4th Jul 2006 14:44
Futura Medical PLC04 July 2006 For Immediate Release 4 July 2006 Futura Medical plc Proposed Issue of Equity and Directors' Share Dealing Futura Medical plc (AIM: FUM), the AIM-quoted pharmaceutical and medical devicegroup that develops innovative products for sexual health, is pleased toannounce that it intends to raise up to £2.5 million, after costs, by way of aplacing ("the Placing"), to be carried out jointly by Canaccord Adams Limitedand Collins Stewart Limited, of up to 3,400,000 new ordinary shares at 78 penceper share ("the Placing Shares"). The money raised from this Placing will beused for the clinical development program of MED2002 and for new productevaluation. The Placing is conditional on execution of a placing agreement between theCompany, Canaccord Adams Limited and Collins Stewart Limited and admission ofthe Placing Shares to AIM. In addition in respect of 966,000 of the PlacingShares, the Company requires shareholder authority which is the subject ofResolution 4 to be proposed at the Company's Annual General Meeting to be heldon 6 July 2006. If Resolution 4 is not passed at the annual general meeting,the Company will use its existing shareholder allotment authorities to allot upto 2,434,000 of the Placing Shares. It is intended that application will be made for the Placing Shares to beadmitted to trading on AIM later today. It is expected that, conditional on thematters set out above, admission to trading and dealings in the Placing Shareswill commence at 8.00am on or around 10 July 2006. In addition, Futura announces that the following Directors intend, subject tothe conditions set out below, to exercise options over 2,125,000 ordinary sharesof 0.2 pence each in the capital of Futura ("Ordinary Shares") in aggregate, andsubsequently to sell on Admission at a price of 78 pence per share, 1,313,759 ofthe Ordinary Shares allotted in aggregate. In addition, it is the intention ofcertain staff to exercise and sell options over 110,000 Ordinary Shares inaggregate, also at 78 pence per share. Therefore, the total number of sharesbeing sold on behalf of option holders will amount to 1,423,759 Ordinary Shares("Sale Shares"). These option exercises described above are conditional uponcompletion of the placing of 2,434,000 of the Placing Shares and there beingsufficient buyers for the Sale Shares. Full details of the proposedarrangements are set out in the table below. The Directors have no currentintention of selling any further Ordinary Shares. The exercise period of theseoptions would have expired on 31 January 2007. Name Position Number of Number of Sale price Directors' Directors' options shares sold per share holding pre holding post exercised (in pence) exercise exerciseWD Potter Chairman 375,000 293,902 78 p Nil 81,098JH Barder CEO 250,000 183,285 78 p 551,497 618,212DB Davies Director 1,000,000 606,877 78 p 15,152 408,275AL Clayden Director 500,000 229,695 78 p Nil 270,305 (i) JH Barder's holding includes sharesbeneficially owned and held by connected parties. (ii) Each Director (other than DB Davies) intends tosell sufficient shares to pay only the costs of exercise and all relevant taxand national insurance liabilities retaining the balance therefore not realisinga cash profit. (iii) In addition DB Davies has sold sufficient sharesto realise a cash profit of £30,000. (iv) The total proceeds to Futura from the intendedexercise of the Directors and staff options will amount to £ 831,250. Togetherwith the net proceeds of the Placing, Futura will receive £3.35 million. For further information:Futura Medical plcJames Barder, Chief Executive Tel: +44 (0) 1483 685 670mailto:[email protected] www.futuramedical.co.ukCanaccord Adams LimitedMark Ashurst Tel: +44 (0) 207 518 2776Collins Stewart LimitedPhilip Roe Tel:+ 44 (0) 207 523 8323 Media enquiries:Buchanan CommunicationsMark Court Tel: +44 (0) 20 7466 5000 www.futuramedical.co.uk This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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