Business
Result of Open Offer
Result of Open Offer.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \nRNS Number : 1932K Scancell Holdings Plc 26 July 2013 \n \n\n26 July 2013\n \nScancell Holdings plc\n(\"Scancell\" or the \"Company\")\nResult of Open Offer\n \nOn 9 July 2013 the Board of Scancell announced details of a conditional Firm Placing in which it had conditionally raised gross proceeds of £4.5 million by means of a Firm Placing of 20,000,000 Firm Placing shares at 22.5 pence per share. In addition the Company announced that it was providing Qualifying Shareholders, who had not taken part in the Firm Placing, with an opportunity to subscribe, at 22.5 pence per share, for an aggregate of 8,888,888 Open Offer Shares to raise gross proceeds of up to approximately £2 million. \n \nThe Open Offer has now closed in accordance with its terms and Scancell is pleased to announce that the Open Offer was oversubscribed. The Company has received valid acceptances from Qualifying Shareholders in respect of 8,888,888 Open Offer Shares, representing 100 per cent. of the Open Offer Shares available under the Open Offer. In accordance with the terms and conditions of the Open Offer all applications made pursuant to the Open Offer (other than Excess Shares applied for under the Excess Application Facility) have been met in full and a scaling back exercise has been undertaken in respect of applications for Excess Shares. The Company has therefore raised gross proceeds of approximately £2 million through the Open Offer. \n \nThe Open Offer remains conditional, inter alia, upon the passing of the resolutions at the General Meeting on 1 August 2013 and upon First Admission occurring by 08:00 on 2 August 2013 (or such later time as the Company and Cenkos Securities plc may determine).\n \nApplication will be made to the London Stock Exchange for the admission of the Offer Shares which are subscribed for to trading on AIM. It is expected that First Admission, being the admission of the EIS Qualifying Shares, will occur and that dealings will commence at 08:00 a.m. on 2 August 2013 and Second Admission, being the admission of the Non-EIS Qualifying Shares, will occur and dealings commence at 08:00 a.m. on 5 August 2013. \n \nThis announcement should be read in conjunction with the full text of the Circular posted to Shareholders on 9 July 2013, copies of which are avai...