Business
Fundraising
Fundraising.
About this update from Allergy Therapeutics Plc
[{"type":"text","content":"\n RNS Number : 7969T Allergy Therapeutics PLC 12 June 2009 \n \nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION\n\nAllergy Therapeutics plc\n(\"Allergy Therapeutics\" or \"the Company\")\n\nProposed Placing and Subscription\nOffer to Qualifying Participants\nApproval of waiver of Takeover Code Rule 9\nand\nNotice of General Meeting\n\nAllergy Therapeutics announces proposals to raise up to £22.4 million before expenses by means of a placing, subscription and offer of new ordinary Shares (the \"Fundraising\"). Allergy Therapeutics has a successful pharmaceutical business with the only ultra short course allergy vaccine, a growing sales base, a substantial manufacturing facility and a European sales and marketing infrastructure. The cornerstone investor for the Fundraising is Azure Ventures Limited (\"Azure Ventures\"), an investment vehicle of the Weinstein family of Chile, whose interests include a group of pharmaceutical companies across South America, known as the Recalcine Group. The Placing, Subscription and Offer are all subject, inter alia, to the approval of Shareholders at the General Meeting scheduled for 30 June 2009. The Placing has been fully underwritten by Nomura Code Securities Limited.\n\nHighlights\n\nThe proposals are intended to:\n\n\n\nPlace Allergy Therapeutics on a sound financial footing by deleveraging the Company and providing financial headroom\n\n\n\n\n\nRevised credit arrangements with Royal Bank of Scotland PLC have been agreed as part of this refinancing\n\n\n\n\n\nStrengthen the Board with additional pharmaceutical sales and marketing expertise\n\n\n\n\n\nEnable investment in sales and marketing in European territories to accelerate growth\n\n\n\n\nSummary\n\nAzure Ventures has conditionally agreed to invest £12.5 million in the Company by way of a subscription for 104,166,666 New Ordinary Shares at a price of 12 pence per share. In addition, Azure Ventures will receive Warrants to subscribe for additional Ordinary Shares up to the value of £4 million (at a discount o...