option in respect of 19 million Broker Option Shares at the same price as the Placing.
Accordingly, the total number of Broker Option Shares to be issued by the Company pursuant to the Broker Option is 19 million. The aggregate gross proceeds of the Placing and the Broker Option is £1.04 million. Aggregate proceeds, net of expenses, are expected to be approximately £0.97 million.
Certain directors of the Company have subscribed for shares in the Broker Option as set out below:
| Name of Director | No of Broker Option Shares subscribed | Number of Ordinary Shares held post Admission | % of Ordinary Share Capital (as enlarged by the issue of the Lanstead Subscription Shares, the Placing Shares, the Broker Option Shares, the Value Payment Shares and the Fee Shares) |
| Tim McCarthy | 1,200,000 | 1,488,462 | 0.46% |
| Tim Franklin | 400,000 | 525,000 | 0.16% |
| Lisa Baderoon | 400,000 | 583,963 | 0.18% |
The Company will issue, conditional upon Admission, warrants to subscribe for a total of 1 million new Ordinary Shares at the Issue Price for a period of 10 years from Admission to Stanford Capital Partners (0.5 million) and SI Capital (0.5 million).
Further to the announcement of 3 August 2022, the Directors confirm that the fundraising, together with existing funding and funding arrangements, will provide the Company with sufficient working capital for at least the next 12 months.
This is based on the assumptions detailed in the announcement of 3 August 2022 and the Directors undertaking active measures to limit or defer cash outflows from the business in the near term, (which include the Directors deferring a proportion of their salaries) until such time as the business is able to meet these payments.
Settlement and dealings
Once issued, the rights of Broker Option Shares will rank pari passu with the Company’s existing Ordinary Shares.
An application will be made for the Broker Option Shares to be admitted to trading on AIM. Dealings in the Broker Option Shares on AIM are expected to commence at 8:00 a.m. on or around 16 August 2022.
Total Voting Rights
Following Admission, the Company’s issued share capital will comprise 325,803,104 Ordinary Shares with one voting right each and 284,984,933 deferred shares with no rights to vote. As the Company does not hold any shares in treasury, the total number of voting rights in the Company is also 325,803,104 and this figure of Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.
Capitalised terms used in this announcement have the meanings given to them in the announcement of the Lanstead Subscription and Placing on 3 August 2022.
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