Incanthera PLC Extension of Warrants

RNS Number : 3321D

Incanthera PLC

09 September 2024

 

 

9 September 2024

Incanthera plc

 

("Incanthera" or "the Company")

 

Extension of Warrants to ImmuPharma plc to 31 March 2025

 

Incanthera plc (AQSE: INC), the specialist company focused on innovative technologies in dermatology and oncology advises that it has granted an extension of the period of Warrants issued to ImmuPharma plc ("ImmuPharma") to 31 March 2025.

 

At the time of its admission to the AQSE Growth Market, the Company entered into a Warrant Instrument ("Warrant Instrument") with ImmuPharma on 26 February 2020, whereby Incanthera created and issued Warrants to ImmuPharma to subscribe in cash at 9.5p per share, for 7,272,740 Ordinary Shares, valid until 6 September 2023. On 18 August 2023, Incanthera agreed with ImmuPharma to extend the Warrant Instrument by 12 months to 6 September 2024.

 

Incanthera has now agreed with ImmuPharma to extend the Warrant Instrument to 31 March 2025 for a cash consideration of £75,000. Other than the change in the expiry period, all other provisions in the Warrant Instrument remain the same.

 

In considering the warrant extension, the Board of Incanthera concluded that as the cost to ImmuPharma to fully exercise the warrants held by it would be £691,000, ImmuPharma, in the interests of their responsible operational cash management, would likely need to sell a proportion of these new ordinary shares in the market to fund the warrant exercise. As such, the Board of Incanthera further considered that granting the extension and maintaining an orderly market ahead of the launch of Skin + Cell to be beneficial to all shareholders.

 

Related Party Transaction

 

ImmuPharma currently owns no shares in Incanthera, having sold its previous holding of c.9.9 million shares, as notified on 3 June 2024, however, it was a substantial shareholder in Incanthera during the previous 12 months.

 

Tim McCarthy, Incanthera's Chairman, is also the Chairman & CEO of ImmuPharma.

 

The extension of the Warrants has been treated as a related party transaction pursuant to Rule 4.6 of the Apex AQSE Growth Market Rulebook. Mr. McCarthy has not been involved in the Board decision in respect to agreeing to the terms of the extension.

 

The Directors (excluding Mr. McCarthy), having exercised reasonable care, skill and diligence, consider that the related party transaction is fair and reasonable as far as the shareholders of Incanthera are concerned.

 

 

This announcement contains inside information as stipulated under the UK version of the Market Abuse Regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) Act 2018, as amended.  On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.

 

For further enquiries:

 

Incanthera plc:                                                                                                                                                                   

www.incanthera.com        Simon Ward, Chief Executive Officer [e-mail]    Suzanne Brocks, Head of Communications [e-mail]	[phone]    [phone]
Aquis Exchange Corporate Adviser:  Cairn Financial Advisers LLP  Jo Turner / Liam Murray / Ed Downes	[phone]
Broker:  Stanford Capital Partners Ltd Patrick Claridge/Bob Pountney	[phone]/51

  

Notes to Editors

 

Incanthera is a specialist company focused on innovative technologies in dermatology and oncology. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet

needs, utilising new technology from leading specialists and academic institutions as well as its in-house development team.

 

The Company originated from the Institute of Cancer Therapeutics ("ICT") at the University of Bradford.  Incanthera's strategy is to develop each candidate in its portfolio from initial acquisition or discovery to securing its future through commercially valuable partnerships at the earliest opportunity in its development pathway.

                                                                                                                

For more information on the Company please visit: www.incanthera.com

 

@incantheraplc

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

NEXFVLLBZKLZBBD