Following admission of the new ordinary shares, Lansdowne Partners will have a holding of 196,220,153 shares in the share capital of the Company, representing approximately 18.4% of the Company's enlarged share capital assuming full take up of the Open Offer.
Director and associate participation in the Placing
The following Directors of the Company have agreed to subscribe for the number of Placing Shares opposite his/her name as set out below:
Name Number of Placing Shares
Henrik Wareborn 400,000
Andrew Morris 400,000
Philip Malcolm Holland 200,000
Darran Keith Messem 100,000
Sandy Shaw[1] 100,000
Total 1,200,000
Open Offer
Further to the announcement of its proposed open offer yesterday, the Company proposes to raise up to £1 million by way of an open offer of up to 20,000,000 new ordinary shares (the "Open Offer Shares") to eligible shareholders of the Company at the Offer Price (the "Open Offer").
The Company considers it important that, where reasonably practicable, shareholders who have not had an opportunity to take part in the Placing have an opportunity to participate in the equity fundraise at the Offer Price. The Company is therefore providing eligible shareholders with the opportunity to subscribe for Open Offer Shares at the Offer Price pursuant to the Open Offer, pro rata to their holdings of existing ordinary shares. Eligible shareholders may also make applications in excess of their pro rata initial entitlement up to an amount equal to the total number of Open Offer Shares available under the Open Offer less an amount equal to such eligible shareholder's Open Offer entitlement.
Further details of the Open Offer, including the terms and conditions, will be made available to shareholders separately in the circular to be published by the Company in connection with the Fundraise.
Circular and General Meeting
Completion of the Placing, Retail Offer and Open Offer (together, the "Fundraise") is conditional (amongst other things) upon the passing of certain resolutions. A General Meeting is therefore being convened for the purpose of considering the Resolutions at 10.30 a.m. on 14 July 2020 at Magdalen Centre, Robert Robinson Avenue, The Oxford Science Park, Oxford OX4 4GA. Notice of the General Meeting is set out in the Circular.
On 11 May 2020, the UK Government announced the Stay Alert Guidance. The Stay Alert Guidance prohibits, among other things, certain public gatherings. The General Meeting has been arranged on the ass |