28th Apr 2014 16:40
LONDON (Alliance News) - Silence Therapeutics PLC Monday announced a share issuance to raise a minimum of GBP10 million.
The group said it will raise the share placing with new and existing institutional investors, and certain participating directors will be conducted by way of an accelerated book build process, conducted by the company's nominated adviser Canaccord Genuity Lts and ABG Sundal Collier, its Joint Bookrunners.
The company said it will place up to 9.3 million shares, or 20% of its share capital, with an issue price of 230 pence.
Silence said the issue price represents a discount of 9.8% to its closing midmarket price of 255 pence per Ordinary Share as at close on April 25.
The company's shares closed down 2.4% at 249.00 pence Monday.
Silence said that if there is sufficient demand for placing shares above the maximum number on offer, the company will seek shareholder approval for a further conditional placing.
The company said it intends to use the cash from the placing to support its existing clinical projects and to expand the company's pre-clinical capabilities and capacities.
Silence said specifically that it would direct these funds towards further delivery technologies of RNA molecules, expansion of its pre-clinical and clinical pipelines, and increasing internal capabilities and capacities.
By Tom McIvor; [email protected]; @TomMcIvor1
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLN.L