29th Oct 2009 09:35
29 October 2009
HENDERSON MORLEY PLC
("Henderson Morley" or the "Company")
(AIM: HML)
PLACING
Henderson Morley plc, the Aim quoted biotechnology company, announces that it has raised £300,000, before expenses, via a placing ('the Placing') by Rivington Street Corporate Finance to institutional and other investors of 150 million new Ordinary shares of 0.125 pence in the Company at a price of 0.2 pence per share.
Andrew Knight and Dr Ian Pardoe, Directors of the Company, have each subscribed £15,000 for 7,500,000 new ordinary shares as part of the Placing. The Directors, other than Messrs Knight and Pardoe, having consulted with the Company's nominated adviser, believe that the terms of this transaction are fair and reasonable insofar as shareholders are concerned.
Rivington Street Holdings plc, the holding company of the Company's brokers, Rivington Street Corporate Finance, have subscribed for 30,000,000 shares in the Placing.
As set out in the Company's recent AGM statement, the near term revenue bearing agreements, which the Board had expected in the remainder of 2009, have taken longer than anticipated to conclude. The Company has effected the Placing to provide working capital whilst it continues to negotiate these agreements.
In addition to the above share allotment, the Company has also allotted 25,000 new ordinary shares to a shareholder who was entitled to, but inadvertently not allotted, "bonus" shares at the time of the Company's share offering in June.
The Placing is conditional on the admission of the new ordinary shares to trading on AIM. Application has been made for 150,025,000 shares to be admitted to AIM and trading in the new shares is expected to commence on 3 November 2009.
Following Admission, A Knight and Dr I Pardoe will own 137,418,764 and 99,227,751 shares respectively, representing 11.9% and 8.6% respectively of the Company's enlarged issued share capital of 1,154,722,463 shares in issue.
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Enquires
HENDERSON MORLEY PLC 0121 442 4600 Andrew Knight, Chairman
BISHOPSGATECOMMUNICATIONS LTD 0207 562 3350Maxine Barnes Gemma O'Hara
BREWIN DOLPHIN INVESTMENT BANKING 0113 241 0126Neil Baldwin
RIVINGTON STREET CORPORATE FINANCE 0207 562 3380Monisha Varadan
Related Shares:
HML.L