8th Mar 2011 07:00
8 March 2011
Avia Health Informatics plc
("Avia" or "the Company")
Subscription to Raise up to £0.60 million
Avia is pleased to announce that is has raised approximately £600,000 before expenses through a subscription of up to 1,200,000 new ordinary shares (the "Subscription Shares"), at a price of 50 pence per share (the "Subscription Price"), with both existing shareholders and new investors (the "Subscription"). The Subscription Price represents a discount of 14 per cent. to the middle market closing price of 57.0 pence per Ordinary Share on 7 March 2011, the last business day prior to this announcement.
The proceeds of the Placing will be used to fund initiatives for international growth, including:
·; internationalising the Odyssey product software for new markets, including localisation of clinical content and development of e-learning tools;
·; building out existing and developing new routes to market, including with channel partners, including associated working capital; and
·; completing further enhancements of the technology platform to promote cloud-enabled hosting and delivery to smart phones and other mobile devices.
The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on AIM, which is expected to become effective on 11 March 2011. Following the issue of the Subscription Shares, the total number of shares in issue will be up to 6,483,583.
Application has been made to the London Stock Exchange for the Subscription Shares to be admitted to trading on AIM. The Subscription Shares will, following allotment, rank pari passu in all respects with the existing issued Ordinary Shares. The Company will inform shareholders, via a Total Voting Rights announcement, of the total number of shares in issue following admission of the Subscription Shares.
Commenting on the Placing, Avia's Executive Chairman, Barry Giddings, said:
"This fundraising follows a variety of positive news items from Avia, including the recently concluded Odyssey CareAssess reseller contract, the launch of the mobile delivered product Odyssey RemoteAssess, the development of 3G and cloud-enabled delivery channels and a number of contract wins and renewals.
The subscription gives Avia a stronger position from which to promote its expanding Odyssey product range to a wider international audience. Avia's strategy is to leverage its scaleable technical platform to deliver clinical content on multiple devices, across multiple geographies, to promote cost effective access to primary healthcare. Avia looks forward to rewarding its supportive shareholders with further growth."
For further information please contact:
Avia Health Informatics plc | Tel: +44 (0)1494 618 503 |
Barry Giddings, Chairman
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Panmure Gordon ( UK ) Limited | Tel: +44 (0)20 7459 3600 |
Adam Pollock / Aubrey Powell |
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Related Shares:
CTFA.L