TIDMNSCI
RNS Number : 5243B
NetScientific PLC
10 June 2021
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE
RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION,
DIRECTLY OR INDIRECTLY, IN OR INTO OR FROM THE UNITED STATES,
AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY
JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE AN OFFER TO SELL OR ISSUE OR A SOLICITATION TO BUY,
SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY SECURITIES IN ANY
JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE
UNLAWFUL, INCLUDING THE UNITED STATES, CANADA, AUSTRALIA, JAPAN OR
THE REPUBLIC OF SOUTH AFRICA. NEITHER THIS ANNOUNCEMENT NOR
ANYTHING CONTAINED HEREIN SHALL FORM THE BASIS OF, OR BE RELIED
UPON IN CONNECTION WITH, ANY SUCH OFFER, SOLICITATION OR COMMITMENT
WHATSOEVER IN ANY OF THOSE JURISDICTIONS.
NetScientific PLC
("NetScientific" or the "Company")
Result of Placing and Total Voting Rights
NetScientific, the life sciences and sustainability technology
investment and commercialisation group, is pleased to announce that
it has raised gross proceeds of approximately GBP7.7 million in an
oversubscribed fundraising as announced earlier today (the
"Placing").
A total of 5,958,123 Placing Shares in the Company have been
conditionally placed by WH Ireland Limited ("WH Ireland") with new
and existing investors at a price of 130 pence per share (the
"Issue Price").
Application has been made to the London Stock Exchange for the
Placing Shares to be admitted to trading on AIM and it is
anticipated that dealings in the Placing Shares will commence on
AIM at 8.00 a.m. on 29 June 2021 ("Admission"). The Placing Shares
will represent approximately 28.4 per cent. of the Company's issued
share capital following completion of the Placing ("Enlarged Share
Capital"). The Issue Price represents a discount of approximately
10.3 per cent. to the closing mid-market price of NetScientific's
existing ordinary shares of 145 pence on 9 June 2021 (being the
last business day prior to the announcement of the Placing earlier
today).
The Placing is subject to, inter alia, shareholder approval,
Admission becoming effective and the Placing Agreement becoming
unconditional and not being terminated in accordance with its
terms.
The Company expects to publish a circular in connection with the
Placing, in due course, which will contain a notice convening the
General Meeting in order to approve certain matters necessary to
implement the Fundraising.
A copy of the Circular will be made available on the Company's
website https://NetScientific.co.uk/investors
Due to the unpredictability of the UK Government guidance and
continuing potential health risks posed by COVID-19, it appears to
the Directors that significant restrictions on personal movement
may still be in place on the date of the General Meeting.
Accordingly, the Company will hold the General Meeting with the
minimum attendance required to form a quorum and the Directors
strongly encourage all Shareholders to vote on the Resolutions by
proxy or online. Any Shareholders seeking to attend the General
Meeting in person will be refused entry.
The actions that Shareholders should take to vote on the
Resolutions will be set out in the Circular to be posted in due
course, along with the recommendations of the Directors.
Following Admission, the Company's issued and fully paid share
capital will consist of 20,975,311 Ordinary Shares, all of which
carry one voting right per share. The Company does not hold any
Ordinary Shares in treasury. The figure of 20,975,311 Ordinary
Shares may be used by shareholders as the denominator for the
calculation 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 Disclosure Guidance and
Transparency Rules of the Financial Conduct Authority.
Capitalised terms used but not defined in this announcement have
the meanings given to them in the Company's announcement released
earlier today in respect of the Placing unless the context provides
otherwise.
John Clarkson, Executive Chairman, stated: "After a year of
tremendous progress, with the turnaround and transformation of the
business, the company is now well set for the future. We are
delighted to have the support of existing shareholders and welcome
new investors in this successful placing, which reinforces and
further enhances the business prospects. The NetScientific board
thanks everyone for their contribution to this ongoing
success."
Ilian Iliev , Chief Executive Officer added: "NetScientific is
well positioned to drive its growth plans, support a balanced and
expanding portfolio, and pursue attractive trans-Atlantic
opportunities in the healthcare and sustainability sectors in a
post-COVID environment. We're delighted to welcome the support of a
new institutional investor and the strong investor support in this
placement provides further impetus behind our model of
'capital-light' investment combined with pro-active management and
value added support to our portfolio."
Enquiries:
NetScientific PLC Dr Ilian Iliev Via Walbrook PR
WH Ireland Limited Corporate Finance: Tel: +44 (0) 207 220
Chris Fielding 1666
Darshan Patel
Sales / Corporate
Broking:
Jasper Berry
Fraser Marshall
Harry Ansell
Walbrook PR Nick Rome / Nicholas Tel: 07748 325 236
Johnson / Paul McManus / 07884 664 686 / 07980
541 893
This announcement includes inside information as defined in
Article 7 of the UK version of Market Abuse Regulation No. 596/2014
as it forms part of UK law as retained EU law as defined in, and by
virtue of, the European Union (Withdrawal) Act 2018, as amended,
and is disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
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