Business
Issue of Equity
Issue of Equity.
About this update from Aura Renewable Acquisitions Plc
[{"type":"text","content":"\n Ardana PLC\n20 September 2006\n\n\n\nArdana plc\n20 September 2006\n\n\nNot for release, publication or distribution, in whole or in part, in, into or\nfrom the United States, Canada, Australia and Japan\n\n\nArdana plc ('Ardana')\n\n\nProposed Placing and Open Offer of 9,585,380 New Ordinary Shares at 115 pence\nper Share raising £11.0 million\n\n\nArdana announces today that it is proposing to raise approximately £9.9 million,\nnet of expenses, by the issue of 9,585,380 New Ordinary Shares at a price of 115\npence per New Ordinary Share.\n\n\nA Prospectus issued by the Company containing details of the Placing and Open\nOffer and convening an EGM for 12 October 2006 is expected to be posted to\nQualifying Shareholders today.\n\n\nHighlights of the fundraising are as follows:\n\n\n • Placing and Open Offer of 9,585,380 New Ordinary Shares at a price of 115\n pence per New Ordinary Share to raise £11.0 million (£9.9 million net of\n expenses);\n\n • Open Offer to Qualifying Shareholders on the basis of 5 New Ordinary\n Shares for every 29 Existing Ordinary Shares;\n\n • Placing and Open Offer has been fully underwritten by Piper Jaffray, other\n than the Committed Shares;\n\n • The Issue Price of 115 pence per New Ordinary Share represents a 9.1 per\n cent. discount to the closing middle market price on the Business Day prior\n to announcement of the Placing and Open Offer;\n\n • Certain of the Directors have irrevocably undertaken to subscribe for a\n total of 44,573 New Ordinary Shares (being the Committed Shares) under the\n terms of the Open Offer; and\n\n • 5,493,362 New Ordinary Shares (being the Firm Placed Shares) have been\n conditionally placed firm by Piper Jaffray with institutional investors\n which will broaden the Company's institutional investor base.\n\n\nUse of proceeds:\n\n\n • approximately £5.7 million will be used to invest in the clinical\n development of Ardana's Growth Hormone Secretagogue (GHS) in its first\n indication as a diagnostic and second indication AIDS lipodystrophy; and\n\n • approximately £4.2 million will be used to launch and promote Emselex(R)\n in the UK, a product developed by Novartis for the treatment of overactive\n bladder for which Ardana has been granted sole and exclusive rights to\n launch and promote in the UK for ten years.\n\n\nDr. Maureen Lindsay, Ch...