29th Nov 2005 07:03
Sinclair Pharma PLC29 November 2005 29 November 2005 Sinclair Pharma plc Institutional placing raises approximately £7.4 million Sinclair Pharma plc (LSE: SPH) ("Sinclair" or the "Company"), the specialtypharmaceuticals company, today announces that it has raised approximately £7.4million before expenses through a placing for cash of 5,922,565 new OrdinaryShares of 1 pence each. The new shares, which represent approximately 10 percent. of the Company's issued share capital prior to the placing, have beenplaced with new and existing institutional investors in the UK and ContinentalEurope, at a placing price of 125 pence per share. The placing price representsa discount of approximately 7 per cent. to the closing middle market price onthe London Stock Exchange's AIM market on Monday, 28 November 2005. Sinclair is actively pursuing acquisition opportunities to further strengthenits existing specialty pharmaceutical salesforce and product portfolio. The netproceeds of the placing will provide the Company with additional flexibility tomake selective and timely acquisitions as opportunities arise. This placing was undertaken pursuant to a resolution of the shareholders at theCompany's Annual General Meeting on 28 November 2005 which approved thedisapplication of shareholders' pre-emption rights in relation to issues forcash consideration of up to 5,922,565 shares (being equivalent to 10 per cent.of the then issued share capital of the Company). Application will be made today for the new shares to be admitted and to trade onthe London Stock Exchange's AIM market. The placing is conditional on admission,which is expected to become effective on 1 December 2005. When issued, the newshares will rank pari passu in all respects with the Company's existing ordinaryshares. Following the placing, Sinclair will have a total of 65,198,219 OrdinaryShares of 1 pence each in issue. Commenting on the placing, Dr Michael Flynn, Chief Executive Officer ofSinclair, said, "We are delighted with the strong support shown in this placingby the existing, and a number of new, institutional investors, which is built onthe back of excellent progress Sinclair has made this year. These funds willprovide more flexibility in our cash position as we actively look to strengthenSinclair's European sales capabilities and on-market products through targetedacquisition." - Ends - Enquiries: Sinclair Pharma plc Tel: 01483 426644Michael Flynn, Chief Executive OfficerJerry Randall, Chief Financial Officer Financial Dynamics Tel: 020 7831 3113Ben Atwell Piper Jaffray Ltd. Tel: 020 7743 8700Jamie Adams / Will Carnwath Further information on Sinclair can be found on the company's website:www.sinclairpharma.com This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Sinclair Pharma