Business
Subscription and Notice of Ge
Subscription and Notice of Ge.
About this update from Provexis Plc
[{"type":"text","content":"\n RNS Number : 6504Z Provexis PLC 25 September 2009 \n \n25 September 2009\n\n\nProvexis plc\n\n('Provexis' or the 'Company')\n\nProposed Subscription and Notice of General Meeting\n\nThe Company announces a conditional subscription (the 'Subscription') with new and existing shareholders of 200,000,000 new ordinary shares ('Subscription Shares') of 0.1 p each ('Ordinary Shares') at a price of 2.5p per share ('Subscription Price') to raise £5 million before fees, expenses and commissions. \n\nThe Subscription is in two parts. The Company is proposing to raise £1.024 million (before fees, expenses and commissions) by way of an issue of 40,969,390 new Ordinary Shares ('Initial Subscription Shares') at the Subscription Price conditional, inter alia, on the admission ('Admission') of the shares to trading on the AIM market of the London Stock Exchange (the 'Initial Subscription'). Application has been made to the London Stock Exchange and dealings in the Initial Subscription Shares are expected to commence on AIM on 30 September 2009.\n\nThe Company is proposing to raise a further £3.976 million (before fees, expenses and commissions) by way of the issue of a further 159,030,610 new Ordinary Shares (the 'Second Subscription Shares') at the Subscription Price to the same investors conditional, inter alia, on the passing of resolutions at a general meeting of the Company to authorise the Company to allot the shares and to disapply pre-emption rights (the 'Resolutions') and Admission of the shares (the 'Second Subscription').\n\nWhile the Directors believe that the Subscription is in the best interests of the Company and Shareholders as a whole, they consider that all Shareholders should be offered the opportunity to participate at the same price per share as those subscribing for the Initial Subscription Shares and the Second Subscription Shares. However, the Directors consider that an offer to existing Shareholders by way of a rights or other pre-emptive issue is not currently practicable or feasible due to the delays that would be incurred through the production and approval of a prospectus which would have to comply with the Prospectus Rules and be pre-vetted and approved by th...