Provexis Plc. (PXS.L) announced that it proposes to raise up to about £2.1 million, before expenses , by way of an Open Offer. The open offer follows the completion of the Subscription by the Company, as announced on 25 September 2009.
The company announced on 25 September 2009 a subscription by new and existing shareholders of 200 million new Ordinary Shares at a price of 2.5p per share to raise £5 million before commission and expenses. The subscription price represented a discount of approximately 72.2 per cent. to the closing mid-market price of 9 pence per Ordinary Share on 24 September 2009, being the last dealing day prior to the announcement of the Subscription.
The company said that qualifying Shareholders are invited to apply for Offer Shares under the Open Offer at a price of 2.5 pence per Offer Share, payable in full on application and free of all expenses, pro rata to their existing shareholdings on the basis of1 Offer Share for every 12 Existing Ordinary Shares held at the Open Offer Record Date. Entitlements of Qualifying Shareholders will be rounded down to the nearest whole number of Offer Shares. Fractional entitlements which would have otherwise arisen will not be issued. The Open Offer is subject to Admission becoming effective by 22 December 2009.
The Offer Shares have not been placed subject to clawback nor have they been underwritten. Consequently, there may be either no Offer Shares or fewer than 85,211,664 Offer Shares issued pursuant to the Open Offer.
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