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InnovaDerma PLC (IDP)

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Wednesday 20 January, 2021

InnovaDerma PLC

Proposed Placing and Proposed Open Offer

RNS Number : 2970M
InnovaDerma PLC
20 January 2021
 

NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA (SUBJECT TO CERTAIN LIMITED EXCEPTIONS), AUSTRALIA, CANADA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH IT WOULD BE UNLAWFUL TO DO SO. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

THIS ANNOUNCEMENT IS AN ADVERTISEMENT AND DOES NOT CONSTITUTE A PROSPECTUS OR PROSPECTUS EQUIVALENT DOCUMENT. NOTHING HEREIN SHALL CONSTITUTE AN OFFERING OF NEW SHARES. NEITHER THIS COMMUNICATION NOR ANY PART OF IT SHALL FORM THE BASIS OF OR BE RELIED ON IN CONNECTION WITH OR ACT AS AN INDUCEMENT TO ENTER INTO ANY CONTRACT OR COMMITMENT WHATSOEVER.   

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK VERSION OF THE MARKET ABUSE REGULATION (EU NO. 596/2014) AS IT FORMS PART OF UNITED KINGDOM DOMESTIC LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018 ("UK MAR").

 

20 January 2021

InnovaDerma PLC

 

("InnovaDerma" or the "Company")

 

Proposed Placing to raise £4.0 million

and

Proposed Open Offer to raise up to approximately £0.5 million

 

InnovaDerma (LSE: IDP), a UK developer of beauty, personal care and life sciences products, today announces a fundraising comprising the Placing, which was oversubscribed, and the Open Offer (together, the "Fundraising") to raise up to approximately £4.5 million before fees and expenses through the issue of up to 12,878,040 new ordinary shares of €0.10 each in the capital of the Company (the "Ordinary Shares") to existing shareholders, the Directors and new institutional investors at an issue price of 35 pence per New Ordinary Share (the "Issue Price").

The Fundraising comprises a placing of 11,428,571 new Ordinary Shares (the "Placing Shares") at the Issue Price to raise £4.0 million (the "Placing") and an open offer to Qualifying Shareholders (the "Open Offer") for up to 1,449,469 new Ordinary Shares at the Issue Price to raise up to approximately £0.5 million before expenses (the "Open Offer Shares" and, together with the Placing Shares, the "New Ordinary Shares").

 

Highlights

 

· The Fundraising will raise gross proceeds of up to approximately £4.5 million at the Issue Price.

· The net proceeds are intended to be used to strengthen InnovaDerma's balance sheet, provide capital to accelerate the Company's global Direct-To-Consumer strategy and to enhance its e-commerce infrastructure and operational capacity.

· The directors of the Company (the "Directors" or the "Board") intend to subscribe for, in aggregate, 1,842,855 Placing Shares through the Placing, further information on which is below.

· It is expected that admission of the 11,428,571 Placing Shares will be split into two separate tranches, with the first tranche consisting of 2,897,000 new Ordinary Shares (the "First Admission Shares"), issued under the Company's existing authorities to allot shares, expected to be admitted to listing on the standard listing segment of the Official List (the "Official List") of the Financial Conduct Authority ("FCA") and to trading on the London Stock Exchange plc's (the "London Stock Exchange") main market for listed securities on 26 January 2021 (the "First Admission"), and the second tranche consisting of 8,531,571 new Ordinary Shares (together with the Open Offer Shares the "Second Admission Shares"), expected to be admitted by no later than 8.00 a.m. on the third business day following the date of the General Meeting (the "Second Admission").

· The Second Admission is conditional, amongst other things, upon the passing of resolutions (the "Resolutions") to be put to shareholders at a general meeting (the "General Meeting") granting authority to the Company to issue the Second Admission Shares and the Open Offer Shares and to dis-apply pre-emption rights. Further details of the General Meeting will be announced in due course. In addition, Second Admission will also require, and be conditional on, the publication of an FCA-approved prospectus. The Company will, in due course, publish a prospectus which incorporates a shareholder circular in connection with the Fundraising (the "Prospectus"). The Company intends to publish the Prospectus in March with the General Meeting and Second Admission (post shareholder approval) occurring towards the end of March. 

· Following the Second Admission, the Placing Shares and the Open Offer Shares (assuming full take-up) will together represent approximately 47.0 per cent. of the enlarged issued share capital of the Company.

·     The Issue Price represents a discount of approximately 28.6 per cent. to the closing mid-market price of 49 pence per Ordinary Share on 19 January 2021, being the latest practicable date prior to the publication of this Announcement.

· Under the Open Offer, Qualifying Shareholders will have an Open Offer entitlement of 1 Open Offer Share for every 12 existing Ordinary Shares held.

 

Blake Hughes, Chief Executive Officer commented:

"InnovaDerma was trading well prior to the onset of COVID-19. This Placing will ensure we can enhance our strong ecommerce infrastructure and operational capacity to capitalise on significant growth opportunities in the digital space as we emerge from the pandemic." 

 

Further details of the Placing

finnCap Limited is acting as financial adviser and broker ("finnCap") in connection with the Placing.

The New Ordinary Shares, when issued, will be fully paid and will rank pari passu in all respects with the existing Ordinary Shares, including the right to receive all dividends and other distributions declared, made or paid after the date of issue. Neither the Placing nor the Open Offer is being underwritten.

Application will be made for the New Ordinary Shares to be admitted to listing on the standard listing segment of the Official List and to be admitted to trading on the main market for listed securities of the London Stock Exchange, (together "Admission").

Settlement for the First Admission Shares is expected to take place on or before 8.00 a.m. on 26 January 2021. Admission of the First Admission Shares is conditional upon, among other things, First Admission becoming effective and the placing agreement between the Company and finnCap (the "Placing Agreement") not being terminated in accordance with its terms. Following First Admission, there will be 17,393,633 Ordinary Shares in issue.

Admission of the Second Admission Shares is conditional upon, among other things, approval by the shareholders of the Resolutions at the General Meeting, publication of an FCA-approved Prospectus, Admission becoming effective and the Placing Agreement between the Company and finnCap not being terminated in accordance with its terms and is expected in late March. Further information will be available in the Prospectus to be published in due course. A further announcement with regards to the timing of such will be made when available.

 

Further enquiries

 

InnovaDerma

Blake Hughes

 

 

c/o TB Cardew

 

finnCap Group

Geoff Nash/Kate Bannatyne/Edward Whiley

Alice Lane/Charlotte Sutcliffe - Corporate Broking

 

+44 (0)207 220 0500

www.finncap.com

TB Cardew

Shan Shan Willenbrock/

Olivia Rosser

 

+ 44 (0)7775 848537

+ 44 (0)20 7930 0777

[email protected]

 

 

 

 

IMPORTANT NOTICES

The distribution of this Announcement and/or the Fundraising and/or issue of the New Ordinary Shares in certain jurisdictions may be restricted by law.  No action has been taken by the Company, finnCap or any of their respective affiliates, agents, directors, officers or employees that would permit an offer of the New Ordinary Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such New Ordinary Shares in any jurisdiction where action for that purpose is required.  Persons into whose possession this Announcement comes are required by the Company and finnCap to inform themselves about and to observe any such restrictions.

This Announcement or any part of it does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia (the "United States" or the "US")), Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction in which the same would be unlawful.  No public offering of the New Ordinary Shares is being made in any such jurisdiction.

The New Ordinary Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Fundraising or the accuracy or adequacy of this Announcement.  Any representation to the contrary is a criminal offence in the United States.  The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the New Ordinary Shares and the New Ordinary Shares have not been, nor will they be, registered under or offered in compliance with the securities laws of any state, province or territory of Australia, Canada, Japan or the Republic of South Africa.  Accordingly, the New Ordinary Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, Japan or the Republic of South Africa or any other jurisdiction outside the United Kingdom.

Persons (including, without limitation, nominees and trustees) who have a contractual right or other legal obligations to forward a copy of this Announcement should seek appropriate advice before taking any action.

This Announcement may contain and the Company may make verbal statements containing "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results.  Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning.  By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, United Kingdom domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its respective affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, a decline in the Company's credit ratings; the effect of operational risks; and the loss of key personnel.  As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made.  Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this Announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.

finnCap is authorised and regulated by the FCA in the United Kingdom and is acting exclusively for the Company and no one else in connection with the Fundraising, and finnCap will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or Open Offer or any other matters referred to in this Announcement.

No representation or warranty, express or implied, is or will be made as to, or in relation to, and no responsibility or liability is or will be accepted by finnCap or by any of its affiliates or agents as to, or in relation to, the accuracy or completeness of this Announcement or any other written or oral information made available to or publicly available to any interested party or its advisers, and any liability therefor is expressly disclaimed.

No statement in this Announcement is intended to be a profit forecast or estimate, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.

The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares.  Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.

The New Ordinary Shares to be issued pursuant to the Placing and Open Offer will not be admitted to trading on any stock exchange other than the London Stock Exchange.

Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.

 

 

Background to, and reasons for the Fundraising

InnovaDerma is a UK developer of beauty, personal care and life science products. The Company has presence in the UK, Europe, US, Australasia, Asia and Africa, and operates under a number of different brands including Skinny Tan, Charles + Lee, Roots and Nuthing.

Innovaderma has built an experienced and digitally focused UK-based Board and executive team, led by CEO Blake Hughes who has over 25 years' of experience growing brands and companies within the beauty and personal care industry. Blake has extensive experience in eCommerce, brand building, international expansion and digital marketing having previously held positions within Procter & Gamble, Elizabeth Arden and Philip Kingsley. The Board believes now is the appropriate time to implement its growth strategy, build its brands and strengthen the balance sheet.

 

The Board are focused on implementing a number of operational efficiencies as well as simplification and enhancement of the e-commerce customer experience. The Company is also implementing a range of profit, cash and gross margin protection measures including introducing strong overhead cost reductions, operating with lower year-on-year inventory, increasing marketing and promotional hurdle rates, and lowering the cost to digitally target existing customers. All of which the Board is confident will position the Company to benefit from the substantial growth opportunities anticipated once the restrictions implemented as a result of Covid-19 begin to ease.

 

As outlined in the Company's trading update released on 11 January 2021, the recent underlying performance of the Company has been negatively affected by the continued impact of Covid-19 and tighter restrictions imposed in the UK over the important festive season, and as a result the cash position of the Company has been materially impacted.  Under the leadership of the new CEO, Innovaderma has been formalising a sharpened strategic focus for future growth and exploring options to strengthen its balance sheet to ensure the business is well positioned for the future. Accordingly, the Board has decided to undertake the proposed Fundraising in order to both strengthen the Company's balance sheet and to fund its short term cash requirements, as well as provide additional capital to accelerate the Company's global Direct-To-Consumer strategy ("DTC"), and enhance and grow the Company's e-commerce infrastructure and operational capacity.

 

Current trading and future prospects

As stated in the Company's recent trading update, the Board expects H1 revenue to be approximately £4.1 million (H1 19: £5.1 million). A decline in UK sales (H1 20: £2.9 million, down approximately 32 per cent.), was partially offset by encouraging growth in key international markets (H1 20: US £0.4 million, up approximately 17 per cent.; and Australia £0.8 million, up approximately 52 per cent.) led by Skinny Tan. Both Retail as well as DTC sales have been impacted by a reduction in beauty category consumption, particularly in the tanning category, due to Covid-19.  DTC remains the priority channel and represents approximately 62 per cent. of the Company's sales (H1 19: 60 per cent.). The Company expects the tanning category consumption to significantly improve as Covid-19 restrictions ease, and moreover as the UK enters the peak tanning season from April to June.

Additionally, the Company expects revenue and EBITDA to be strongly weighted to H2 FY2021. This reflects the peak tanning season in the UK and US as well as an anticipated recovery in the last quarter of the financial year as Covid-19 restrictions ease and it is therefore expected that the business will be EBITDA positive in H2.

As announced on 14 January 2021, the Company entered into a loan agreement (the "Loan Agreement") to provide the Company with a working capital loan facility of £500,000 with Mark Ward, a non-executive Director of the Company and substantial shareholder.

Under the Loan Agreement, the loan attracts interest at 5 per cent. above LIBOR and is repayable on 13 July 2021. As stated at the time, Mark Ward can require the loan to be repaid early in the event that the Company raises in excess of £2 million through debt or equity issuance. As a result, it is intended that, following shareholder approval, the obligation to repay the £500,000 loan facility will be satisfied by the issue of 1,428,571 Placing Shares to Mark Ward.

 

Use of Proceeds

The Company intends to use the proceeds of the Fundraising as follows:

Use of funds

Estimate

Accelerate the Company's global Direct-To-Consumer e-commerce strategy through capital investment in the Company's e-commerce infrastructure and operational capacity.

£2 million

Strengthen the Company's balance sheet , and working capital purposes

£2.5 million

Total

Up to £4.5 million

 

 

Director Participation and Related Party Transactions

The Directors intend to subscribe for an aggregate of 1,842,855 Placing Shares as set out below:

Director

Position

Current number of Ordinary Shares

Current % Holding

Number of Placing Shares subscribed for in the Fundraising

Resultant holding of the Enlarged Share Capital %*

Blake Hughes

Chief Executive Officer

-

-

128,571

0.47%

Ross Andrews

Non-Executive Chairman

94,860

0.65%

214,285

1.13%

Simon Pyper

Non-Executive Director

-

-

71,428

0.26%

Mark Ward

Non-Executive Director

2,174,495

15.0%

1,428,571

13.16%

 

*assuming full take-up of Open Offer Shares and following Second Admission

It is proposed that following shareholder approval, the obligation to repay the £500,000 loan facility provided by Mark Ward will be satisfied by the issue of 1,428,571 Placing Shares to him 

The proposed participation in the Placing by the Directors will constitute related party transactions as defined under DTR 7.3.

 

The Fundraising

The Company proposes to raise up to approximately £4.5 million through the issue of the New Ordinary Shares at the Issue Price, which, at 35 pence, represents a discount of approximately 28.6 per cent. to the closing mid-market price of an Ordinary Share of 49 pence on 19 January 2021 (being the latest practicable business day prior to the date of this Announcement).

The Placing comprises a placing of an aggregate of 11,428,571 Placing Shares, to be effected in two tranches. The first tranche of 2,897,000 new Ordinary Shares will utilise the Company's existing shareholder authorities to issue new Ordinary Shares on a non-pre-emptive basis for cash. The second tranche of 8,531,571 new Ordinary Shares, will be conditional, amongst other things, on the passing of the Resolutions to be put to shareholders at the General Meeting. Further information will be available in the Prospectus expected to be published in early March. A further announcement will be made in due course.

In addition, the Company has agreed to issue warrants to subscribe for 214,285 new Ordinary Shares to finnCap. Such warrants are to be exercisable at the Issue Price for the period of 24 months following the date of the Second Admission.

The Placing Agreement contains customary warranties and indemnities from the Company in favour of finnCap in relation to, amongst other things, the accuracy of the information in this Announcement and other matters relating to the Group and its business. In addition, the Company has agreed to indemnify finnCap and its affiliates in relation to certain liabilities they may incur in respect of the Placing. finnCap can terminate the Placing Agreement at any time prior to First or Second Admission in certain circumstances, including in the event of a breach of the warranties given in the Placing Agreement, the failure of the Company to comply with its obligations under the Placing Agreement,  the occurrence of a force majeure event which in finnCap's opinion (acting in good faith) has a material adverse effect on, amongst other things, the operation of investment markets in the UK, or a material adverse change affecting the financial, operational or legal condition of the Group (taken as a whole).  If this right is exercised, the Placing will not proceed. The Placing is not being underwritten by finnCap (in whole or in part) or by any other person. The Company has agreed to pay certain fees and commissions to finnCap in respect of the Placing in so far as they relate to the new Ordinary Shares. 

Application will be made for the 2,897,000 First Placing Shares to be admitted to listing on the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities. It is expected that First Admission will become effective and that dealings in the First Placing Shares will commence on the London Stock Exchange by 8.00 a.m. on 26 January 2021. Application will be made for the second tranche of 8,531,571 Second Placing Shares and the Open Offer Shares to be admitted to listing on the standard listing segment of the Official List of the FCA and to trading on the London Stock Exchange's main market for listed securities and admission will become effective following the passing of the Resolutions at the General Meeting, which is expected in late March. A further announcement will be made with a further update on timing when available.

It is expected that all of the Placing Shares, when issued and fully paid, will be capable of being held and transferred by means of CREST.

The New Ordinary Shares (assuming full take up of the Open Offer) are expected to represent approximately 47.0 per cent. of the enlarged issued share capital immediately following Second Admission.

 

Details of the Open Offer

The Company considers it important that shareholders who qualify for the Open Offer ("Qualifying Shareholders") have an opportunity (where it is practicable for them to do so) to participate at the same price per Ordinary Share as the Placing and accordingly the Company is making the Open Offer to Qualifying Shareholders. The Company is proposing to raise a maximum of approximately £0.5 million (before expenses) (assuming full take up of the Open Offer) through the issue of up to 1,449,469 Open Offer Shares.

The Open Offer Shares will be made available to Qualifying Shareholders pursuant to the Open Offer at the Issue Price of 35 pence per Open Offer Share, payable in full on acceptance. Any Open Offer Shares not applied for by Qualifying Shareholders will be available to Qualifying Shareholders under an excess application facility.

Qualifying Shareholders will be entitled to apply for Open Offer Shares under the Open Offer at the Issue Price on the following basis:

 

1 Open Offer Share for every 12 existing Ordinary Shares held by the Qualifying Shareholder on the record date

 

Further information regarding the Open Offer timetable, and the terms and conditions on which it is being made will be contained in the Prospectus to be posted to Shareholders in early March.

The Open Offer will be conditional on the Fundraising becoming unconditional in all respects and not being terminated before the Second Admission.

 

Publication of Prospectus

In connection with the Open Offer and the Second Admission, the Company expects to publish a Prospectus, following approval by the FCA, on the Company's website by mid-March 2021 in accordance with the requirements of the the UK version of Prospectus Regulation (EU) 2017/1129 which forms part of domestic law pursuant to the European Union (Withdrawal) Act 2018 ("UK Prospectus Regulation") and the prospectus rules made by the FCA under Part 6 of the FSMA ("Prospectus Regulation Rules"). The Prospectus will, following publication, be sent to Shareholders and made available on the Company's website, https://www.innovaderma.com.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

Pursuant to the split First and Second Admissions, Blake Hughes, Ross Andrews and Simon Pyper will receive a portion of their Placing Shares on First Admission. Their remaining investment will follow at the time of Second Admission.

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Ross Andrews

2. 

Reason for the Notification

 

a)

Position/status

Non-Executive Chairman

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

InnovaDerma PLC

 

b)

LEI

213800WRAP6W8VDL6B38

 

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the Financial instrument, type of instrument

€0.10 each ("Ordinary Shares")

Identification code

IDP   GB00BT9PTW34

 

b)

Nature of the transaction

Purchase of Ordinary Shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

35p

62,881

 

d)

Aggregated information:

Aggregated volume

Price

 

See 4c) above

 

e)

Date of the transaction

26 January 2021

 

f)

Place of the transaction

London Stock Exchange, Main Market

 

 

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Blake Hughes

2. 

Reason for the Notification

 

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

InnovaDerma PLC

 

b)

LEI

213800WRAP6W8VDL6B38

 

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the Financial instrument, type of instrument

€0.10 each ("Ordinary Shares")

Identification code

IDP   GB00BT9PTW34

 

b)

Nature of the transaction

Purchase of Ordinary Shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

35p

37,728

 

d)

Aggregated information:

Aggregated volume

Price

 

See 4c) above

 

e)

Date of the transaction

26 January 2021

 

f)

Place of the transaction

London Stock Exchange, Main Market

 

 

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Pyper

2. 

Reason for the Notification

 

a)

Position/status

Non-Executive Director

b)

Initial notification/Amendment

Initial notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 

a)

Name

InnovaDerma PLC

 

b)

LEI

213800WRAP6W8VDL6B38

 

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

 

a)

Description of the Financial instrument, type of instrument

€0.10 each ("Ordinary Shares")

Identification code

IDP   GB00BT9PTW34

 

b)

Nature of the transaction

Purchase of Ordinary Shares

 

c)

Price(s) and volume(s)

Price(s)

Volume(s)

35p

20,960

 

d)

Aggregated information:

Aggregated volume

Price

 

See 4c) above

 

e)

Date of the transaction

26 January 2021

 

f)

Place of the transaction

London Stock Exchange, Main Market

 

 

 

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