RUA Life Sciences PLC Result of Open Offer (0651K)
December 30 2020 - 1:00AM
UK Regulatory
TIDMRUA
RNS Number : 0651K
RUA Life Sciences PLC
30 December 2020
30 December 2020
RUA Life Sciences plc
("RUA" or the "Company")
Result of Open Offer
RUA Life Sciences plc (AIM: RUA), the holding company of a group
of medical device businesses focused on the exploitation of
Elast-Eon(TM), a long-term implantable biostable polymer, is
pleased to announce that the Open Offer, as announced on 11
December 2020, has closed oversubscribed.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Open Offer Entitlement. Applications
made under the Excess Application Facility will be scaled back
pro-rata such that Qualifying Shareholders will receive 9.7 per
cent. of the Excess Shares applied for. The Company received valid
applications from Qualifying Shareholders in respect of 3,614,557
Open Offer Shares representing an oversubscription of approximately
334.7 per cent. over the available 831,522 Open Offer Shares.
Subject to approval of the Resolutions at the General Meeting of
Shareholders due to take place later today and subject to
Admission, the Company has conditionally raised total gross
proceeds of approximately GBP1.0 million from the Open Offer,
which, together with the GBP6.0m raised by way of the Placing and
Subscription, means the Company will have raised a total of
approximately GBP7.0m as a result of the Placing, Subscription and
Open Offer.
The Open Offer Shares will rank pari passu with Existing
Ordinary Shares. Open Offer Shares in uncertificated form are
expected to be credited to Shareholders who hold their Ordinary
Shares in CREST accounts on 31 December 2020. Definitive share
certificates for Open Offer Shares are expected to be despatched to
Shareholders who hold their Ordinary Shares in certificated form by
9 January 2021. It is expected that admission of the Open Offer
Shares will become effective and dealings in the Open Offer Shares
will commence at 8.00 a.m. on 31 December 2020.
The terms used but not defined in this Announcement have the
meaning given to them in the announcement published by the Company
on 11 December 2020 regarding the Placing, Subscription and Open
Offer, unless otherwise stated.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For more information please contact:
RUA Life Sciences plc
Bill Brown, Chairman Tel: +44 (0) 77 3071
David Richmond, CEO 8296
Tel: +44 (0) 78 9999
6400
Shore Capital (Nomad and Joint Broker)
Tom Griffiths/David Coaten Tel: +44 (0)20 7408
4080
Cenkos Securities plc (Joint Broker)
Russell Cook/Max Gould (Corporate Finance)
Michael Johnson (Sales) Tel: +44 (0) 20 7397
8900
About RUA Life Sciences plc
The RUA Life Sciences group was created in April 2020 when RUA
Life Sciences Plc (formerly known as AorTech International Plc)
acquired RUA Medical Devices Limited to create a fully formed
medical device business. RUA Life Sciences is the holding company
of the Group's four trading businesses, each exploiting the Group's
patented polymer technology.
Our vision is to improve the lives of millions of patients by
improving and enabling medical devices with Elast-Eon(TM), widely
accepted as being the most biostable of all long-term implantable
polyurethanes.
Whether it is licensing Elast-Eon(TM), manufacturing a device or
component or developing next generation medical devices, a RUA Life
Sciences business is pursuing our vision.
Elast-Eon(TM)'s biostability is comparable to silicone while
exhibiting excellent mechanical, blood contacting and flex-fatigue
properties. These polymers can be processed using conventional
thermoplastic extrusion and moulding techniques. With over 7
million implants and over 14 years of successful clinical use, the
Group's polymers are proven in long-term life enabling
applications.
The Group's four business units are:
RUA Medical : End-to-end contract developer and manufacturer
of medical devices and implantable fabric specialist.
RUA Biomaterials Licensor of Elast-Eon(TM) polymers to the medical
: device industry.
RUA Vascular Commercialisation of large bore polymer sealed
: grafts and soft tissue patches.
RUA Structural Development of tri leaflet polymeric heart valves.
Heart :
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