Business
Proposed Fundraising to raise up to £45 million
Proposed Fundraising to raise up to £45 million.
About this update from Avacta Group Plc
[{"type":"text","content":"\n \n \n RNS Number : 9454O\n Avacta Group PLC\n 04 June 2020\n \n \n \n \n \n \n \n THIS ANNOUNCEMENT, AND THE INFORMATION CONTAINED HEREIN, IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO OR FROM THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO.\n \n \n THE INFORMATION COMMUNICATED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATION (EU) NO. 596/2014. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n Avacta Group plc\n \n \n \n \n \n (\"Avacta\", the \"Group\" or the \"Company\") \n \n \n Proposed Fundraising to raise up to £45 million\n \n \n \n \n \n \n \n \n Avacta Group plc (AIM: AVCT), \n the developer of Affimer® biotherapeutics and reagents\n , announces in response to substantial institutional interest, its intention to raise gross proceeds of up to £45 million by means of a placing to institutional and other investors (the \"Placing\"), a direct subscription with the Company (the \"Subscription\") and offers to retail and other investors via the PrimaryBid platform (the \"PrimaryBid Offers\") (the PrimaryBid Offers, the Placing and the Subscription together being the \"Fundraising\"), of up to 37,500,000 new ordinary shares of 10 pence each in the Company (the \"New Ordinary Shares\"), in each case at a price of \n 120\n pence per share (\"Issue Price\"). \n \n \n The Issue Price is at a discount of approximately \n 4.4\n per cent to the \n 30\n day \n volume weighted average price of the Ordinary Shares on AIM on \n 3\n June 2020\n , being \n 125.3\n pence per Ordinary Share.\n \n \n \n \n \n The Placing will be conducted through an accelerated bookbuilding process (the \"Bookbuild\") which will be launched immediately following this announcement. The Placing is subject to the terms and conditions set out in the Appendix to this announcement (which forms part of this announcement, such announcement and its Appendix together being this \"Announcement\").\n \n \n finnCap is acting as nominated adviser and finnCap, Zeus Capital and Beech Hill Securities are acting as joint brokers (th...