TIDMIDP

RNS Number : 0580V

InnovaDerma PLC

12 April 2021

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA (SUBJECT TO CERTAIN LIMITED EXCEPTIONS), AUSTRALIA, NEW ZEALAND, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 ("UK MAR").

TERMS NOT OTHERWISE DEFINED HEREIN SHALL HAVE THE MEANINGS GIVEN TO THEM IN THE COMPANY'S ANNOUNCEMENT RELEASED AT 09:19 A.M. 20 JANUARY 2021.

12 April 2021

InnovaDerma PLC

("InnovaDerma" or the "Company")

Expected Timetable of Events

Further to the announcement by InnovaDerma (LSE: IDP) on 20 January 2021 relating to the proposed Fundraising, the Company expects to publish and post a prospectus and circular relating to the Fundraising to Shareholders later today.

The Prospectus contains further details of the Fundraising and is expected to be approved by the FCA today. The Prospectus will also be made available on the Company's website at https://www.innovaderma.com/investor-relations/. The Prospectus will contain a notice of a general meeting, expected to be held at 10:00 a.m. on 29 April 2021. A further announcement will be made following approval and publication of the Prospectus.

Subscription Agreement

Further to the announcement of 20 January 2021, the Company also announces that Mark Ward has entered into a subscription agreement which means that, following shareholder approval, the Company's existing obligation to repay the GBP500,000 loan facility provided by Mark Ward will be satisfied by the issue to him of 1,428,571 Placing Shares at the Issue Price.

Open Offer

As set out in the announcement of 20 January 2021, the Company is proposing to raise a maximum of approximately GBP0.5 million (before expenses) (assuming full take up of the Open Offer) through the issue of up to 1,449,469 Open Offer Shares.

The Open Offer Shares will be made available to Qualifying Shareholders pursuant to the Open Offer at the Issue Price of 35 pence per Open Offer Share, payable in full on acceptance. Any Open Offer Shares not applied for by Qualifying Shareholders will be available to Qualifying Shareholders under an excess application facility.

Under the Open Offer, Qualifying Shareholders are being given the opportunity to subscribe for Open Offer Shares pro rata to their current holdings on the basis of:

1 Open Offer Share for every 12 Existing Shares

held by them and registered in their name on the Record Date (and so in proportion to any other number of Existing Shares then held) on the terms and subject to the conditions set out in the Prospectus.

Expected Timetable of Principal Events*

 
                                                                  2021 
 Record date of Open Offer                          06:00 p.m. 8 April 
                                                  -------------------- 
 Ex-entitlement date for Open Offer                07:00 a.m. 12 April 
                                                  -------------------- 
 Publication of Prospectus                                    12 April 
                                                  -------------------- 
 Open Offer entitlements and excess CREST          08:00 a.m. 14 April 
  Open Offer entitlements credited to stock 
  accounts of qualifying CREST Shareholders 
  in CREST 
                                                  -------------------- 
 Latest recommended time and date for requesting   03:00 p.m. 21 April 
  withdrawal of Open Offer entitlements from 
  CREST 
                                                  -------------------- 
 Latest time and date for depositing Open          03:00 p.m. 22 April 
  Offer entitlements into CREST 
                                                  -------------------- 
 Latest time and date for splitting application    03:00 p.m. 23 April 
  forms (to satisfy bona fide market claims 
  only) 
                                                  -------------------- 
 Latest time and date for receipt of forms         10:00 a.m. 27 April 
  of proxy and CREST voting instructions 
                                                  -------------------- 
 Latest time and date for receipt of application   11:00 a.m. 27 April 
  forms and payment in full under the Open 
  Offer and settlement of relevant CREST 
  instructions (as appropriate) 
                                                  -------------------- 
 General Meeting                                   10:00 a.m. 29 April 
                                                  -------------------- 
 Announcement of results of General Meeting                   29 April 
  and result of Open Offer 
                                                  -------------------- 
 Admission of Second Admission Shares              08:00 a.m. 30 April 
                                                  -------------------- 
 Second Admission Shares credited to CREST                    30 April 
  Members' accounts in respect 
                                                  -------------------- 
 Despatch of definitive share certificates          By week commencing 
  in certified form                                             17 May 
                                                  --------------------

Notes

*Assuming approval and publication of the Prospectus today

1. Each of the times and dates set out in the above timetable is subject to change by the Company (with the agreement of finnCap), in which event details of the new times and dates will be notified to London Stock Exchange plc and the Company will make an appropriate announcement to a Regulatory Information Service.

   2.     References to times are to London time (unless otherwise stated).

Further enquiries

 
 InnovaDerma 
  Blake Hughes                                            c/o TB Cardew 
 finnCap Group 
  Geoff Nash/Kate Bannatyne/Edward Whiley                 +44 (0)207 220 0500 
  Alice Lane/Charlotte Sutcliffe - Corporate Broking      www.finncap.com 
                                                      ---------------------------- 
 TB Cardew 
  Shan Shan Willenbrock/                                  + 44 (0)7775 848537 
  Olivia Rosser                                           + 44 (0)20 7930 0777 
                                                          innovaDerma@tbcardew.com 
                                                      ----------------------------

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April 12, 2021 02:00 ET (06:00 GMT)

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