30 Mar Oncimmune Holdings plc announce oversubscribed equity placing of £9.0 million
Oncimmune Holdings plc (AIM: ONC.L), the leading global immunodiagnostics group, is pleased to announce the successful completion of its oversubscribed Placing. The Placing was enlarged to accommodate additional investor interest from both new and existing investors.
The Placing has raised gross proceeds of £9.0 million (before commission and expenses) through the placing of 5,000,000 Placing Shares with existing and new investors at the Placing Price of 180 pence.
The Placing Price represents a premium of approximately 5.0 per cent. to the Company’s mid-market closing price of 171.5 pence per share on 24 March 2021, the Last Trading Day.
As previously disclosed in the Announcement, in parallel with the Placing and reflecting the excess demand generated for Placing Shares, Genostics, a company which held approximately 9.76 per cent. of the Company’s issued share capital prior to the Placing, has provided a firm order to N+1 Singer to sell 2,948,486 ordinary shares. Purchase orders have been secured from Placees for these Genostics Sale Shares which will be transacted as market orders after Second Admission has occurred, by which time all Placing conditions will have been satisfied. Completion of these sale orders will result in the reduction of Genostics’ holding to 4.73 per cent. of the issued share capital as enlarged by the Placing, a level which will facilitate Gene Group’s planned corporate activity. The Company has agreed in principle a restriction with Genostics on the further sale of its residual ordinary shares in the Company for 12 months.
Dr Adam M Hill, CEO of Oncimmune said: “Whilst Oncimmune is already funded to meet previous market expectations, it has become clear that an exciting opportunity exists to deploy additional capital to accelerate the growth of the ImmunoINSIGHTS business in the near term. We are therefore delighted with the outcome of this oversubscribed equity financing round and the strong level of support received from both existing and new investors, whom we welcome to the Oncimmune share register.
“The Company is increasingly being recognised as a global leader in the stratification of patients to optimise immune modulating therapy, helping our partners to develop new classes of medicines to treat patients with cancer, autoimmune disease and, more latterly, infectious diseases. This funding will accelerate an exciting growth trajectory for the Company as we scale up our capacity to deliver a growing number of ImmunoINSIGHTS services projects. At the same time, we are seeing good progress within our EarlyCDT diagnostic product business.
“With the increasingly global nature of our client base and the forecast rapid growth in our business over the next few years, the Company looks forward to deploying this additional capital with confidence in the growth prospects for the business.”
Applications have been made to the London Stock Exchange for the 2,806,330 EIS/VCT Placing Shares and the 2,193,670 General Placing Shares to be admitted to trading on AIM. The Placing Shares, when issued, will be fully paid and will rank pari passu in all respects with each other and with the existing ordinary shares of the Company, including, without limitation, the right to receive all dividends and other distributions declared, made or paid after the date of issue.
It is expected that settlement of EIS/VCT Placing Shares and First Admission will become effective at 8.00 a.m. on 29 March 2021 and that dealings in the 2,806,330 EIS/VCT Placing Shares will commence at that time. It is expected that settlement of the General Placing Shares and Second Admission will become effective at 8.00 a.m. on 30 March 2021 and that dealings in the 2,193,670 General Placing Shares will commence at that time.
Total Voting Rights
On 30 March 2021, following Admission of both the EIS/VCT Placing Shares and General Placing Shares, the Company’s enlarged issued share capital will comprise of 69,097,540 Ordinary Shares with voting rights in the Company. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in the interest in, the share capital of the Company under the FCA’s Disclosure Guidance and Transparency Rules.