TIDMPXS
RNS Number : 9965J
Provexis PLC
15 September 2016
15 September 2016
Provexis plc
Directors' Share Purchase
Further to its announcements on 9 June 2016, 29 June 2016 and 2
August 2016 and its preliminary results announcement on 7 September
2016, Provexis plc ('Provexis' or the 'Company'), announces that it
has raised GBP25,000 via a placing (the 'Placing'), conditional on
admission to trading on AIM, of 10,416,667 new ordinary shares of
0.1p each at 0.24p per share (the 'New Provexis Shares') with the
Company's Chairman Dawson Buck.
On 9 June 2016 the Company announced that it had non-legally
binding indications of interest in a subscription to raise
approximately GBP160,000 at a subscription price of 0.24 pence per
ordinary share.
On 29 June 2016 the Company announced that it had a non-legally
binding indication of a GBP25,000 interest in a subscription to
10,416,667 new ordinary shares of 0.1p each at 0.24p per share from
Dawson Buck, with indications of a GBP160,000 interest at 0.24p per
share from other investors.
On 2 August 2016, under the Company's code on dealings in
securities, it was announced that the Company was in a close period
for directors' dealings which meant that Dawson Buck would not be
able to take up his subscription until the Company's audited annual
report and accounts were published. Dawson Buck therefore gave a
stated intention on 2 August to subscribe to 10,416,667 shares at a
subscription price of 0.24p totalling GBP25,000, with his formal
commitment to and payment for the subscription to take effect in
September immediately after publication of the Company's annual
report and accounts.
On 2 August 2016 the Company also announced that it had raised
GBP224,000 via a placing of 93,333,340 new ordinary shares of 0.1p
each at 0.24p per share with new and existing investors, which
excluded Dawson Buck's stated intention to subscribe to 10,416,667
shares totalling GBP25,000.
The Company's annual report and accounts were distributed to
shareholders on 7 September 2016, hence the announcement today
confirming that Dawson Buck's stated intention to subscribe to
10,416,667 shares at 0.24p per share totalling GBP25,000 has been
realised. The total funds raised from the placing with new and
existing investors announced on 2 August 2016 and the placing with
Dawson Buck announced today amount to GBP249,000 with no
commissions or expenses payable. The funds raised will be used to
provide the Company with additional working capital over the coming
year, to include the working capital required to hold stock of the
Company's Fruitflow(R) + Omega-3 dietary supplement product which
was launched online at www.fruitflowplus.com on 29 June 2016.
The New Provexis Shares have been issued at 0.24p per share and
rank pari passu in all respects with the existing ordinary shares
of 0.1p each in Provexis.
The Placing represents a discount of 39.7 per cent to the
closing mid-market price per Ordinary Share on 15 September 2016,
being the latest practicable date prior to this announcement. The
Placing represents a discount of 9.09 per cent to the closing
mid-market price per Ordinary Share on 9 June 2016, being the date
when a proposed subscription at 0.24p per share was first
announced.
Following the purchase, Mr Buck is interested in 25,416,667
Ordinary Shares which amounts to approximately 1.45 per cent of the
current issued share capital of the Company.
Application will be made to the London Stock Exchange for the
10,416,667 New Provexis Shares to be admitted to trading on AIM. It
is expected that the admission will become effective and that
trading in the New Provexis Shares will commence on 22 September
2016 ("Admission").
Following Admission, the Company's enlarged issued share capital
will comprise 1,750,818,174 ordinary shares with voting rights. The
Company does not hold any shares in treasury. This figure of
1,750,818,174 ordinary shares 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 their interest in, the share capital of the Company under
the FCA's Disclosure and Transparency Rules.
This announcement contains inside information.
- ends -
For further information please contact:
Provexis plc Tel: 07490 391888
Ian Ford, Finance Director enquiries@provexis.com
Cenkos Securities plc Tel: 020 7397 8900
Bobbie Hilliam
Notes for editors
About Provexis plc
AIM-listed Provexis is focused on the development and licensing
of its proprietary, scientifically-proven Fruitflow(R) heart-health
functional food ingredient.
In May 2009, the Company's Fruitflow(R) technology was the first
to be substantiated by the European Food Safety Authority ("EFSA")
under the new Article 13(5) for proprietary and emerging science.
In December 2009 the European Commission authorised the health
claim "Helps maintain normal platelet aggregation, which
contributes to healthy blood flow", which was the first wording to
be authorised under Article 13(5).
In June 2010 it was announced that the Company had entered into
a long-term Alliance Agreement with DSM Nutritional Products to
commercialise Fruitflow(R), and in June 2015 the Company confirmed
it had agreed significantly enhanced financial terms for its
Alliance Agreement with DSM for Fruitflow(R).
The Company's Alliance partner DSM Nutritional Products has
developed the market actively for the Company's novel, patented
Fruitflow(R) heart-health ingredient in all global markets, with
over 50 regional consumer healthcare brands now having been
launched by direct customers of DSM, and with a number of further
regional brands having been launched through DSM's distributor
channels.
An increasing number of further commercial projects have been
initiated by DSM with prospective customers, including some
prospective customers which are part of global businesses, with
good prospects for these projects to be launched as consumer
products. Interest in the technology exists in all major global
markets.
On 29 June 2016 the Company launched a high quality dietary
supplement product containing Fruitflow(R) and Omega-3 which is
being sold initially from a separate, dedicated website
www.fruitflowplus.com on a mail order basis.
The Company is planning to conduct a Key Opinion Leaders'
roundtable event for Fruitflow(R) in London on 29 September 2016,
focussed on raising awareness of the importance of blood flow in
cardiovascular health, and the effectiveness of dietary
antiplatelets. The roundtable will be attended by key scientists
from Provexis and DSM, along with a number of interested health
care professionals with close links to the media. It is anticipated
that some UK national media will also attend the event. The event
will be recorded with a view to producing two further promotional
videos: a video for Fruitflow(R) targeting prospective trade
customers, and a video for Fruitflow(R) + Omega-3 capsules
targeting prospective consumers.
Video content recorded at the event and subsequently will be
used to promote Fruitflow(R) and the Company's Fruitflow(R) +
Omega-3 capsules more widely across key digital and other
mainstream media channels.
The Company and DSM are keen to secure greater medical advocacy
for Fruitflow(R) and the roundtable event forms part of this
strategy. The roundtable event will also be supported by a broader
consumer PR campaign.
The Company is engaged in a two stage collaboration agreement
with the University of Oslo ('the University') to undertake further
research into the relationship between Fruitflow(R) and blood
pressure regulation. The Company is very pleased with the
encouraging results from the first stage of the collaboration with
strong evidence that a standard dose of Fruitflow(R) has the
potential to give a clinically relevant reduction in systolic blood
pressure. The Company and the University expect to be able to
complete a small clinical trial by way of a proof of principle
study in Q4 2016 and the results of the proof of principle study
will be announced as soon as possible thereafter.
Provexis was founded in 1999 and is headquartered in Reading,
Berkshire.
Provexis shares are traded on the AIM market of the London Stock
Exchange under the ticker symbol PXS.
For further information, please visit www.provexis.com
1 Details of the person discharging managerial
responsibilities / person closely associated
---- ---------------------------------------------------------
a) Name Dawson Buck
---- -------------------------- -----------------------------
2 Reason for the notification
---- ---------------------------------------------------------
a) Position/status Chairman
---- -------------------------- -----------------------------
b) Initial notification Initial notification
/Amendment
---- -------------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
---- ---------------------------------------------------------
a) Name Provexis plc
---- -------------------------- -----------------------------
b) LEI N/a
---- -------------------------- -----------------------------
4 Details of the transaction(s): section to
be repeated for (i) each type of instrument;
(ii) each type of transaction; (iii) each
date; and (iv) each place where transactions
have been conducted
---- ---------------------------------------------------------
a) Description of Ordinary Shares of 0.1p each
the financial
instrument, type
of instrument ISIN: GB00B0923P27
Identification
code
---- -------------------------- -----------------------------
b) Nature of the Subscription for new shares
transaction
---- -------------------------- -----------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- -----------
0.24p 10,416,667
--------- -----------
---- -------------------------- -----------------------------
Aggregated information
- Aggregated volume 10,416,667
d) - Price 0.24p
---- -------------------------- -----------------------------
e) Date of the transaction 15 September 2016
---- -------------------------- -----------------------------
f) Place of the transaction N/a
---- -------------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHGGUMUBUPQGQA
(END) Dow Jones Newswires
September 15, 2016 12:08 ET (16:08 GMT)
Provexis (LSE:PXS)
Historical Stock Chart
From Apr 2024 to May 2024
Provexis (LSE:PXS)
Historical Stock Chart
From May 2023 to May 2024