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Itaconix PLC (ITX)

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Friday 13 July, 2018

Itaconix PLC

Restoration of Trading

RNS Number : 6428U
Itaconix PLC
13 July 2018
 

 

Itaconix plc

 

("Itaconix" or "the Company")

 

Restoration of Trading in the Company's Ordinary Shares on AIM

 

Itaconix's shares were suspended from trading on AIM on 29 June 2018 pending clarification of its financial position.  The Company announced on 12 July 2018 that it had raised circa £3.4 million (before expenses) (the "Fundraise") by way of a placing of ordinary shares with certain institutional and other investors and by a subscription with certain US investors.

 

The Fundraise is conditional on, inter alia, shareholder approval at a general meeting to be held on 2 August 2018 (the "General Meeting").  The Company has received irrevocable undertakings to vote in favour of the resolutions to be proposed at the General Meeting in respect of, in aggregate, 3,625,445 ordinary shares, representing approximately 4.6% of the existing share capital.  The Company has sufficient short term working capital to continue trading until the General Meeting.  In the event that shareholders do not approve the Fundraise at the General Meeting or that the net proceeds of the Fundraise are not received, then the Company would enter into some form of insolvency procedure because of its requirement for funding, as previously notified in the Company's announcement of 29 June 2018.

 

Following receipt of the net proceeds of the Fundraise, which is expected to be on admission of the new ordinary shares to trading on AIM at 8.00 a.m. on 3 August 2018, Itaconix will have sufficient working capital for a period of at least 12 months.   Consequently, the suspension in trading of the Company's shares on AIM will be lifted at 7.30 a.m. on 16 July 2018.

 

For further information please contact:

Itaconix

+44 (0) 1244 283 500

Kevin Matthews / Rob Cridland


N+1 Singer

+44 (0) 207 496 3000

Richard Lindley / Jen Boorer (Corporate Finance)


This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

 

 


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