Business
Propsd Aqstn & notice of EGM
Propsd Aqstn & notice of EGM.
About this update from Avacta Group Plc
[{"type":"text","content":"\n Readybuy PLC\n14 July 2006\n\n Readybuy plc\n\n\n\n Proposed acquisition of Avacta Limited\n\n\n\n Proposed Placing of 45,000,000 new ordinary shares of 0.1p each in the Company\n at 2.25p per share\n\n\n\n Approval of waiver of the obligation to make a mandatory offer under Rule 9 of\n the City Code on Takeovers and Mergers\n\n\n Admission of the Enlarged Share Capital to trading on AIM\n\n\n Change of name to Avacta Group plc\n\n\n Notice of Extraordinary General Meeting\n\n\n\nReadybuy plc, announces that it has conditionally agreed to acquire the entire\nissued share capital of Avacta Limited, a biophysics company which is developing\nproprietary technologies for the rapid detection and identification of\nbiological and chemical hazards aimed at customers in homeland security and\ndefence. The technologies will also be applied to the biopharmaceutical and\nclinical diagnostics markets.\n\n\n\nThe consideration for the acquisition is the issue of 500,000,000 new Ordinary\nShares. Following completion of the Proposals, the Vendors will hold\napproximately 74.88% of the Enlarged Share Capital of the Company.\n\n\n\nThe Company also proposes to raise £1,012,500 (before expenses) by means of a\nplacing of 45,000,000 new Ordinary Shares at 2.25p per share. These funds will\nbe used to finance the development of Avacta and provide additional working\ncapital for the Enlarged Group.\n\n\n\nIt is proposed that, on Admission, Professor Alastair Smith will be appointed as\nthe Chief Executive of the Enlarged Group and Daron Lee will resign as a\nDirector. Dr. Simon Webster (Chief Scientific Officer of Avacta), Dr. Kurt\nBaldwin (Chief Technology Officer of Avacta) and Tim Sykes (Chief Financial\nOfficer of Avacta) will join the board as executive directors. Dr. Gwyn\nHumphreys will become non-executive Chairman, and Professor Tony Robards and\nAlan Aubrey will join the Board as non-executive directors.\n\n\n\nThe acquisition of Avacta is classified as a reverse takeover under the AIM\nRules by virtue of its size and is conditional, inter alia, on the approval of\nReadybuy shareholders which is being sought at an Extraordinary General Meeting\nto be held on 7 August 2006.\n\n\n\nThe Company is seeking shareholder approval at the EGM for a waiver of the\nobligation under Rule 9 of the City Code which would otherwise require the\nmemb...