Business
Acquisition of Theragenetics Limited
Acquisition of Theragenetics Limited.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n Avacta Group plc \n\n Acquisition of Theragenetics Limited \n\nAvacta Group plc (\"Avacta\" or the \"Company\"), which develops detection and\nanalysis technology aimed primarily at the pharmaceutical and healthcare\nmarkets, with additional applications in the industrial and security sectors,\nis pleased to announce the acquisition of Theragenetics Limited\n(\"Theragenetics\") (\"the Acquisition\").\n\nThe maximum consideration is £2,050,000 payable by the issue of up to\n67,566,667 Avacta ordinary shares of 0.1p (\"Avacta Shares\") each fully paid at\n3p per share, a 14% premium to the closing midmarket share price on 14 January\n2009, the latest practicable date prior to the release of this announcement,\nand £23,000 in cash.\n\nThe consideration payable at completion (\"Initial Consideration\") for the\nAcquisition is £1,000,000 which will be satisfied by £23,000 cash and the issue\nof 18,922,612 Avacta Shares (\"Initial Consideration Shares\") and approximately\n£409,000 of Convertible Loan Notes convertible into 13,644,055 Avacta Shares.\n\nIn addition, consideration payable upon the agreement of Completion Accounts\n(\"Deferred Consideration\") of up to £1,050,000 will be satisfied by the issue\nof up to 20,336,480 Avacta shares (\"Deferred Consideration Shares\") and up to\napproximately £440,000 of Convertible Loan Notes convertible into 14,663,520\nAvacta Shares.\n\nThe Convertible Loan Notes can be converted into Avacta Shares at the request\nof either the Company or the holder at any time subject to certain limited\nexceptions. The Convertible Loan Notes are non-interest bearing and no coupon\nis payable. It is the Company's intention that the Convertible Loan Notes will\nbe converted into Avacta Shares at the earliest practical opportunity.\n\nApplication will be made for the Initial Consideration Shares to be admitted to\ntrading on AIM, which is expected to take place on 21 January 2009. Application\nwill be made for the balance of the Deferred Consideration Shares to be\nadmitted to trading on AIM upon finalisation of the completion accounts.\n\nTheragenetics is a personalised medicine diagnostics company which is\ndeveloping tests to improve the treatment of patients with central nervous\nsystem (\"CNS\") disorders such as schizophrenia and depression. This Acquisition\nfollows the announcement by t...