19th Jun 2014 10:00
LONDON (Alliance News) - GW Pharmaceuticals PLC Thursday priced its offering of 1.7 million American depositary shares on the NASDAQ exchange in New York at USD86.83 per ADS, making the offer worth a total of USD148 million.
The company itself is selling 1.2 million ADSs, which will raise gross proceeds of USD104.2 million, while 500,000 ADSs are being sold by directors of the company for the remaining USD43.8 million.
GW has granted the underwriters a 30-day option to purchase up to an additional 255,000 ADSs at the public offering price without an underwriting discount.
The company said that the funding would allow it rapidly develop its Epidiolex product, but also begin preparations for future commercialisation if the product is approved.
A group of directors, including Chief Executive Justin Gover, exercised options over shares to sell in the offering. The transactions were as follows:
Director | Number of ordinary shares to be sold | Resulting beneficial interest | Percentage of enlarged share capital represented by resulting beneficial interest | Number of ordinary shares resulting from intended exercise of options | Average Option exercise price |
Geoffrey Guy | 3,087,428 | 14,618,650 | 6.3% | 518,424 | £1.58 |
Justin Gover | 1,750,000 | 2,143,305 | 0.9% | 409,917 | £1.58 |
Stephen Wright | 807,570 | 5,000 | <0.1% | 807,570 | £1.20 |
Thomas Lynch | 180,000 | 56,344 | <0.1% | Nil | - |
Adam George | 150,000 | 21,696 | <0.1% | 150,000 | £0.54 |
James Noble | 25,000 | 47,500 | <0.1% | Nil | - |
Shares in GW Pharmaceuticals were trading up 2.3% at 430.00 pence Thursday morning.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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