AorTech International PLC Result of Open Offer (7146Q)
08 June 2018 - 4:00PM
UK Regulatory
TIDMAOR
RNS Number : 7146Q
AorTech International PLC
08 June 2018
8 June 2018
AorTech International plc
("AorTech" or the "Company")
Result of Open Offer
On 21 May 2018, AorTech International plc (AIM: AOR), the
biomaterials and medical device IP company, announced an Open Offer
to Qualifying Shareholders.
The Open Offer closed for applications at 11.00 a.m. on 7 June
2018 and the Company is pleased to confirm that it was heavily
oversubscribed. The Company received valid acceptances from
Qualifying Shareholders in respect of 1,050,543 Open Offer Shares,
including applications for 1,605,925 Open Offer Shares under the
Excess Application Facility. This represents approximately 159 per
cent. of the maximum number of 1,667,309 Open Offer Shares
available.
Qualifying Shareholders who have validly applied for Open Offer
Shares will receive their full Open Offer Entitlement. Applications
for New Ordinary Shares under the Excess Application Facility will
be scaled back pro rata to the number of Excess Shares applied for
by Qualifying Shareholders under the Excess Application
Facility.
The Company has therefore raised gross proceeds of approximately
GBP0.5 million through the Open Offer. This is in addition to
approximately GBP2.1 million (before expenses) raised pursuant to
the Placing and the Subscription.
The Open Offer remains conditional upon, inter alia, the
approval of Shareholders at the General Meeting to be held at 11.00
a.m. on 8 June 2018 and Admission which is expected will become
effective at 8.00 a.m. on 11 June 2018.
Commenting, Bill Brown, Chairman of the Company, said: "We are
delighted with the level of support demonstrated by shareholders in
the heavily oversubscribed Open Offer. The strength of demand for
new shares from shareholders is a pleasing endorsement of our
future strategy to maximise value from the Company's existing IP
and the development of new products."
This announcement should be read in conjunction with the full
text of the Circular which was posted to Shareholders on 22 May
2018, copies of which are available on the Company's website at
www.aortech.net. Capitalised terms in this announcement have the
same meaning as given in the Circular.
This announcement includes inside information as defined in
Article 7 of the Market Abuse Regulation No. 596/2014 and is
disclosed in accordance with the Company's obligations under
Article 17 of those Regulations.
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Stockdale Securities Limited Tel: +44 20 7601 6100
Tom Griffiths/David Coaten
About AorTech:
AorTech has developed biostable, implantable polymers, including
Elast-Eon(TM) and ECSil(TM) the world's leading long-term
implantable co-polymers, now manufactured on their behalf by
Biomerics LLC in Utah, USA. With several million implants and seven
years of successful clinical use, AorTech polymers are being
developed and used in cardiology and urological applications,
including pacing leads, cardiac cannulae, stents and neuro
stimulation devices. Devices manufactured from AorTech polymers
have numerous US FDA PMA approvals, 510ks, CE Marks, Australian TGA
and Japanese Ministry of Health approvals.
Elast-Eon(TM) and ECSil(TM)'s biostability is comparable to
silicone while exhibiting excellent mechanical, blood contacting
and flex-fatigue properties. These polymers can be processed using
conventional thermoplastic extrusion and moulding techniques. A
range of materials in a variety of application-specific
formulations for use in medical devices and components are
available.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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