Allergy Therapeutics PLC Results of Placing and Subscription (1647V)

TIDMAGY

RNS Number : 1647V

Allergy Therapeutics PLC

19 July 2018

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, OR INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, NEW ZEALAND, THE RUSSIAN FEDERATION OR SOUTH AFRICA OR ANY OTHER JURISDICTION IN WHICH THE SAME WOULD BE UNLAWFUL.

FURTHER, THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND SHALL NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR THE SOLICITATION TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE ANY ORDINARY SHARES OF THE COMPANY IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL. THIS ANNOUNCEMENT SHOULD BE READ IN ITS ENTIRETY. IN PARTICULAR, YOU SHOULD READ AND UNDERSTAND THE INFORMATION PROVIDED IN THE "IMPORTANT NOTICES" SECTION.

19 July 2018

Allergy Therapeutics plc

("Allergy Therapeutics", the "Company" or the "Group")

Results of Placing and Subscription

Allergy Therapeutics plc (AIM:AGY), the fully integrated specialty pharmaceutical company specialising in allergy vaccines, is pleased to announce the successful completion of the Placing and Subscription announced earlier today which was over-subscribed.

A total of 40,000,000 new ordinary shares (the "New Shares") have been placed or subscribed for at a price of 26.5 pence per share (the "Issue Price") to raise GBP10.6 million (before expenses) for the Company. The New Shares being issued represent 6.7 per cent. of the issued ordinary share capital of the Company prior to the Placing and Subscription. The Issue Price represents a premium of 0.4 per cent. to the average mid-market closing price over the previous 60 trading days up to and including 18 July 2018, the last trading day before the announcement of the Placing and Subscription.

Manuel Llobet, Chief Executive Officer, stated:

"Allergy Therapeutics is now well positioned for a transformational period of growth both with our marketed products and our R&D pipeline. With this successful Placing and Subscription, we will expand our planned Phase III PQ Grass trial, scheduled to start in H2 2019, including a project to analyse pollen trends in the US to maximise the exposure of patients to grass pollen. We will also support the Acarovac Phase II trial and, looking further out, further progress our diversified pipeline of patient friendly, convenient to use products including Polyvac Peanut."

Panmure Gordon is acting as Financial Adviser, Nominated Adviser and Corporate Broker in respect of the Placing. Unless the context requires otherwise, capitalised terms in this announcement have the same meanings as defined in the Company's announcement released via RNS at 7.00 a.m. today.

Related Party Transaction

Where a company enters into a related party transaction, under the AIM Rules for Companies, the independent directors of the company are required, after consulting with the company's nominated adviser, to state whether, in their opinion, the transaction is fair and reasonable in so far as its shareholders are concerned.

Southern Fox Investments Limited has subscribed GBP3.5 million for 13,321,559 New Shares. As at the date of this announcement, Southern Fox Investments Limited has an interest in 130,999,980 Ordinary Shares, representing 22.0 per cent. of the issued share capital of the Company prior to the Placing and Subscription. The issue of New Shares to Southern Fox Investments Limited therefore constitutes a related party transaction under Rule 13 of the AIM Rules for Companies.

The Directors, having consulted with Panmure Gordon, the Company's nominated adviser, consider that the terms of Southern Fox Investments Limited's participation in the Placing and Subscription are fair and reasonable insofar as the shareholders are concerned.

Application for admission to trading on AIM and total voting rights

Application has been made to the London Stock Exchange for admission to trading of the New Shares on AIM ("Admission"). It is expected that Admission will take place at 8:00 a.m. on 25 July 2018 (at which time the Placing and Subscription will become unconditional) and that dealings in the New Shares on AIM will commence at the same time.

The New Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares in the capital of the Company, including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after the date of issue of the New Shares.

Allergy Therapeutics' enlarged issued ordinary share capital immediately following Admission will be 636,168,616 Ordinary Shares with voting rights attached. The Company has no shares in Treasury; therefore the total number of voting rights in Allergy Therapeutics following Admission will be 636,168,616. This figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify an interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.

This announcement contains inside information for the purposes of Article 17 of the Market Abuse Regulation (EU) No.596/2014.

For further information, please contact:

Allergy Therapeutics [phone]

Manuel Llobet, Chief Executive Officer

Nick Wykeman, Chief Financial Officer

Panmure Gordon [phone]

Freddy Crossley / Emma Earl / Ryan McCarthy, Corporate Finance

Erik Anderson, Corporate Broking

Consilium Strategic Communications [phone]

Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia Manser

[e-mail]

Notes for editors:

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company focussed on the treatment and diagnosis of allergic disorders, including immunotherapy vaccines that have the potential to cure disease. The Group sells proprietary and third party products from its subsidiaries in eight major European countries and via distribution agreements in an additional fourteen countries. Its broad pipeline of products in clinical development include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Adjuvant systems to boost performance of vaccines outside allergy are also in development.

Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m(2) of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved double digit compound annual growth since formation, employs c.500 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com.

IMPORTANT NOTICES

This Announcement has been issued by, and is the sole responsibility, of the Company. 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 Panmure Gordon or by any of its affiliates, directors, officers, employees, advisers 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 therefore is expressly disclaimed. Panmure Gordon has not authorised the contents of, or any part of, this announcement.

Panmure Gordon, which is authorised by the FCA, is acting exclusively for the Company and no-one else in connection with the Placing and Subscription and will not regard any other person as a client in relation to the Placing and Subscription and will not be responsible to anyone other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing and Subscription or any other matter referred to herein. Its responsibilities as nominated adviser and broker to the Company are owed to the London Stock Exchange and the Company and not to any other person including, without limitation, in respect of any decision to acquire New Shares in reliance on any part of this announcement.

There are matters set out within this announcement that are forward-looking statements. Such statements are only predictions, and actual events or results may differ materially. For a discussion of important factors which could cause actual results to differ from forward-looking statements, refer to the Company's Annual Report and Accounts for the period ended 30 June 2017. Neither the Company nor Panmure Gordon undertakes any obligation to update publicly, or revise, forward-looking statements, whether as a result of new information, future events or otherwise, except to the extent legally required. You should not place undue reliance on forward-looking statements, which speak only as of the date of this announcement. No statement in this announcement is or is intended to be a pro t forecast or pro t estimate or to imply that the earnings of the Company for the current or future nancial periods will necessarily match or exceed the historical or published earnings of the Company. The price of shares and the income from them may go down as well as up and investors may not get back the full amount invested on disposal of the shares.

, 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. 

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July 19, 2018 05:19 ET (09:19 GMT)