Business
Open Offer
Open Offer.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \n5 March 2010\n\n Scancell Holdings Plc \n\n (the \"Company\") \n\n Open Offer of 5,137,775 New Ordinary Shares \n\n at 45 pence per share to raise £2.31 million \n\nScancell Holdings Plc, (PLUS:SCLP), the developer of therapeutic cancer\nvaccines, today announces an Open Offer of 5,137,775 New Ordinary Shares at a\nprice of 45 pence per New Ordinary Share to raise approximately £2.31 million,\nbefore expenses, to fund the working capital requirements of the Company. The\nDirectors believe that the net proceeds of the Open Offer, together with the\nexisting funds and facilities available to the Company, will be sufficient to\nallow completion of the Phase I and Phase IIa Clinical Trial of Scancell's lead\nmelanoma vaccine, SC1B1, with completion expected in 2012.\n\nAn Open Offer Document containing details of the Open Offer is being posted to\nshareholders later today and will be available on the Company's website,\nwww.scancell.co.uk.\n\nHighlights\n\n * The Open Offer provides an opportunity for all Qualifying Shareholders to\n participate in the fundraising by acquiring Open Offer Shares pro rata to\n their current holdings of Existing Ordinary Shares on the basis of 1 Open\n Offer Share for every 2 Existing Ordinary Shares held on the Record Date.\n \n * The Issue Price of 45 pence per New Ordinary Share represents a 10.89 per\n cent. discount to the closing middle market price of 50.5 pence per\n Existing Ordinary Share on 4 March 2010, the last business day before the\n announcement of the Open Offer.\n \n * The Open Offer is underwritten.\n \nDavid Evans, Chairman of Scancell Holdings plc, commented:\n\n\"We are pleased to be able to offer existing shareholders the opportunity to\nparticipate in this fully underwritten fundraising.\n\nThe net proceeds of the Open Offer, together with the existing funds held by or\navailable to the Group, will be used to build on the progress achieved since\nthe Company's admission to PLUS and will be sufficient to allow completion of\nthe Phase I and Phase IIa Clinical Trial of Scancell's lead melanoma vaccine,\nSC1B1.\"\n\nThe Directors of the issuer accept responsibility for this announcement.\n\n\n -ENDS- \n\n\nFor Further Information:\n\nProfessor Lindy Durrant Scancell Holdings Plc + 44 207 245 1100 \n \nKirsty Corcoran/John Bick Hansard Communications + 44 207 245 1100 \n \nR...