Instem plc Completion of Acquisition of d-wise (3857U)
April 01 2021 - 10:30AM
UK Regulatory
TIDMINS
RNS Number : 3857U
Instem plc
01 April 2021
Instem plc
("Instem" or "the Company" or "the Group")
Completion of Acquisition of d-wise, Issue of Equity and Total
Voting Rights
Further to the Company's announcement on 22 March 2021, Instem
plc (AIM: INS), a leading provider of IT solutions to the global
life sciences market, is pleased to confirm that the acquisition of
d-Wise Technologies, Inc. ("d-wise") legally completed on 1 April
2021.
Issue of Equity
In connection with the Acquisition, application has been made to
the London Stock Exchange for the admission of the 868,203 Initial
Consideration Shares to AIM ("Admission"). It is expected that
Admission will occur and that dealings will commence at 8.00 a.m.
on or around 14 April 2021. The Initial Consideration Shares will
rank pari passu with the existing ordinary shares in the
Company.
Under the terms of the Acquisition, the Initial Consideration
Shares will be credited to DWT Holdings, Inc. ("DWTH", a holding
Company created for the purpose of receiving the shares pursuant to
the Acquisition). DWTH will, in due course, transfer the Initial
Consideration Shares to the two d-wise founding shareholders and 16
further employees.
Total Voting Rights
Following the issue and allotment of the above Initial
Consideration Shares, the Company's issued share capital comprises
21,742,032 ordinary shares of 10 pence each. The Company does not
hold any ordinary shares in treasury, therefore the total number of
voting rights in the Company is 21,742,032.
The figure of 21,742,032 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 of their
interest in, the Company under the FCA's Disclosure and
Transparency Rules.
Unless otherwise defined, capitalised terms used in this
announcement have the same meaning given to them in the
announcement of 22 March 2021.
Phil Reason, CEO of Instem, commented: "d-wise, together with
the recent acquisition of The Edge, immediately transforms our
scale, as illustrated by our estimates of the pro forma unaudited
revenues and adjusted EBITDA for the enlarged Group in the 12
months ended 31 December 2020 of approximately GBP49m and GBP10m
respectively. Since announcing the d-wise Acquisition, we have had
the opportunity to speak to many of our institutional and retail
shareholders, who have been universally enthusiastic about the
transaction and we look forward to updating on further progress as
we proceed with the integration of both businesses."
For further information, please contact:
Instem plc Via Walbrook
Phil Reason, CEO
Nigel Goldsmith, CFO
N+1 Singer (Nominated Adviser
& Broker) +44 (0) 20 7496 3000
Peter Steel
Alex Bond
Rachel Hayes
Walbrook Financial PR +44 (0) 20 7933 8780
Tom Cooper instem@walbrookpr.com
Nick Rome
Nicholas Johnson
About Instem
Instem is a leading provider of IT solutions & services to
the life sciences market delivering compelling solutions for Study
Management and Data Collection; Regulatory Solutions for
Submissions and Compliance; and Informatics-based Insight
Generation.
Instem solutions are in use by over 600 customers worldwide,
including all the largest 25 pharmaceutical companies, enabling
clients to bring life enhancing products to market faster. Instem's
portfolio of software solutions increases client productivity by
automating study-related processes while offering the unique
ability to generate new knowledge through the extraction and
harmonisation of actionable scientific information.
Instem products and services address aspects of the entire drug
development value chain, from discovery through to market launch.
Management estimate that over 50% of all drugs on the market have
been through some part of Instem's platform at some stage of their
development.
To learn more about Instem solutions and its mission, please
visit www.instem.com
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END
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