28th Feb 2020 12:06
(Alliance News) - Drug discovery and development firm Immupharma PLC announced that investee Incanthera PLC started trading on the NEX Exchange Growth Market in London on Friday.
Shares in Immupharma were down 7.8% at 12.50 pence on AIM in London at midday.
Immupharma retains its 7.3 million shares for a 12% stake in Incanthera after the initial public offering. Along with the rest of oncology firm Incanthera's major shareholders, Immupharma entered a standard up to 12-month lock-in agreement for its shares.
In addition to the 12% stake, Immupharma also holds 7.3 million Incanthera share warrants pricedat 9.5 pence each - the same price as used for the NEX listing.
Moreover, Immupharma has entered a subscription agreement with Incanthera giving it the right, at any time before the end of October to subscribe for 2.6 million new Incanthera shares at the 9.5p issue price for a total of GBP250,000.
If Immupharma doesn't exercise its right to subscribe by October end, then "Incanthera may serve notice to Immupharma requiring exercise within ten business days
By Anna Farley; [email protected]
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