Business
IQE plc: Result of Placing
IQE plc: Result of Placing.
About this update from Iqe Plc
[{"type":"text","content":"\n\nTHIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE, DISTRIBUTION OR FORWARDING, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH SUCH PUBLICATION, RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL.\nFURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT CONSTITUTE AN OFFER OF SECURITIES IN ANY JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT.\nTHIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION\n \nCardiff, UK\n18 May 2023\nIQE plc\nResult of Placing\nIQE plc (\"IQE\" or \"the Company\"), a leading supplier of compound semiconductor wafer products and advanced material solutions to the global semiconductor industry, is pleased to announce the result of the Placing which was announced on 17 May 2023.\nA total of 150,000,000 new Ordinary Shares in the Company (the \"Placing Shares\") have been placed by Peel Hunt LLP (\"Peel Hunt\") and Numis Securities Limited (\"Numis\") (together, the \"Joint Bookrunners\") at a price of 20 pence per Placing Share (the \"Issue Price\"), raising gross proceeds of £30 million (before expenses). The Company confirms that certain Directors (the \"Participating Directors\") have subscribed for, in aggregate 12,700,000 Placing Shares at the Issue Price.\nThe Issue Price of 20 pence per Placing Share represents a discount of approximately 14.9 per cent. to the closing price of 23.5 pence per existing Ordinary Share on 17 May 2023. The Placing Shares being issued together represent approximately 18.6 per cent. of the existing issued ordinary share capital of the Company immediately prior to the Placing.\nRelated Party Transactions and Participating Directors\nLombard Odier Asset Management (Europe) Limited (\"Lombard Odier\") has agreed to subscribe for 50,000,000 Placing Shares at the Issue Price.\nThe participation of Lombard Odier constitutes a related party transaction under rule 13 of the AIM Rules. Accordingly, the Directors consider, having consulted with the Company's nominated adviser, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.\nThe Participating Directors have subscribed for, in aggregate 12,700,000 Placing S...