TIDMBACT
28 November 2016
This announcement is for information purposes only and does not contain or
constitute an offer of, or the solicitation of an offer to buy, any securities
referred to herein to any person in any jurisdiction, including the United
States, Australia, Canada, Japan or South Africa. Neither this announcement nor
anything contained herein shall form the basis of, or be relied upon in
connection with any offer or commitment whatsoever in any jurisdiction.
This announcement is an advertisement and not a prospectus. It does not
constitute an offer of securities for sale or subscription in any jurisdiction.
Investors should not subscribe for or purchase any securities referred to in
this announcement except in compliance with applicable securities laws and only
on the basis of information in the prospectus (the "Prospectus") published by
BACIT Limited in connection with the issue and the proposed admission of new
ordinary shares (the "New Ordinary Shares") to listing on the Premium Segment
of the Official List (the "Official List") of the Financial Conduct Authority
(the "FCA") and to trading on the main market for listed securities of London
Stock Exchange plc (the "London Stock Exchange") (together, "Admission"). A
copy of the Prospectus and Circular will shortly be available for inspection,
subject to applicable securities laws, from the Company's website at
www.bacitltd.com.
BACIT LIMITED ("BACIT" OR THE "COMPANY")
PROPOSED EXPANSION OF INVESTMENT POLICY AND CAPITAL RAISE IN ORDER TO EVOLVE
INTO A LIFE SCIENCE INVESTMENT CHAMPION
Introduction
Further to the announcement on 7 November 2016, BACIT has today published a
circular (the "Circular") and prospectus (the "Prospectus") in respect of the
proposed expansion of the Company. Terms used in this announcement shall have
the same meaning as set out in the Circular and Prospectus.
The principal elements of the Proposals are as follows:
* The expansion of the Company's investment policy to permit it to make life
science investments in addition to its existing commitment to the CRT
Pioneer Fund (the "Pioneer Fund") and alongside its existing portfolio of
alternative fund investments.
* The indirect acquisition by the Company from Wellcome Trust of Syncona
Partners LLP ("Syncona"), an independent subsidiary of Wellcome Trust
that operates as a self-managed evergreen investment company, which owns a
portfolio of life science investments, and the acquisition by the Company
of Cancer Research Technology's ("Cancer Research Technology") limited
partnership interest in the CRT Pioneer Fund LP (the "Pioneer Fund") taking
the Company's aggregate percentage interest in the Pioneer Fund to 64.11
per cent.
* Revisions to the Company's investment management arrangements, including
the expansion, and future internalisation, of the investment management
team to include leading life science specialists from Syncona.
* An indirect investment in the Company by Wellcome Trust of approximately GBP
319 million and by Cancer Research UK Limited ("CRUK") of approximately GBP
27 million (of which approximately GBP10.6 million is in respect of the
Company's acquisition of the limited partnership interest in the Pioneer
Fund) (the "Firm Placing"). Each of Wellcome Trust and CRUK will
subscribe for Ordinary Shares at a price of 131.15 pence per Ordinary Share
(the "Offer Price") which represents a premium of 1.35 per cent. to the
Company's last published net asset value so as not to be dilutive to
existing Shareholders. Both Wellcome Trust and CRUK will be subject to a 24
month shareholding lock-up.
* The Company will make Life Science Investments across multiple therapeutic
areas although it will commit at least 25 per cent. of the assets it
allocates to making Life Science Investments to oncology projects and
businesses.
* A preemptive open offer to the Company's existing shareholders and a
placing to eligible new investors under which participants may acquire New
Ordinary Shares or existing Ordinary Shares that Shareholders elect to sell
through the Liquidity Facility at the Offer Price (the "Issue").
* The Company is also offering existing Shareholders the chance to sell their
existing Ordinary Shares at the Offer Price to the extent that such
Ordinary Shares can be sold by the Company, acting as agent for the selling
Shareholder, to an incoming investor under the Placing and Open Offer.
* Amendments to the Company's existing investment management agreement (the
"BACIT UK Agreement") with BACIT (UK) Limited ("BACIT UK") (the "BACIT
UK Amendments").
* The adoption of a long term incentive plan ("LTIP") for the Life Science
Investment Management Team.
* Changes to the Board to reflect the revised investment focus and structure
of the Company.
* The change of the Company's name to "Syncona Limited".
If implemented, the effect of the Proposals will be to provide Shareholders
with exposure to some of the leading life science opportunities in the United
Kingdom as well as to the alternative investment fund portfolio, while
continuing the Company's annual donation to charities, including to the
Institute of Cancer Research (the "ICR"). It is intended that the Proposals
should take effect from 19 December 2016 (the "Implementation Date").
The Proposals require a number of matters to be approved by Shareholders, in
respect of which resolutions are being proposed at the EGM (the "
Implementation Resolutions").
The Company is also bringing forward the discontinuation vote that would
otherwise have been proposed at its annual general meeting in 2017 (the "
Discontinuation Resolution").
Implementation of the Proposals is conditional on Shareholders (a) PASSING all
of the Implementation Resolutions and (b) NOT PASSING the Discontinuation
Resolution. All of the Implementation Resolutions must be passed for the
Proposals to go ahead.
The implementation of the Proposals will also be conditional on the number of
Ordinary Shares that are offered for sale by existing Shareholders under the
Liquidity Facility being lower than the number of Ordinary Shares that are
subscribed for under the Placing and Open Offer.
As the share subscription by Wellcome Trust will result in it holding 30 per
cent. or more of the Company's voting rights, its subscription will be
conditional on the Company's existing Shareholders passing a Takeover Code Rule
9 "whitewash" resolution (the "Waiver Resolution"). For the avoidance of
doubt the Waiver Resolution is one of the required Implementation Resolutions.
The Company also anticipates that two of the Company's significant shareholders
may participate in the Placing and the Excess Application Facility (the "
Related Party Share Subscription"). Whether a Shareholder vote is required on
the Related Party Share Subscription will depend on the size of the allotment
made to the respective Shareholders. However, the Company is prospectively
seeking shareholder approval now, by way of an ordinary resolution, such that
any allotment and issue would not need to be scaled back to an amount that does
not require Shareholder approval.
Explanation of, and reasons for, the Proposals
The Company was launched in October 2012 as an innovative investment company
which provides investors with access to leading alternative investment managers
on a "gross return" basis while also making an annual charitable donation
(the "Annual Donation") and committing a small portion of its assets to life
science investments.
The success of the Company since its launch has been due to the generous
support of the managers of the investment funds in which the Company invests
and the provision of investment management services by the investment
management team led by Thomas Henderson. The contribution by the Company to the
charities that it supports through its sizable donations and to medical and
scientific research though its financial commitments to development and
innovation projects are key to the continuing support of both the underlying
managers and the BACIT UK investment management team.
The Company now has a unique opportunity to make a transformational change to
its exposure to, and financing of, life science investments by aligning the
Company with two of the UK's leading medical research charities, Wellcome Trust
and CRUK.
Pursuant to the Proposals:
* The Company's investment policy will be extended to permit it to make an
unlimited number of life science investments ("Life Science Investments")
with a view, over time, to becoming predominantly a life science investment
company. The Company will generally (but not exclusively) make early stage
life science investments with a view to holding, and financing, those
investments until they reach commercialisation and beyond.
* The Company will continue to make investments in alternative investment
funds ("Fund Investments"), although new Fund Investments will not
necessarily be made on a gross return basis.
* The Company will not be required to invest a specific percentage of its
assets in either Life Science Investments or Fund Investments. The Company
expects, however, that it will invest its assets in Fund Investments until
it requires financing for specific Life Science Investments, at which time
an appropriate amount of the Fund Investments may be sold or redeemed.
* The Company expects to invest approximately GBP100 million per year of its
gross assets in Life Science Investments until substantially all of the
Company's gross assets are invested in Life Science Investments.
* The Company will indirectly acquire Syncona (via the acquisition of the
Syncona Partnership Interests) and the limited partnership interest in the
Pioneer Fund which is currently held by Cancer Research Technology
(together the "Initial Life Science Portfolio").
* The Company will continue to donate a portion of its Net Asset Value to
charity each year, but the relevant percentage will be reduced to 0.3 per
cent. to take account of the increased size of the Company (subject to
transitional arrangements to prevent the actual amount of the donation
falling to below an amount equal to the donation made for the period from 1
April 2015 to 31 March 2016 as a result of implementation of the
Proposals).
In addition, the Company will reconfigure its investment management
arrangements by the recruitment of the existing Syncona life science investment
management team (the "Life Science Investment Management Team"). The Life
Science Investment Management Team will be employed by Syncona Investment
Management Limited, a new wholly-owned subsidiary of the Company ("SIML"),
whose chief executive officer will be Martin Murphy, currently the chief
executive officer of Syncona. The Company believes that the Life Science
Investment Management Team possesses a unique combination of experience and
expertise and is very well placed to take advantage of opportunities afforded
by the life science sector.
Subject to receipt of the appropriate regulatory authorisations, SIML will
become the alternative investment fund manager ("AIFM") of the Company, with
investment discretion over the Company's entire investment portfolio including,
as described below, the allocation of assets between Life Science Investments
and Fund Investments. The amount payable to SIML in respect of remuneration of
its employees and its additional running costs will be subject to agreement by
the Board and will not exceed one per cent. per annum of the Company's Net
Asset Value from time to time. When taken with the fee proposed to be paid
under the amended BACIT UK Agreement, this represents a cost to the Company in
respect of the management of its assets of up to 1.19 per cent. of the
Company's Net Asset Value per annum.
BACIT UK will remain as the Company's AIFM until SIML receives regulatory
authorisation. In the meantime, following implementation of the Proposals, the
Company's investment management arrangements will be structured so that BACIT
UK has investment discretion over the Company's entire investment portfolio.
Once SIML is authorised as the Company's AIFM, BACIT UK will become a
sub-adviser to SIML in respect of the Company's Fund Investment portfolio, and
keep discretion as to the allocation of that portfolio to specific Fund
Investments. BACIT UK will not, however, from that point have any role
regarding the Life Science Investment portfolio nor will it decide what
proportion of the Company's assets are allocated to Life Science Investments or
Fund Investments.
The Company believes that implementation of the Proposals offers the
opportunity to increase the Company's size and investment scope, which should
make it more attractive to a wider and more diverse investor base, including
through enhancing secondary market liquidity in the Shares, while supporting
and enhancing the Company's existing objectives and charitable contributions.
The managers of the Company's existing Fund Investments and the ICR are all
supportive of the Proposals.
Impact of the Proposals on the Company's target return and distribution and
discount management policies
If the Proposals are implemented, the Company will, over the longer term,
pursue an annualised return per share across its investment portfolio of 15 per
cent. net of fees and expenses[1].
The Company's existing distribution policy, which targets dividends of two per
cent. per annum of Net Asset Value, will remain unchanged by the implementation
of the Proposals. In addition, the Company will retain its existing scrip
dividend arrangements pursuant to which shareholders will receive New Ordinary
Shares in place of a cash dividend, unless they specifically elect to receive
the cash dividend.
Shareholders should note that the target return and distribution policy are
targets only and are not profit forecasts. There can be no assurance that any
target will be met and they should not be taken as an indication of the
Company's expected or actual future results. Further, payment of any dividend
is subject to compliance with applicable law and regulations including the
satisfaction of the statutory solvency test under the Companies Law.
Save for the proposed removal of the requirement contained in the Articles
periodically to propose a discontinuation vote, the Company's approach to
discount management will remain unchanged as a result of the implementation of
the Proposals and, should the Ordinary Shares trade at a discount to the
prevailing Net Asset Value, the Company will consider whether (but has no
obligation) to make own share purchases with a view to alleviating the
discount.
Shareholders should also note that, if the Proposals are implemented, then, as
a result of the change in the Company's investment focus and expansion of the
Company's investment management team, the Company will no longer present
alternative proposals regarding the future of the Company for the approval of
Shareholders should Thomas Henderson cease to be involved with the Company and
its group.
Terms of the new capital raise, including the Firm Placing, the Placing, the
Open Offer, and the Liquidity Facility
The Company will, conditional on implementation of the remainder of the
Proposals, issue 243,461,685 New Ordinary Shares to Wellcome Trust and
20,872,732 New Ordinary Shares to CRUK at the Offer Price.
Shareholders are being asked at the EGM to approve the issue of these shares on
a non-preemptive basis. As at the latest practicable date prior to the date of
this document, the Ordinary Shares to be issued under the Firm Placing
represent at least 68.5 per cent. of the entire issued share capital of the
Company.
As the share subscription by Wellcome Trust under the Firm Placing will result
in it holding 30 per cent. or more of the Company's voting rights, as enlarged
by the Issue, the share subscription is also conditional on the Company's
existing shareholders passing a "whitewash" resolution pursuant to Rule 9 of
the Takeover Code, which is also being proposed at the EGM.
Alongside the Firm Placing, the Company intends to issue New Ordinary Shares at
the Offer Price by way of the Placing and Open Offer.
Qualifying Shareholders will be offered the opportunity to subscribe for 6 New
Ordinary Shares for every 19 Ordinary Shares held as at the Record Date at the
Offer Price under the Open Offer and the Company will issue up to 121,938,563
New Ordinary Shares at the Offer Price in the Placing.
The Company is also offering existing Shareholders the chance to sell their
Ordinary Shares to incoming investors at the Offer Price pursuant to the
Liquidity Facility.
The Proposals are conditional on the demand for Ordinary Shares under the
Placing and Open Offer at least equalling the demand to sell Ordinary Shares
under the Liquidity Facility.
Shareholders are also being sent a prospectus and a circular in relation to the
Firm Placing and Placing and Open Offer and a deed of election in connection
with the Liquidity Facility.
The BACIT UK Amendments
Currently, the BACIT UK Agreement is terminable on 180 days' notice by the
Company.
In order to provide a longer term incentive for the investment management team
employed by BACIT UK (especially following the appointment of SIML as the
Company's AIFM) and to ensure continuity for the underlying managers who
provide the Company with "fee free" access to their funds, it is proposed
that the BACIT UK Agreement should be amended so that it is terminable by the
Company on the following terms:
* the BACIT UK Agreement will have an initial fixed term of five years from
the Implementation Date (the "First Period"); and
* at the expiry of the First Period, the BACIT UK Agreement will continue for
a further five years and terminate on the date that is 10 years from the
Implementation Date (the "Second Period") provided that, over the First
Period, the Fund Investment portfolio has achieved a time weighted return
equal to (a) at least 70 per cent. of the upside return or (b) no worse
than 40 per cent. of the downside return generated by the FTSE All Share
Index over the First Period (assuming reinvestment of all dividends).
The BACIT UK Agreement will not automatically renew at the end of the Second
Period. Otherwise, the BACIT UK Agreement will not be terminable by the Company
during the First Period or Second Period other than for certain cause events or
with the agreement of BACIT UK.
The fees payable under the BACIT UK Agreement as so amended will be as follows:
* 0.19 per cent. of Net Asset Value per annum for the First Period.
* 0.15 per cent. of Net Asset Value per annum for the Second Period.
For the purposes of calculating the amount of the fee payable under the BACIT
UK Agreement the portion of Net Asset Value attributable to Life Science
Investments as well as to Fund Investments will be included.
BACIT UK is a related party of the Company for the purposes of the Listing
Rules and the BACIT UK Amendments represent a related party transaction between
the Company and BACIT UK. However notwithstanding that the BACIT UK Amendments
are a "smaller" related party transaction pursuant to LR 11.1.10 of the UK
Listing Rules and do not therefore technically require a vote, the Board is
seeking shareholder approval for the BACIT UK Amendments. BACIT UK does not
own any shares in the Company but Thomas Henderson and Martin Thomas, who are
both directors of BACIT UK, are shareholders of the Company. Each of Mr.
Henderson and Mr. Thomas will not vote on the resolution to approve the BACIT
UK Amendments and will take all reasonable steps to ensure that none of their
respective associates will vote on the relevant resolution.
LTIP arrangements
The shareholder circular sets out the proposed terms of the LTIP for the
incentivisation of the Life Science Investment Management Team.
Changes to the Board
If the Proposals are implemented, Arabella Cecil will resign as a director of
the Company and each of Nigel Keen and Ellen Strahlman will be appointed as
directors (the "Proposed Directors") with effect from the Implementation
Date. Each of Jeremy Tigue, Thomas Henderson, Peter Hames and Nicholas Moss
will remain on the Board.
Biographies for each of the Proposed Directors are as follows:
Nigel Keen
Nigel is the Chairman and co-founder of Syncona Partners. He is also Chairman
of Oxford University Innovation, the technology transfer group for Oxford
University, and Chairman of the Oxford Academic Health Science Network, a new
entity established by the National Health Service in England to align the
interests of patients in its region with academia, industry and the healthcare
system. He was previously Chairman of Laird plc for 14 years and Oxford
Instruments plc for 16 years. His career has encompassed venture capital,
industry and banking. He has a degree in engineering from Cambridge University,
is a Fellow of the Institute of Chartered Accountants, a Fellow of the
Institute of Engineering and Technology and has been involved in the formation
and development of high technology businesses for more than thirty years. He is
also the Chairman of the AIM listed medical device company, Deltex Medical.
Ellen Strahlman
Ellen is a senior executive with 25 years of international experience in the
healthcare industry (biopharmaceuticals, medical devices, public health). Ellen
is currently the Chief Medical Officer and Executive Vice President, Research &
Development for BD (Becton, Dickinson and Company), a leading global medical
technology company. Ellen was previously with GlaxoSmithKline, plc, having
served as the Senior Vice President and Chief Medical Officer (CMO) since 2008
and more recently working in the Office of the CEO as Senior Medical Advisor
and Global Head of Neglected Tropical Diseases. Ellen is a graduate of Harvard
University (Biochemical Sciences) and obtained her medical degree from the
Johns Hopkins School of Medicine. She has medical qualifications in general
surgery (Johns Hopkins) and ophthalmology (the Wilmer Institute, Johns
Hopkins).
Finally, Ellen earned her Master's Degree in Health Sciences from the Johns
Hopkins Bloomberg School of Public Health as a Carnegie-Mellon Physician Public
Health Fellow.
There are no details required to be disclosed in respect of either of the
proposed directors pursuant to LR9.6.13R.
Discontinuation Resolution
The Discontinuation Resolution is an ordinary resolution which will bring the
discontinuation vote of the Company forward from its annual general meeting in
2017 and, if passed, will require the Company's directors to formulate
proposals to be put to shareholders within six months of the resolution being
passed to reorganise or reconstruct the Company.
The directors anticipate that, should the Discontinuation Resolution be passed,
they will propose the winding up of the Company to Shareholders.
It should be noted, however, that the winding up and liquidation of the Company
may take a significant length of time in light of the illiquidity of certain of
the Company's underlying investments or, in order to expedite the winding up
process, may require certain investments to be sold at below their net asset
value. Accordingly, there can be no guarantee that a liquidation of the Company
will result in Shareholders receiving an amount equal to the prevailing Net
Asset Value of the Company, either in the immediate future or at all. Further,
if the Company were to be wound up, its support for charitable causes would
cease.
The Board considers that a vote AGAINST the Discontinuation Resolution is in
the best interests of the Shareholders as a whole.
The Implementation Resolutions
There are 11 Implementation Resolutions, each of which is conditional on the
others BEING PASSED and the Discontinuation Resolution NOT BEING PASSED.
The Implementation Resolutions are as follows:
* An ordinary resolution to approve the expansion of the Company's investment
policy.
* An ordinary resolution to approve the BACIT UK Amendments.
* An ordinary resolution to approve the LTIP.
* Two ordinary resolutions to appoint each of Nigel Keen and Ellen Strahlman
as directors of the Company with effect from the Implementation Date.
* An ordinary resolution to waive the obligation of Wellcome Trust to make a
mandatory offer for the Company's Ordinary Shares pursuant to Rule 9 of the
Takeover Code notwithstanding that it will own in excess of 30 per cent. of
the Company's issued Ordinary Shares as a result of the Proposals.
* A special resolution to change the Company's name to "Syncona Limited".
* A special resolution to amend the Articles: (a) to remove the requirement
to propose a discontinuation resolution at the annual general meeting in
2017 and at the annual general meeting held every five years thereafter;
and (b) to provide that the Company's investment policy can only be amended
by a special resolution of the Shareholders.
* An ordinary resolution to authorise the issue of 386,272,980 New Ordinary
Shares (representing 100 per cent. of the issued share capital of the
Company as at the latest practicable date prior to the date of this
announcement).
* An extraordinary resolution to allot and issue 386,272,980 New Ordinary
Shares (representing 100 per cent. of the issued share capital of the
Company as at the latest practicable date prior to the date of this
announcement) of the Company for cash on a non-preemptive basis in respect
of the issue of shares to Wellcome Trust and CRUK and to eligible new
investors under the Placing.
The Board considers that a vote FOR each of the Implementation Resolutions is
in the best interests of the Shareholders as a whole.
Consequences of the failure to pass the Implementation Resolutions and the
Discontinuation Resolution
In the event that Shareholders pass neither the Implementation Resolutions nor
the Discontinuation Resolution, there will be no immediate change to the
structure or operations of the Company. The Company will continue to be
required to propose a discontinuation resolution at the 2017 annual general
meeting.
Issue Statistics
Total number of Ordinary Shares in issue prior to the Issue and Firm Placing...
386,138,785
Total number of New Ordinary Shares to be issued under the Firm Placing.......
264,334,417
Maximum number of New Ordinary Shares to be issued under the Issue
........... 121,938,563
Maximum number of Ordinary Shares in issue following the Issue
..................... 772,411,765
Maximum percentage of enlarged issued share capital represented by the New
Ordinary Shares
.....................................................................................................
50.0%
Offer Price
..............................................................................................................
131.15 pence per New Ordinary Share
Maximum gross proceeds of the Issue and Firm Placing receivable by the
Company................................................................................................................
GBP506.6m
Maximum net proceeds of the Issue and Firm Placing receivable by the
Company GBP500.0m
Maximum market capitalisation of the Company at the Offer Price immediately
following the Issue and Firm Placing
.................................................................... GBP
1,013.0m
Expected timetable
Record Date to participate in the Open Offer and Liquidity Facility 5 p.m. on 24 November
................. 2016
Publication of the Circular, Prospectus and Open Offer Application Form 28 November 2016
...........
Ex entitlement date for the Open 8 a.m. on 29 November
Offer................................................................ 2016
Open Offer Entitlements enabled in CREST and credited to stock accounts of 30 November 2016
Qualifying CREST Shareholders in CREST
......................................................
Recommended latest time for requesting withdrawal of Open Offer Entitlements 4.30 p.m. on 8
from CREST December 2016
...................................................................................
Latest time and date for depositing Open Offer Entitlements 3 p.m. on 9 December
into CREST 2016
...........................................................................................................
Latest time and date for return of completed Form of Proxy 11 a.m. on 12 December
2016
Latest time and date for splitting of Application Forms (to satisfy bona fide 3 p.m. on 12 December
market claims only) 2016
..............................................................................................
Latest time and date for return of completed Deeds of Election or settlement of 11 a.m. on 13 December
relevant CREST instruction to participate in the Liquidity Facility 2016
....................
Extraordinary General Meeting 11 a.m. on 14 December
2016
Announcement of results of Extraordinary General Meeting 14 December 2016
Placing closes 11 a.m. on 14 December
....................................................................................................... 2016
Latest time and date for receipt of completed Application Forms and payment in 11 a.m. on 14 December
full under the Open Offer (and Excess Application Facility) or settlement of 2016
relevant CREST instruction (as
appropriate)..............................................................................
Announcement of the results of the Issue through a Regulatory Information 15 December 2016
Service
...................................................................................................................
Admission and commencement of dealings in the New Ordinary Shares ..... 19 December 2016
Anticipated Implementation Date 19 December 2016
CREST Members' accounts credited in respect of New Ordinary Shares in as soon as possible
uncertificated form after 8 a.m. on 19
................................................................................................ December 2016
Despatch of definitive share certificates for New Ordinary Shares in Within 14 days of
certificated form Admission
........................................................................................................................
Expected date of settlement of proceeds from Ordinary Shares sold under the Week commencing 19
Liquidity Facility, including despatch of cheques December 2016
...............................................
Each of the times and dates in the above timetable is subject to change.
References to times are to London time unless otherwise stated. Temporary
documents of title will not be issued.
Fractions of New Ordinary Shares will not be issued and cash that otherwise
would have been applied by the Company in paying up those fractions will be
retained by the Company.
The New Ordinary Shares can be held by Qualifying Shareholders either in
certificated form (that is by holding a physical share certificate) or in
uncertificated form through CREST.
Issue of the New Ordinary Shares under the Firm Placing and Placing and Open
Offer is conditional, amongst other things, on the listing of the New Ordinary
Shares on the Official List of the UKLA and admission of the New Ordinary
Shares to trading on the London Stock Exchange's main market for listed
securities. The New Ordinary Shares will rank equally in all respects with the
existing Ordinary Shares.
A copy of the Prospectus and Circular will be submitted to the National Storage
Mechanism and will shortly be available for inspection at: http://
www.Hemscott.com/nsm.do. Copies of the Prospectus will also be available on the
Company's website at www.bacitltd.com/ and from the registered office of BACIT:
Trafalgar Court, Les Banques, St Peter Port, Guernsey GY1 3QL.
For further information please contact:
Northern Trust International Fund Administration Services (Guernsey) Limited
Tel: +44 (0) 1481 745 368
J.P. Morgan Cazenove, Sole Sponsor, Global Coordinator and Bookrunner
William Simmonds
James Mitford
Tel: +44 (0) 207 588 2828
Tulchan Communications
Doug Campbell
Siobhan Weaver
Tel: +44 (0) 207 353 4200
Temple Bar Advisory
Ed Orlebar
Tel: +44 (0) 7738 724 630
Important Notices
Neither this announcement nor any copy of it may be made or transmitted into
the United States of America (including its territories or possessions, any
state of the United States of America and the District of Columbia) (the
"United States"), or distributed, directly or indirectly, in the United States.
Neither this announcement nor any copy of it may be taken or transmitted
directly or indirectly into Australia, Canada, Japan or South Africa or to any
persons in any of those jurisdictions, except in compliance with applicable
securities laws. Any failure to comply with this restriction may constitute a
violation of United States, Australian, Canadian, Japanese or South African
securities laws. The distribution of this announcement in other jurisdictions
may be restricted by law and persons into whose possession this announcement
comes should inform themselves about, and observe, any such restrictions. This
announcement does not constitute or form part of any offer or invitation to
sell or issue, or any solicitation of any offer to purchase or subscribe for
securities in the United States, Australia, Canada, Japan or South Africa or in
any jurisdiction to whom or in which such offer or solicitation is unlawful.
The Company has not been and will not be registered under the US Investment
Company Act of 1940, as amended. In addition, the New Ordinary Shares have not
been and will not be registered under the US Securities Act of 1933, as amended
(the "Securities Act") or with any securities regulatory authority of any state
or other jurisdiction of the United States and, subject to certain exceptions,
may not be offered, sold, pledged, or otherwise transferred, directly or
indirectly, in or into the United States or to or for the account or benefit of
US persons (as such terms are defined in Regulation S under the Securities Act
("Regulation S")). There will be no public offer of the New Ordinary Shares in
the United States.
The securities to which this announcement relates have not been approved or
disapproved by the US Securities and Exchange Commission, any state securities
commission in the United States or any United States regulatory authority, nor
have any of the foregoing authorities passed upon or endorsed the merits of the
offering of the New Ordinary Shares or the accuracy of adequacy of this
announcement. Any representation to the contrary is a criminal offence in the
United States.
The securities referred to herein have not been registered under the applicable
securities laws of Australia, Canada, Japan or South Africa and, subject to
certain exceptions, may not be offered or sold within Australia, Canada, Japan
or South Africa or to any national, resident or citizen of Australia, Canada,
Japan or South Africa.
Marketing for the purposes of the Directive 2011/61/EU (the "AIFMD") by the
Company and/or a third party on its behalf in relation to the Placing and Open
Offer will only take place in an EEA Member State if the Company is
appropriately registered or has otherwise complied with the requirements under
AIFMD (as implemented in the relevant EEA Member State) necessary for such
marketing to take place.
Any purchase of ordinary shares in the Placing and Open Offer should be made
solely on the basis of the information contained in the Prospectus, which will
contain detailed information about the Company and its management.
This announcement contains statements that are, or may be deemed to be,
"forward-looking statements". These forward-looking statements may be
identified by the use of forward-looking terminology, including the terms
"believes", "continues", "estimates", "plans", "projects", "prepares",
"anticipates", "expects", "intends", "aims", "may", "will" or "should" or, in
each case, their negative or other variations or comparable terminology, or by
discussions of strategy, plans, objectives, goals, future events or intentions.
Forward-looking statements may and often do differ materially from actual
results. The forward-looking statements reflect the Company's current view with
respect to future events and are subject to risks relating to future events and
other risks, uncertainties and assumptions relating to the Company's business,
results of operations, financial position, liquidity, prospects, growth and
strategies. The forward-looking statements speak only as of the date they are
made and cannot be relied upon as a guide to future performance.
The timetable for the implementation of the Proposals, including the date of
admission of the New Ordinary Shares, may be influenced by a range of
circumstances such as market conditions. There is no guarantee that the
Proposals will be implemented and that admission will occur. Therefore, no
investment decisions should be on the Company's intentions in relation to the
Proposals at this stage. Acquiring the shares to which this announcement
relates may expose an investor to a significant risk of losing all or part of
the amount invested. Persons considering making such an investment should
consult an authorised person specialising in advising on such investments and
should ensure they fully understand and accept the risks which will be set out
in the prospectus when published. This announcement does not constitute a
recommendation concerning the Proposals. The value of shares and any income
from them can decrease as well as increase. Past performance is not a guide to,
and should not be relied upon as a guide to, future performance. Potential
investors should consult a professional adviser as to the suitability of the
Proposals for the person concerned.
J.P. Morgan Cazenove is authorised by the Prudential Regulation Authority (the
"PRA") and regulated in the United Kingdom by the PRA and the FCA. J.P. Morgan
Cazenove is acting exclusively for the Company and no one else in connection
with the Proposals, and will not regard any other person as their respective
clients in relation to the Proposals and will not be responsible to anyone
other than the Company for providing the protections afforded to their
respective clients nor for providing advice in relation to the Proposals, the
contents of this announcement or any transaction, arrangement or other matter
referred to herein.
___________
[1] This is an estimate only and not a profit forecast. There can be no
assurance that this estimate will be met and it should not be taken as an
indication of the Company's expected or actual future results. Potential
investors should decide for themselves whether or not this estimation is
reasonable or achievable in deciding whether to invest in the Company.
END
(END) Dow Jones Newswires
November 28, 2016 10:08 ET (15:08 GMT)
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