Result of General Meeting, Issue of Equity and TVR
Instem plc
("Instem" or the "Company")
Result of General Meeting, Issue of Equity and Total Voting Rights
Instem plc (AIM: INS), a leading provider of IT solutions to the global life sciences market, announces that at the General Meeting held earlier today, all Resolutions, as set out in the Circular and Notice of General Meeting dated 30 June 2020, were duly passed by Shareholders.
The Company has therefore raised gross proceeds of £15.75 million further to the announcement made in connection with the Placing on 26 June 2020.
Issue of Equity
Accordingly, the Company confirms the issue and allotment of (i) 3,620,690 New Ordinary Shares ; and (ii) 187,427 Option Shares following an exercise of options by Phil Reason, the Company's Chief Executive Officer.
Application has been made to the London Stock Exchange for the New Ordinary Shares and the Option Shares to be admitted to trading on AIM. It is anticipated that Admission will become effective and that dealings in the New Ordinary Shares and the Option Shares will commence at 8.00 a.m. on or around 17 July 2020. The New Ordinary Shares and the Option Shares rank pari passu in all respects with the existing Ordinary Shares, including the right to receive any dividends and other distributions declared following Admission.
Total voting rights
Following Admission, the Company will have 20,481,909 Ordinary Shares in issue . No Ordinary Shares are held in treasury. Accordingly, immediately following Admission, the total number of voting rights will be 20,481,909. This figure may be used by Shareholders as the denominator for the calculation by which they will determine whether they are required to notify their interest in, or a change to their interest in, the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
Sale Shares
In addition to the above arrangements, a total of 692,066 Sale Shares have been placed, raising gross proceeds of £3.0 million for the Selling Shareholders which included certain of the Company's PDMRs and their PCAs as outlined in the Company's Result of Placing announcement released at 2.00 p.m. on 26 June 2020. All disclosures required by Article 19(3) of the EU Market Abuse Regulation No 596/2014 in relation to PDMR dealings will be made shortly following Admission.
Capitalised terms used in this announcement unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the Circular and Notice of General Meeting dated 30 June 2020, a copy of which is available to view on the Company's website at https://investors.instem.com/news/articles/0620-publication-of-circular.php .
For further information please contact:
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Instem PLC |
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Phil Reason, Chief Executive Officer |
+44 (0) 1785 825 600 |
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N+1 Singer - NOMAD and Broker |
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Peter Steel (Corporate Finance) |
+44 (0) 20 7496 3000 |
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Walbrook Financial PR |
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Tom Cooper Nick Rome |
+44 (0) 20 7933 8000 |
About Instem plc
Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management and Data Collection; Regulatory Solutions for Submissions and Compliance; and Informatics-based Insight Generation.
Instem solutions are in use by over 500 customers worldwide, including all the largest 25 pharmaceutical companies, enabling clients to bring life enhancing products to market faster. Instem's portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Instem products and services now address aspects of the entire drug development value chain, from discovery through to market launch. Management estimate that over 50% of all drugs on the market have been through some part of Instem's platform at some stage of their development.
To learn more about Instem solutions and its mission, please visit www.instem.com .
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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