Business
Results of Placing
Results of Placing.
About this update from Itaconix Plc
[{"type":"text","content":"\n \nRNS Number : 8581B Revolymer PLC 21 June 2016 \n\n21 June 2016\n \nRevolymer plc\n(\"Revolymer\" or the \"Company\")\n \nResults of Placing\nIntention to apply for Accelerated Whitewash for additional investment by Woodford Investment Management\n \nRevolymer (AIM: REVO), the specialty chemicals business focused on controlled release, responsive systems and delivery systems in the Personal Care and Consumer Healthcare and Home Care and Industrial markets, is pleased to announce the successful completion of the Placing, as announced yesterday, 20 June 2016\n \nA total of 10,810,811 new Ordinary Shares (the \"Placing Shares\") have been placed by Panmure Gordon at a price of 37 pence per share (the \"Placing Price\") to raise approximately £4 million (before expenses) for the Company. The Placing Shares being issued represent approximately 19.1 per cent. of the issued ordinary share capital of the Company prior to the Placing (and 17.2 per cent. as enlarged by the Initial Consideration Shares pursuant to the Acquisition). The Placing Price represents a discount of 1.3 per cent. to the mid-market closing price on 20 June 2016.\n \nIn addition, Woodford Investment Management has agreed to invest an additional amount of approximately £1.8 million (\"Woodford Additional Investment\") through the issue of a further 4,869,411 new Ordinary Shares (\"Additional Woodford Placing Shares\") at the Placing Price. The Woodford Additional Investment is subject to, inter alia, receipt of requisite dispensation from Rule 9 of the Code. The Company has been in discussion with the Panel on Takeovers and Mergers (the \"Panel\") which has agreed in principle for the Company to seek such a dispensation by way of an Accelerated Whitewash, as further detailed below. \n \nCompletion of the Placing remains subject, inter alia, to the passing of the Resolutions at the General Meeting being convened for 11:00 a.m. on 8 July 2016, and on the admission of the Placing Shares to trading on AIM (\"Admission\").\n \nThe Company will apply for Admission, conditional upon shareholder approval, to trading on AIM. It is expected that the Circular to convene the General Meeting will be posted on or around 22 June 2016, and will also be available on the Company's website shortly at www.revolymer.com.\n \nAssuming ...