ImmuPharma plc (IMM.L) announced that ING, Belgium has taken a 4% stake in the company with the exercise of warrants issued in December 2006. These warrants were exercised on 24 December 2009.
The warrants were originally issued in December, 2006 when ING agreed to advance €3 million to the Company's wholly owned subsidiary, ImmuPharma France SA, by way of a Bond which was interest free and unsecured. At the same time, ImmuPharma issued warrants whereby ING could subscribe €3 million for 3.25 million new ImmuPharma plc shares at any time during the three years ending 31 December 2009. At the Euro/Sterling exchange rate when these financing arrangements were agreed, the effective subscription price of the warrants was 62 pence per share.
ING will have 3.25 million shares following the exercise. Application has been made to London Stock Exchange plc for the admission of the new ordinary shares to trading on AIM. Following the share issue and a separate, recent exercise of options, ImmuPharma will have 81.09 million ordinary shares of 10p each in issue.
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by RTT Staff Writer
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