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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ilika Plc | LSE:IKA | London | Ordinary Share | GB00B608Z994 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 28.00 | 27.00 | 29.00 | 28.00 | 28.00 | 28.00 | 22,361 | 08:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Coml Physical, Biologcl Resh | 702k | -7.3M | -0.0459 | -6.10 | 44.51M |
From Apr 2019 to Apr 2024
TIDMIKA
RNS Number : 2338U
Ilika plc
11 July 2018
THIS ANNOUNCEMENT (INCLUDING THE APPIX) AND THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
For immediate release
11 July 2018
Ilika plc
Proposed Placing to raise not less than GBP4.0 million
and
Open Offer to raise up to GBP1.0 million
Introduction
Ilika plc, the advanced solid-state battery technology and materials innovation company ("Ilika", the "Company" or, together with its subsidiary undertakings, the "Group"), today announces a placing of new ordinary shares of one penny each ("Ordinary Shares") in the capital of the Company (the "Placing Shares") at a price of 20 pence per Placing Share (the "Placing Price") to raise gross proceeds of not less than GBP4.0 million (the "Placing").
The Placing Shares will represent not less than 25.8 per cent. of the existing issued share capital of the Company and the Placing Price represents a discount of approximately 13.0 per cent. to the closing mid-market price of 23 pence per Ordinary Share on 10 July 2018, being the latest practicable date prior to the publication of this Announcement.
Ilika also intends to raise up to approximately GBP1.0 million through the issue of 5,058,240 new Ordinary Shares (the "Open Offer Shares") pursuant to an open offer (the "Open Offer", together with the Placing, the "Capital Raising"), to allow Ilika shareholders who are not participating in the Placing to subscribe for new Ordinary Shares at the Placing Price.
Liberum Capital Limited ("Liberum") is acting as nominated adviser and sole bookrunner in connection with the Placing. The Placing will be launched immediately following this Announcement, in accordance with the terms and conditions set out in the Appendix to this Announcement.
The Company intends to send a circular (the "Circular") to shareholders in connection with the Open Offer on or around 11 July 2018. The Circular will also be available on the Company's website: www.ilika.com later today.
Transaction highlights
-- Conditional placing to raise gross proceeds of not less than GBP4.0 million and an associated Open Offer to raise up to GBP1.0 million by way of a Placing of 20,224,683 new Ordinary Shares at a Placing Price of 20p and an Open Offer of 5,058,240 new Ordinary Shares at a price of 20p.
-- The Company has been approached by a number of commercial partners interested in collaborating with Ilika to develop larger capacity batteries suitable for use in consumer electronics, domestic storage of energy and electric powered vehicles codenamed "Project Goliath".
-- Following the offer of grant funding pursuant to the Faraday Challenge automotive collaborations, Ilika has now extended its commercialisation roadmap to include large format Stereax(R)cells for automotive power and now intends to build a new pre-pilot production line.
-- The proceeds of the Placing together with the associated offer of funding grants received from Innovate UK are expected to be utilised as follows:
o Pre-pilot plant capital expenditure for Project Goliath of GBP1.6 million;
o Project Goliath operational costs of GBP1.5 million;
o Capital expenditure of GBP0.2million; and
o GBP3.0 million for general working capital purposes.
-- The Directors believe that the funds raised from the Placing together with the Company's funding grants will provide sufficient working capital for the Company to fund its operations until at least the end of 2019.
-- General Meeting to approve the Capital Raising to be held on 27 July 2018 at 11:00 a.m. at the offices of Eversheds Sutherland (International) LLP, One Wood Street, London EC2V 7WS
Graeme Purdy, Chief Executive of Ilika, said: "It is an exciting time for the Company as it extends its commercialisation roadmap to include large format Stereax(R) cells for automotive power through the construction of a new pre-pilot production line. This Placing will also support the work we are carrying out with a number of interested parties surrounding our Stereax thin film batteries, with a view to entering into licence agreements.
"The Directors believe that the funds raised from the Placing together with the Company's funding grants will position the Company well to commercialise the Intellectual Property developed to date and lead interested commercial partners to the table to discuss licensing terms."
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www.ilika.com
For more information contact:
Ilika plc
Graeme Purdy, Chief Executive Tel: 023 8011 1400
Steve Boydell, Finance Director
Liberum Capital Limited Tel: 020 3100 2000
Neil Elliot, Jill Li,
Trystan Cullen, William Hall
Walbrook PR Ltd Tel: 020 7933 8780 / ilika@walbrookpr.com
Paul Cornelius Mob: 07866 384 707
Lianne Cawthorne Mob: 07584 391 303
Note:
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation. Upon the publication of this announcement via Regulatory Information Service, this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Steve Boydell, Finance Director of the Company (responsible for arranging release of this announcement) on 023 8011 1400.
IMPORTANT NOTICES
This Announcement may contain and the Company may make verbal statements containing "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company, including amongst other things, United Kingdom domestic and global economic business conditions, market-related risks such as fluctuations in interest rates and exchange rates, the policies and actions of governmental and regulatory authorities, the effect of competition, inflation, deflation, the timing effect and other uncertainties of future acquisitions or combinations within relevant industries, the effect of tax and other legislation and other regulations in the jurisdictions in which the Company and its affiliates operate, the effect of volatility in the equity, capital and credit markets on the Company's profitability and ability to access capital and credit, a decline in the Company's credit ratings; the effect of operational risks; and the loss of key personnel. As a result, the actual future financial condition, performance and results of the Company may differ materially from the plans, goals and expectations set forth in any forward-looking statements. Any forward-looking statements made in this Announcement by or on behalf of the Company speak only as of the date they are made. Except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this Announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statement is based.
Liberum is authorised and regulated by the Financial Conduct Authority (the "FCA") in the United Kingdom and is acting exclusively for the Company and no one else in connection with the Placing or any other matters referred to in this Announcement, and Liberum will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or any other matters referred to in this Announcement.
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 Liberum or by any of its affiliates 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 therefor is expressly disclaimed.
No statement in this Announcement is intended to be a profit forecast or estimate, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.
The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.
The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than the London Stock Exchange.
Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.
The following is an extract from the Chairman's letter to be set out in substantially the same form in the Circular.
Proposed Placing to raise not less than GBP4.0 million
and
Open Offer to raise up to GBP1.0 million
1. Introduction
The Company is pleased to announce a conditional Placing by Liberum Capital at a price of 20 pence per New Ordinary Share to raise gross proceeds of not less than GBP4.0 million and an associated Open Offer to raise up to GBP1.0 million. The net proceeds of the Placing and Open Offer will be used to fund capital expenditure relating to the Company's automotive projects and to provide working capital for the Company to at least the end of 2019.
The Placing and Open Offer are conditional upon, inter alia, the passing of the Resolutions at the General Meeting and Admission. It is expected that, subject to the passing of the Resolutions, the New Ordinary Shares will be admitted to trading on AIM on 30 July 2018.
The Placing Price represents a discount of approximately 13.0 per cent. to the closing mid-market price of 23 pence per Existing Ordinary Share on 10 July 2018 (being the latest practicable date prior to this announcement).
2. Background to, and reasons for, the Placing and Open Offer
On 13 June 2018 the Company announced that it had received conditional offers of grant funding totalling GBP4.1 million through the Faraday Battery Challenge to partially fund two development projects. In order to qualify for this grant funding, Ilika is required to partially fund these projects, one of which will be funded from the proceeds of the Placing as described below.
Furthermore, the Company has been approached by a number of significant commercial partners interested in collaborating with Ilika to expand its product development roadmap to include larger capacity batteries suitable for use in consumer electronics, domestic storage of energy and electric powered vehicles codenamed "Project Goliath". Following the offer of grant funding pursuant to the Faraday Challenge automotive collaborations, Ilika has now extended its commercialisation roadmap to include large format Stereax(R) cells for automotive power and now intends to build a new pre-pilot production line, which is estimated to cost GBP1.6 million with additional working capital requirements of GBP1.5 million.
Ilika is the lead partner in the PowerDrive Line project, in which it intends to collaborate with Honda, Ricardo, the Centre for Process Innovation ("CPI") and University College London. The proposed project grant funding for all partners is GBP4.4 million, of which Ilika expects to receive GBP2.3 million. This 30-month collaborative project will be the key focus for Ilika as it seeks to develop a lithium based solid-state Stereax(R) battery for plug in hybrid and electric vehicles, establish a pre-pilot line for solid-state battery cell technology and develop processes for a solid-state materials supply chain. The innovative solid-state technology will enable safer, more energy and power dense cells that will facilitate ultra-fast charging (enabling PHEV or BEV drivers to charge their cars in under 25 minutes). GBP0.8 million of the proceeds from the Placing will therefore be deployed to support this project.
Ilika also has the opportunity to participate in a project called, "Multi optimal Solutions for Energy Storage Systems" (MoSESS), in a consortium led by McLaren including other project partners A123 Systems and the University of Warwick. The proposed project grant funding for all partners in this 24-month project is GBP6 million, of which Ilika would receive GBP1.8 million. The consortium identifies that current electric technology is not sufficiently mature for the demands of high performance cars due to high weight, range limitations and battery management challenges. Through the development of new materials for cells and a modular designed battery, the consortium aims at delivering advances needed to achieve improved levels of functionality and performance, which may one day benefit volume car buyers. Ilika does not currently have the funds to support this project and is discussing the funding required for this project with its partners and further updates will be made as appropriate.
In addition to the above projects, the Company continues to work with a number of interested parties with a view to entering into licence agreements for the Company's Stereax thin film batteries. To support these efforts the Company is undertaking the Placing to provide additional working capital.
The Directors believe that the funds raised from the Placing together with the Company's funding grants will provide sufficient working capital for the Company to fund its operations until at least the end of 2019.
3. Current trading and prospects
The past year has seen strong progress from Ilika both operationally and financially. The Stereax(R) pilot line has produced samples of Ilika's batteries for evaluation by partners in a number of jurisdictions. Feedback from Ilika's partners has been positive and underpins its ongoing commercialisation efforts.
Following the offer of grant funding pursuant to the Faraday Challenge automotive collaborations, Ilika has now extended its commercialisation roadmap to include large format Stereax(R)cells for automotive power.
For the year ended 30 April 2018 the Company recorded revenues of GBP2.1 million, up from GBP1.1 million in 2017, and a loss before tax of GBP3.3 million compared to a loss of GBP3.9 million in 2017.
4. Details of the Placing
The Company is proposing to raise, in aggregate, not less than GBP4.0 million (before commissions and expenses) by means of the Placing. The Placing Shares will represent not less than 25.8 per cent. of the Existing Ordinary Shares. The aggregate net proceeds after costs related to the Placing are expected to be not less than GBP3.7 million. The Placing Shares will, when issued, rank in full for any dividend or other distribution declared, made or paid after Admission and otherwise equally in all respects with the Existing Ordinary Shares.
Application will be made to the London Stock Exchange for the Placing Shares to be admitted to trading on AIM and it is anticipated that trading in the Placing Shares will commence on AIM at 8.00 a.m. on 30 July 2018.
The Placing is conditional upon, amongst other things:
-- the Placing Agreement becoming unconditional in all respects (save for Admission) and not having been terminated in accordance with its terms;
-- the Resolutions being passed at the General Meeting by the requisite majorities; and
-- Admission of the Placing Shares to trading on AIM becoming effective by not later than 8.00 a.m. on 30 July 2018 (or such later time and date as may be agreed between the Company and Liberum Capital, being not later than 8.00 a.m. on 17 August 2018).
The Placing is not conditional on the Open Offer.
Pursuant to the terms of the Placing Agreement, Liberum Capital, as agent for the Company, has agreed to use its reasonable endeavours to procure placees for the Placing Shares at the Placing Price. The Placing Agreement contains warranties from the Company in favour of Liberum Capital which are customary for a transaction of this nature. In addition, the Company has agreed to indemnify Liberum Capital in customary terms in relation to certain liabilities that it may incur in respect of the Placing.
Liberum Capital may (after consultation with the Company) terminate the Placing Agreement prior to Admission in certain circumstances, including, amongst other things, if the Company is in material breach of any of its obligations under the Placing Agreement (including the warranties contained in the Placing Agreement); if there is a material adverse change in the financial position or prospects of the Group; or if there is a material adverse change in national or international financial, monetary, economic, political, environmental or stock market conditions which (in the reasonable opinion of Liberum Capital, acting in good faith) is or will be or is likely to be materially prejudicial to the Group or to the Placing or Admission.
5. Director Subscriptions
The following directors have confirmed their intention to subscribe for New Ordinary Shares in the following amounts and pursuant to the Director Subscription Agreements:
Director Existing New Shareholding Shareholding
beneficial Ordinary on as a
shareholding Shares completion percentage
subscribed of the of the
for Placing Enlarged
Issued Share
Capital
Mike 0.35 per
Inglis 115,000 250,000 365,000 cent.
-------------------------- ------------------------ -------------------------- --------------------------
Graeme 0.71 per
Purdy 609,427 125,000 734,427 cent.
-------------------------- ------------------------ -------------------------- --------------------------
Keith 0.07 per
Jackson 20,000 50,000 70,000 cent.
-------------------------- ------------------------ -------------------------- --------------------------
6. Details of the Open Offer
The Company considers it important that Qualifying Shareholders have an opportunity (where it is practicable for them to do so) to participate at the same price per New Ordinary Share as the Placing and, accordingly, the Company is make the Open Offer to Qualifying Shareholders. The Company is proposing to raise a maximum of GBP1.0 million (before expenses) (assuming full take up of the Open Offer but being less than the EUR5 million maximum amount permitted without requiring the publication by the Company of a prospectus under the Prospectus Rules) through the issue of up to 5,058,240 Open Offer Shares.
The Open Offer Shares are available to Qualifying Shareholders pursuant to the Open Offer at the Placing Price of 20 pence per Open Offer Share, payable in full on acceptance. Any Open Offer Shares not applied for by Qualifying Shareholders will be available to Qualifying Shareholders under the Excess Application Facility.
Qualifying Shareholders may apply for Open Offer Shares under the Open Offer at the Placing Price on the following basis:
2 Open Offer Shares for every 31 Existing Ordinary Shares
held by the Qualifying Shareholder on the Record Date
Entitlements of Qualifying Shareholders to apply for Open Offer Shares will be rounded down to the nearest whole number of Open Offer Shares. Fractional entitlements which would otherwise arise will not be issued to Qualifying Shareholders but will be aggregated and made available under the Excess Application Facility. The Excess Application Facility enables Qualifying Shareholders to apply for Excess Shares in excess of their Open Offer Entitlements. Not all Shareholders will be Qualifying Shareholders. Shareholders who are located in, or are citizens of, or have a registered office in the Restricted Jurisdictions will not qualify to participate in the Open Offer.
Valid applications by Qualifying Shareholders will be satisfied in full up to their Open Offer Entitlements as shown on the Application Form. Applicants can apply for less or more than their entitlements under the Open Offer but the Company cannot guarantee that any application for Excess Shares under the Excess Application Facility will be satisfied as this will depend, in part, on the extent to which other Qualifying Shareholders apply for less than or more than their own Open Offer Entitlements. The Company may satisfy valid applications for Excess Shares of applicants in whole or in part but reserves the right not to satisfy any excess above any Open Offer Entitlement. The Board may scale back applications made in excess of Open Offer Entitlements on such basis as it reasonably considers to be appropriate.
Application has been made for the Open Offer Entitlements to be admitted to CREST. It is expected that such Open Offer Entitlements will be credited to CREST stock accounts on 12 July 2018. The Open Offer Entitlements will be enabled for settlement in CREST until 11.00 a.m. on 26 July 2018. Applications through the CREST system may only be made by the Qualifying CREST Shareholder originally entitled or by a person entitled by virtue of bona fide market claim. The Open Offer Shares must be paid in full on application.
The latest time and date for receipt of completed Application Forms or CREST applications and payment in respect of the Open Offer is 11.00 a.m. on 26 July 2018. The Open Offer is not being made to certain Overseas Shareholders.
Qualifying Shareholders should note that the Open Offer is not a rights issue and therefore the Open Offer Shares which are not applied for by Qualifying Shareholders will not be sold in the market for the benefit of Qualifying Shareholders who do not apply under the Open Offer. The Application Form is not a document of title and cannot be traded or otherwise transferred.
Further details of the Open Offer and the terms and conditions on which it is being made, including the procedure for application and payment, will be contained in the Circular that will shortly be sent to Qualifying Shareholders and on the accompanying Application Form.
The Open Offer is conditional upon the Placing becoming unconditional in all respects and not being terminated before Admission (as the case may be). Accordingly, if the conditions to the Placing are not satisfied or waived (where capable of waiver), the Open Offer will not proceed and the Open Offer Shares will not be issued and all monies received by the Receiving Agent will be returned to the applicants (at the applicant's risk and without interest) as soon as possible, but within 14 days thereafter. Any Open Offer Entitlements admitted to CREST will thereafter be disabled.
The Open Offer Shares will be issued free of all liens, charges and encumbrances and will, when issued, be fully paid, rank pari passu in all respect with the Placing Shares and the Existing Ordinary Shares, including the right to receive dividends and other distributions declared, paid or made after the date of their issue.
7. Sources and uses of proceeds
The proceeds of the Placing together with the funding grants of GBP2.3 million towards the PowerDrive Line project offered by Innovate UK are expected to be utilised as follows:
-- Pre-pilot plant capital expenditure for Project Goliath of GBP1.6 million; -- Project Goliath operational costs of GBP1.5 million; -- Capital expenditure of GBP0.2million; and -- GBP3.0 million for general working capital purposes. 8. Effects of the Placing and Open Offer
Upon Admission, and assuming full take up of the Open Offer Entitlements, the Enlarged Issued Share Capital is expected to be not less than 103,685,633 Ordinary Shares. On this basis, the New Ordinary Shares will represent not less than approximately 24.4 per cent. of the Company's Enlarged Issued Share Capital.
Following the issue of the New Ordinary Shares pursuant to the Placing and Open Offer, assuming full take up of the Open Offer Entitlements, Qualifying Shareholders who do not take up any of their Open Offer entitlements nor participate in the Placing will suffer a dilution of not less than 24.4 per cent. to their interests in the Company. If a Qualifying Shareholder takes up his, her or its Open Offer Entitlement in full, and does not participate in the Placing, he, she or it will suffer a dilution of not less than 19.5 per cent. to his, her or its interest in the Company.
The Directors have concluded that proceeding with the Placing and Open Offer is the most suitable option available to the Company for raising additional funds through the issue of New Ordinary Shares and that issuing the New Ordinary Shares at a discount is fair and reasonable so far as all existing Shareholders are concerned. The Placing Price has been set by Liberum Capital, after consultation with the Company, following its assessment of market conditions and following discussions with a number of institutional investors.
9. General Meeting
The Directors currently have existing authorities to allot shares and dis-apply pre-emption rights under section 551 and section 570 of the Act which were obtained at the Company's Annual General Meeting held on 28 September 2017. However, these are insufficient to enable the Company to allot and issue the full amount of New Ordinary Shares pursuant to the Placing and Open Offer. Accordingly, in order for the Company to allot and issue the New Ordinary Shares, the Company needs to first obtain approval from its Shareholders to grant to the Board additional authority to allot the New Ordinary Shares and to dis-apply statutory pre-emption rights which would otherwise apply to such allotment. The Company is therefore also seeking Shareholder authority to increase the Director's general authority to allot securities and dis-apply pre-emption rights pursuant to sections 551 and 570 of the Act, respectively.
Set out at the end of the Circular will be a notice convening the General Meeting of the Company to be held at the offices of the Company's solicitors, Eversheds Sutherland (International) LLP at One Wood Street, London EC2V 7WS on 27 July 2018 at 11:00 a.m., at which the Resolutions will be proposed.
The Resolutions are all inter-conditional such that if any Resolution is not passed by Shareholders at the General Meeting, the Placing and Open Offer will not proceed. The Resolutions can be summarised as follows:
-- Resolution 1 - this will be proposed as an ordinary resolution and seeks the approval of Shareholders to authorise the Directors to allot the New Ordinary Shares in connection with the Placing and Open Offer; and
-- Resolution 2 - this will be proposed as a special resolution and seeks the approval of Shareholders to authorise the Directors to dis-apply pre-emption rights in connection with the allotment of the New Ordinary Shares in connection with the Placing and Open Offer.
Save in respect of the allotment of the Placing Shares and Open Offer Shares, the grant of options to employees under employee share plans or other similar incentive arrangements and pursuant to any exercise of existing options in respect of Ordinary Shares, the Directors have no current intention to allot shares, or rights to subscribe or convert into shares, in the capital of the Company.
The Directors believe that the Placing and Open Offer are in the best interests of Shareholders and the Directors intend to unanimously recommend that Shareholders vote in favour of the Resolutions so that the Placing and Open Offer can be implemented.
Appendix 1
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Open Offer Record Date 5.00 p.m. on 10 July
2018
Announcement of the Placing and Open 11 July 2018
Offer
Posting of the Circular, Application 11 July 2018
Forms and Forms of Proxy
Date Existing Ordinary Shares marked 8.00 a.m. on 11 July
'ex-entitlement' by the London Stock 2018
Exchange
Open Offer Entitlements and Excess Open 8.00 a.m. on 12 July
Offer Entitlements credited to CREST 2018 or as soon as possible
stock accounts of Qualifying CREST Shareholders thereafter
Recommended latest time and date for 4.30 p.m. on 19 July
requesting withdrawal of Open Offer Entitlements 2018
and Excess Open Offer Entitlements from
CREST
Latest time and date for depositing Open 3.00 p.m. on 23 July
Offer Entitlements and Excess Open Offer 2018
Entitlements into CREST
Latest time and date for splitting Application 3.00 p.m. on 24 July
Forms (to satisfy bona fide market claims 2018
in relation to Open Offer Entitlements
only)
Latest time and date for receipt of completed 11.00 a.m. on 25 July
Forms of Proxy and receipt of electronic 2018
proxy appointments via CREST
Latest time and date for receipt of completed 11.00 a.m. on 26 July
Application Forms and payment in full 2018
under the Open Offer or settlement of
the relevant CREST instructions (as appropriate)
General Meeting 11.00 a.m. on 27 July
2018
Results of General Meeting and Placing 27 July 2018
and Open Offer expected to be announced
through a Regulatory Information Service
Admission and commencement of dealings 8.00 a.m. on 30 July
in the New Ordinary Shares on AIM expected 2018
to commence
Expected time and date on which CREST On or after 8.00 a.m.
accounts to be credited with New Ordinary on 30 July 2018
Shares in uncertificated form
Expected date for despatch of definitive By 2 August 2018
share certificates in respect of New
Ordinary Shares to be issued in certificated
form
Notes:
(1) Reference to times in this announcement is to London time unless otherwise stated.
(2) Each of the times and dates above are indicative only and are subject to change. If any of the above times and/or dates change, the revised times and/or dates will be notified by the Company to the Shareholders by announcement though a Regulatory Information Service.
(3) Admission and the commencement of dealings in the New Ordinary Shares on AIM are conditional on, inter alia, the passing of the Resolutions at the General Meeting.
APPIX 2
DEFINITIONS
The following definitions apply throughout this Announcement, unless the context otherwise requires:
"Admission" the admission of the New Ordinary Shares
to trading on AIM becoming effective in
accordance with the AIM Rules
"AIM Rules" the AIM Rules for Companies, published by
the London Stock Exchange plc
"Application Form" the personalised application form accompanying
the Circular (where appropriate) pursuant
to which Qualifying Non-CREST Shareholders
(other than certain Overseas Shareholders)
may apply to subscribe for Open Offer Shares
under the Open Offer
"Board" or "Directors" the board of directors of the Company
"Company" or "Ilika" Ilika plc
"CREST" or "CREST the relevant system (as defined in the CREST
system" regulations) for the paperless settlement
of trades and the holding of uncertificated
securities operated by Euroclear
"CREST Manual" the rules governing the operation of CREST,
consisting of the CREST Reference Manual,
CREST International Manual, CREST Central
Counterparty Service Manual, CREST Rules,
CCSS Operations Manual and CREST Glossary
of Terms (all as defined in the CREST Glossary
of Terms promulgated by Euroclear on 15
July 1996 and as amended since)
"CREST Member" a person who has been admitted to Euroclear
as a system-member (as defined in the CREST
Regulations)
"CREST Participant" a person who is, in relation to CREST, a
system-participant (as defined in the CREST
regulations)
"CREST Payment" has the meaning given thereto in the CREST
Manual
"CREST regulations" the Uncertificated Securities Regulations
2001 (SI2001/3755)
"CREST Sponsor" a CREST Participant admitted to CREST as
a CREST Sponsor
"CREST Sponsored a CREST Member admitted to CREST as a sponsored
Member" member
"Director Subscriptions" means the subscriptions to be made at the
Placing Price by, or on behalf of the following
Directors:
(i) Mike Inglis, in respect of 250,000 New
Ordinary Shares;
(ii) Graeme Purdy, in respect of 125,000
New Ordinary Shares; and
(iii) Keith Jackson in respect of 50,000
New Ordinary Shares.
"Director Subscriptions means the subscription agreements dated
Agreements" on or about the date of this document between
the Company and each of the Directors subscribing
for Director Subscription Shares
"Director Subscription means the 425,000 New Ordinary Shares to
Shares" be issued pursuant to the Director Subscriptions
"Enlarged Share Capital" the issued ordinary share capital of the
Company immediately following the implementation
of the Placing and Open Offer and Admission
"Euroclear" Euroclear UK & Ireland Limited, the operator
of CREST
"Excess Application the arrangement pursuant to which Qualifying
Facility" Shareholders may apply for any number of
Open Offer Shares in excess of their Open
Offer Entitlement provided that they have
agreed to take up their Open Offer Entitlement
in full in accordance with the terms and
conditions of the Open Offer
"Excess CREST Open in respect of each Qualifying CREST Shareholder,
Offer Entitlement" the entitlement (in addition to his/her
Open Offer Entitlement) to apply for Open
Offer Shares pursuant to the Excess Application
Facility, which is conditional on him/her
taking up his/her Open Offer Entitlement
in full and which may be subject to scaling
back in accordance with the provisions of
the Circular
"Excess Open Offer in respect of each Qualifying Shareholder,
Entitlement" the entitlement (in addition to his/her
Open Offer Entitlement) to apply for Open
Offer Shares pursuant to the Excess Application
Facility, which is conditional on him/her
taking up his/her Open Offer Entitlement
in full and which may be subject to scaling
back in accordance with the provisions of
the Circular
"Excess Shares" Open Offer Shares applied for by Qualifying
Shareholders under the Excess Application
Facility
"Ex-entitlement Date" the date on which the Existing Ordinary
Shares are marked "ex" for entitlement
under the Open Offer, being 8.00 a.m. on
11 July 2018
"Existing Ordinary the 78,402,710 existing Ordinary Shares
Shares" in issue as at 10 July 2018 (being the latest
practicable date prior to publication of
the Circular)
"FCA" the Financial Conduct Authority
"Form of Proxy" the form of proxy for use by Shareholders
in connection with the General Meeting and
accompanying the Circular
"FSMA" the Financial Services and Markets Act 2000
"General Meeting" the general meeting of the Company to be
held at the offices of Eversheds Sutherland
(International) LLP at One Wood Street,
London EC2V 7WS at 11.00 a.m. on 27 July
2018, or any adjournment thereof
"Group" the Company and its subsidiary undertakings
"Placing Price" the price at which the New Ordinary Shares
are to be issued and allotted pursuant to
the Placing and Open Offer, being 20 pence
per New Ordinary Share
"Latest Practicable close of business (5.00 pm London time)
Date" on 10 July 2018, being the latest practicable
date prior to this announcement
"Liberum Capital" Liberum Capital Limited, the Company's nominated
adviser and broker in connection with the
Placing and Open Offer
"London Stock Exchange" London Stock Exchange plc
"New Ordinary Shares" 25,282,923 new Ordinary Shares to be issued
pursuant to the Placing and Open Offer
"Notice of the General the notice of the General Meeting set out
Meeting" at the end of the Circular
"Official List" the Official List of the FCA
"Open Offer" the conditional invitation made by the Company
to Qualifying Shareholders to subscribe
for the Open Offer Shares at the Placing
Price on the terms and subject to the conditions
set out in the Circular and, in the case
of Qualifying Non-CREST Shareholders, in
the Application Form accompanying the Circular
"Open Offer Entitlement" the pro rata basic entitlement of a Qualifying
Shareholder, pursuant to the Open Offer,
to apply to subscribe for 2 Open Offer Shares
for every 31 Existing Ordinary Shares registered
in its name as at the Open Offer Record
Date
"Open Offer Record the record date in relation to the Open
Date" or "Record Offer, being 5.00 p.m. on 10 July 2018
Date"
"Open Offer Shares" 5,058,240 New Ordinary Shares to be issued
by the Company to Qualifying Shareholders
in connection with the Open Offer
"Ordinary Shares" ordinary shares of GBP0.01 each in the capital
of the Company
"Overseas Shareholders" Shareholders with registered addresses in,
or who are citizens, residents or nationals
of, jurisdictions outside of the UK
"Placing" the conditional placing by Liberum Capital,
as agent for the Company, of the Placing
Shares at the Placing Price on the terms
and conditions set out in the Placing Agreement
"Placing Agreement" the placing agreement dated 11 July 2018
between the Company and Liberum Capital
"Placing Shares" the 20,224,683 New Ordinary Shares to be
placed for cash with placees pursuant to
the Placing on the terms and subject to
the conditions set out in the Placing Agreement
"Prospectus Rules" the prospectus rules made by the FCA in
exercise of its functions as competent authority
pursuant to Part VI of FSMA, as amended
from time to time
"Qualifying CREST Qualifying Shareholders whose Existing Ordinary
Shareholders" Shares on the register of members of the
Company on the Open Offer Record Date are
held in uncertificated form
"Qualifying Non-CREST Qualifying Shareholders whose Existing Ordinary
Shareholders" Shares on the register of members of the
Company on the Open Offer Record Date are
held in certificated form
"Qualifying Shareholders" Shareholders on the register of members
of the Company on the Open Offer Record
Date with the exclusion (subject to exemptions)
of persons with a registered address or
located or resident in a Restricted Jurisdiction
"Receiving Agent" Computershare Investor Services PLC
or "Registrar"
"Regulatory Information a service approved by the FCA for the distribution
Service" to the public of regulatory announcements
and included within the list maintained
on the FCA's website
"Resolutions" the resolutions set out in the Notice of
General Meeting at the end of the Circular
"Restricted Jurisdiction" any jurisdiction where local laws or regulations
may result in a significant risk of civil,
regulatory or criminal exposure for the
Company if information or documentation
concerning the proposals set out in the
Circular is sent or made available to Shareholders
in that jurisdiction including, without
limitation, the United States of America,
Canada, Australia, New Zealand, Japan and
the Republic of South Africa
"Shareholders" holders of Ordinary Shares
"uncertificated" recorded on the relevant register of Ordinary
or "in uncertificated Shares as being held in uncertificated form
form" in CREST and title to which, by virtue of
the CREST Regulations, may be transferred
by means of CREST
"United Kingdom" the United Kingdom of Great Britain and
or "UK" Northern Ireland
"United States" or the United States of America, each state
"US" thereof, its territories and possessions
(including the District of Columbia) and
all other areas subject to its jurisdiction
"GBP", "pounds sterling", are references to the lawful currency of
"pence" or "p" the United Kingdom
"EUR" or "Euros" are references to the lawful currency of
the European Union
Appendix 3
Terms and Conditions of the Placing
IMPORTANT INFORMATION FOR INVITED PLACEES ONLY REGARDING THE PLACING.
MEMBERS OF THE PUBLIC ARE NOT ELIGIBLE TO TAKE PART IN THE PLACING. THIS ANNOUNCEMENT (INCLUDING THIS APPIX) AND THE TERMS AND CONDITIONS SET OUT HEREIN (TOGETHER, THIS "ANNOUNCEMENT") ARE DIRECTED ONLY AT PERSONS WHOSE ORDINARY ACTIVITIES INVOLVE THEM IN ACQUIRING, HOLDING, MANAGING AND DISPOSING OF INVESTMENTS (AS PRINCIPAL OR AGENT) FOR THE PURPOSES OF THEIR BUSINESS AND WHO HAVE PROFESSIONAL EXPERIENCE IN MATTERS RELATING TO INVESTMENTS AND ARE: (1) IF IN A MEMBER STATE OF THE EUROPEAN ECONOMIC AREA ("EEA"), QUALIFIED INVESTORS AS DEFINED IN ARTICLE 2(1)(e) OF DIRECTIVE 2003/71/EC AS AMED, INCLUDING BY THE 2010 PROSPECTUS DIRECTIVE AMING DIRECTIVE (DIRECTIVE 2010/73/EC) AND TO THE EXTENT IMPLEMENTED IN THE RELEVANT MEMBER STATE (THE "PROSPECTUS DIRECTIVE"); (2) IF IN THE UNITED KINGDOM, QUALIFIED INVESTORS WHO (A) FALL WITHIN ARTICLE 19(5) OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL PROMOTION) ORDER 2005, AS AMED (THE "ORDER") (INVESTMENT PROFESSIONALS) OR (B) FALL WITHIN ARTICLE 49(2)(a) TO (d) (HIGH NET WORTH COMPANIES, UNINCORPORATED ASSOCIATIONS, ETC.) OF THE ORDER (ALL SUCH PERSONS TOGETHER BEING REFERRED TO AS "RELEVANT PERSONS").
THIS ANNOUNCEMENT AND THE INFORMATION IN IT MUST NOT BE ACTED ON OR RELIED ON BY PERSONS WHO ARE NOT RELEVANT PERSONS. PERSONS DISTRIBUTING THIS ANNOUNCEMENT MUST SATISFY THEMSELVES THAT IT IS LAWFUL TO DO SO. ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO RELEVANT PERSONS AND WILL BE ENGAGED IN ONLY WITH RELEVANT PERSONS. THIS ANNOUNCEMENT DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN ILIKA PLC.
THE PLACING SHARES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMED (THE "SECURITIES ACT") OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD OR TRANSFERRED, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES EXCEPT PURSUANT TO AN EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND IN COMPLIANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. THE PLACING SHARES ARE BEING OFFERED AND SOLD ONLY OUTSIDE THE UNITED STATES IN "OFFSHORE TRANSACTIONS" WITHIN THE MEANING OF, AND IN ACCORDANCE WITH, REGULATION S UNDER THE SECURITIES ACT AND OTHERWISE IN ACCORDANCE WITH APPLICABLE LAWS. NO PUBLIC OFFERING OF THE PLACING SHARES IS BEING MADE IN THE UNITED STATES OR ELSEWHERE.
THIS ANNOUNCEMENT (INCLUDING THIS APPIX) 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, THE REPUBLIC OF SOUTH AFRICA OR JAPAN OR ANY OTHER JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
The distribution of this Announcement and/or the Placing and/or issue or sale of the Placing Shares in certain jurisdictions may be restricted by law. No action has been taken by the Company, Liberum or any of their respective affiliates, agents, directors, officers or employees that would permit an offer of the Placing Shares or possession or distribution of this Announcement or any other offering or publicity material relating to such Placing Shares in any jurisdiction where action for that purpose is required. Persons into whose possession this Announcement comes are required by the Company and Liberum to inform themselves about and to observe any such restrictions.
This Announcement or any part of it is for information purposes only and does not constitute or form part of any offer to issue or sell, or the solicitation of an offer to acquire, purchase or subscribe for, any securities in the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction in which the same would be unlawful. No public offering of the Placing Shares is being made in any such jurisdiction.
All offers of the Placing Shares in the EEA will be made pursuant to an exemption under the Prospectus Directive from the requirement to produce a prospectus. In the United Kingdom, this Announcement is being directed solely at persons in circumstances in which section 21(1) of the Financial Services and Markets Act 2000 (as amended) (the "FSMA") does not apply.
The Placing Shares have not been approved or disapproved by the US Securities and Exchange Commission, any state securities commission or other regulatory authority in the United States, nor have any of the foregoing authorities passed upon or endorsed the merits of the Placing or the accuracy or adequacy of this Announcement. Any representation to the contrary is a criminal offence in the United States. The relevant clearances have not been, nor will they be, obtained from the securities commission of any province or territory of Canada, no prospectus has been lodged with, or registered by, the Australian Securities and Investments Commission or the Japanese Ministry of Finance; the relevant clearances have not been, and will not be, obtained for the South Africa Reserve Bank or any other applicable body in the Republic of South Africa in relation to the Placing Shares and the Placing Shares have not been, nor will they be, registered under or offering in compliance with the securities laws of any state, province or territory of Australia, Canada, the Republic of South Africa or Japan. Accordingly, the Placing Shares may not (unless an exemption under the relevant securities laws is applicable) be offered, sold, resold or delivered, directly or indirectly, in or into Australia, Canada, the Republic of South Africa or Japan or any other jurisdiction outside the United Kingdom.
Persons (including, without limitation, nominees and trustees) who have a contractual right or other legal obligations to forward a copy of this Announcement should seek appropriate advice before taking any action.
This Announcement should be read in its entirety. In particular, you should read and understand the information provided in the "Important Notices" section of this Announcement.
By participating in the Placing, each Placee will be deemed to have read and understood this Announcement in its entirety, to be participating, making an offer and acquiring Placing Shares on the terms and conditions contained herein and to be providing the representations, warranties, indemnities, acknowledgements and undertakings contained in this Appendix.
In particular, each such Placee represents, warrants, undertakes, agrees and acknowledges (amongst other things) that:
1. it is a Relevant Person and undertakes that it will acquire, hold, manage or dispose of any Placing Shares that are allocated to it for the purposes of its business;
2. in the case of a Relevant Person in a member state of the EEA which has implemented the Prospectus Directive (each, a "Relevant Member State") who acquires any Placing Shares pursuant to the Placing:
(a) it is a Qualified Investor within the meaning of Article 2(1)(e) of the Prospectus Directive; and
(b) in the case of any Placing Shares acquired by it as a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive:
(i) the Placing Shares acquired by it in the Placing have not been acquired on behalf of, nor have they been acquired with a view to their offer or resale to, persons in any Relevant Member State other than Qualified Investors or in circumstances in which the prior consent of Liberum has been given to the offer or resale; or
(ii) where Placing Shares have been acquired by it on behalf of persons in any Relevant Member State other than Qualified Investors, the offer of those Placing Shares to it is not treated under the Prospectus Directive as having been made to such persons; and
3. it is acquiring the Placing Shares for its own account or is acquiring the Placing Shares for an account with respect to which it exercises sole investment discretion and has the authority to make and does make the representations, warranties, indemnities, acknowledgements, undertakings and agreements contained in this Announcement;
4. it understands (or if acting for the account of another person, such person has confirmed that such person understands) the resale and transfer restrictions set out in this Appendix; and
5. except as otherwise permitted by the Company and subject to any available exemptions from applicable securities laws, it (and any account referred to in paragraph 4 above) is outside the United States acquiring the Placing Shares in offshore transactions as defined in and in accordance with Regulation S under the Securities Act.
No prospectus
The Placing Shares are being offered to a limited number of specifically invited persons only and will not be offered in such a way as to require any prospectus or other offering document to be published. No prospectus or other offering document has been or will be submitted to be approved by the FCA in relation to the Placing or the Placing Shares and Placees' commitments will be made solely on the basis of the information contained in this Announcement and any information publicly announced through a Regulatory Information Service (as defined in the AIM Rules for Companies (the "AIM Rules")) by or on behalf of the Company on or prior to the date of this Announcement (the "Publicly Available Information") and subject to any further terms set forth in the contract note to be sent to individual Placees.
Each Placee, by participating in the Placing, agrees that the content of this Announcement is exclusively the responsibility of the Company and confirms that it has neither received nor relied on any information (other than the Publicly Available Information), representation, warranty or statement made by or on behalf of Liberum or the Company or any other person and none of Liberum, the Company nor any other person acting on such person's behalf nor any of their respective affiliates has or shall have any liability for any Placee's decision to participate in the Placing based on any other information, representation, warranty or statement. Each Placee acknowledges and agrees that it has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing. No Placee should consider any information in this Announcement to be legal, tax or business advice. Nothing in this paragraph shall exclude the liability of any person for fraudulent misrepresentation.
Details of the Placing Agreement and the Placing Shares
Liberum has today entered into the Placing Agreement with the Company under which, on the terms and subject to the conditions set out in the Placing Agreement, Liberum, as agent for and on behalf of the Company, has agreed to use its reasonable endeavours to procure Placees for the Placing Shares.
The Placing Shares will, when issued, be subject to the memorandum and articles of association of the Company and credited as fully paid and will rank pari passu in all respects with the existing issued ordinary shares of one penny each ("Ordinary Shares") in the capital of the Company, including the right to receive all dividends and other distributions declared, made or paid in respect of such Ordinary Shares after the date of issue of the Placing Shares.
As part of the Placing, the Company has agreed that it will not for a period of 90 days after (but including) Admission, directly or indirectly, issue, offer, sell, lend, pledge, contract to sell or issue, grant any option, right or warrant to purchase or otherwise dispose of any Ordinary Shares (or any interest therein or in respect thereof) or other securities of the Company exchangeable for, convertible into or representing the right to receive Ordinary Shares or any substantially similar securities or otherwise enter into any transaction (including derivative transaction) directly or indirectly, permanently or temporarily, to dispose of any Ordinary Shares or undertake any other transaction with the same economic effect as any of the foregoing or announce an offering of Ordinary Shares or any interest therein or to announce publicly any intention to enter into any transaction described above. This agreement is subject to certain customary exceptions and does not prevent the grant or exercise of options under any of the
Company's existing share incentives and share option schemes, or following Admission the issue by the Company of any Ordinary Shares upon the exercise of any right or option or the conversion of a security already in existence.
Conditions of the Placing
The Placing is conditional upon the Placing Agreement becoming unconditional and not having been terminated in accordance with its terms.
The obligations of Liberum under the Placing Agreement are, and the Placing is, conditional upon, inter alia:
(a) the Resolutions having been duly passed (without amendment) at the General Meeting (or at any adjournment thereof);
(b) none of the warranties on the part of the Company contained in the Placing Agreement being untrue or inaccurate on the date on which the Placing Agreement is signed or at all times up to Admission, by reference to the facts and circumstances then subsisting;
(c) the Company complying with its obligations under the Placing Agreement to the extent that they fall to be performed on or before Admission; and
(d) Admission having become effective at or before 8.00 a.m. on 30 July 2018 or such later time as Liberum may agree with the Company;
(all conditions to the obligations of Liberum included in the Placing Agreement being together, the "Conditions").
If any of the Conditions set out in the Placing Agreement is not fulfilled or, where permitted, waived in accordance with the Placing Agreement within the stated time periods (or such later time and/or date as the Company and Liberum may agree), or the Placing Agreement is terminated in accordance with its terms, the Placing will lapse and the Placee's rights and obligations shall cease and terminate at such time and each Placee agrees that no claim can be made by or on behalf of the Placee (or any person on whose behalf the Placee is acting) in respect thereof.
By participating in the Placing, each Placee agrees that its rights and obligations cease and terminate only in the circumstances described above and under "Termination of the Placing" below and will not be capable of rescission or termination by it.
Liberum may, in its absolute discretion and upon such terms as it thinks fit, waive fulfilment of all or any of the Conditions in the Placing Agreement in whole or in part, or extend the time provided for fulfilment of one or more Conditions, save that certain Conditions including the condition relating to Admission referred to in paragraph (d) above may not be waived. Any such extension or waiver will not affect Placees' commitments as set out in this Appendix.
Liberum may terminate the Placing Agreement in certain circumstances, details of which are set out below.
Neither Liberum nor any of its affiliates, agents, directors, officers or employees nor the Company shall have any liability to any Placee (or to any other person whether acting on behalf of a Placee or otherwise) in respect of any decision any of them may make as to whether or not to waive or to extend the time and/or date for the satisfaction of any condition to the Placing nor for any decision any of them may make as to the satisfaction of any condition or in respect of the Placing generally and by participating in the Placing each Placee agrees that any such decision is within the absolute discretion of Liberum.
Termination of the Placing
Liberum may, in its absolute discretion, by notice to the Company, terminate the Placing Agreement at any time up to Admission if, inter alia:
(a) there has, in opinion of Liberum (acting in good faith), been a breach of the warranties given to it;
(b) there has, in the opinion of Liberum (acting in good faith), been a material adverse change;
(c) any statement contained in this Announcement or any other document or announcement issued or published by or on behalf of the Company in connection with the Placing is or has become or has been discovered to be untrue or inaccurate in any respect or misleading in any respect; or
(d) in the opinion of Liberum (acting in good faith), there has been a force majeure event.
If the Placing Agreement is terminated in accordance with its terms, the rights and obligations of each Placee in respect of the Placing as described in this Announcement shall cease and terminate at such time and no claim can be made by any Placee in respect thereof.
By participating in the Placing, each Placee agrees with the Company and Liberum that the exercise by the Company or Liberum of any right of termination or any other right or other discretion under the Placing Agreement shall be within the absolute discretion of the Company or Liberum or for agreement between the Company and Liberum (as the case may be) and that neither the Company nor Liberum need make any reference to such Placee and that none of the Company, Liberum nor any of their respective affiliates, agents, directors, officers or employees shall have any liability to such Placee (or to any other person whether acting on behalf of a Placee or otherwise) whatsoever in connection with any such exercise.
By participating in the Placing, each Placee agrees that its rights and obligations terminate only in the circumstances described above and under the "Conditions of the Placing" section above and will not be capable of rescission or termination by it after the issue by Liberum of a trade confirmation email confirming each Placee's allocation and commitment in the Placing.
Application for admission to trading
Application has been made to the London Stock Exchange for admission of the Placing Shares to trading on AIM.
It is expected that Admission will take place on or before 8.00 a.m. on 30 July 2018 and that dealings in the Placing Shares on AIM will commence at the same time.
Principal terms of the Placing
1. Liberum is acting as bookrunner to the Placing, as agent for and on behalf of the Company.
2. Participation in the Placing will only be available to persons who may lawfully be, and are, invited by Liberum to participate. Liberum and any of its affiliates are entitled to participate in the Placing as principal.
3. The price per Placing Share (the "Placing Price") is fixed at 20 pence and is payable to Liberum (as agent for the Company) by all Placees.
4. Each Placee's allocation will be determined by Liberum in its discretion following consultation with the Company and will be confirmed orally or by email by Liberum.
5. Each Placee's allocation and commitment will be evidenced by a trade confirmation email issued to such Placee by Liberum. The terms of this Appendix will be deemed incorporated in that contract note.
6. Each Placee's allocation and commitment to acquire Placing Shares will be made on the terms and subject to the conditions in this Appendix and will be legally binding on the Placee on behalf of which it is made and except with Liberum's consent will not be capable of variation or revocation after the time at which it is submitted. Each Placee will have an immediate, separate, irrevocable and binding obligation, owed to Liberum (as agent for the Company), to pay to it (or as it may direct) in cleared funds an amount equal to the product of the Placing Price and the number of Placing Shares such Placee has agreed to acquire and the Company has agreed to allot and issue to that Placee.
7. Except as required by law or regulation, no press release or other announcement will be made by Liberum or the Company using the name of any Placee (or its agent), in its capacity as Placee (or agent), other than with such Placee's prior written consent.
8. Irrespective of the time at which a Placee's allocation(s) pursuant to the Placing is/are confirmed, settlement for all Placing Shares to be acquired pursuant to the Placing will be required to be made at the same time, on the basis explained below under "Registration and Settlement".
9. All obligations under the Placing will be subject to fulfilment of the conditions referred to below under "Conditions of the Placing" and to the Placing not being terminated on the basis referred to below under "Termination of the Placing".
10. By participating in the Placing, each Placee will agree that its rights and obligations in respect of the Placing will terminate only in the circumstances described below and will not be capable of rescission or termination by the Placee.
11. To the fullest extent permissible by law and applicable FCA rules, neither: (a) Liberum; (b) any of its affiliates, agents, directors, officers, consultants or employees; nor
(c) to the extent not contained within (a) or (b), any person connected with Liberum as defined in the FSMA ((b) and (c) being together "affiliates" and individually an "affiliate" of Liberum);
shall have any liability (including to the extent permissible by law, any fiduciary duties) to Placees or to any other person whether acting on behalf of a Placee or otherwise. In particular, neither Liberum nor any of its affiliates shall have any liability (including, to the extent permissible by law, any fiduciary duties) in respect of Liberum's conduct of the Placing or of such alternative method of effecting the Placing as Liberum and the Company may agree.
Registration and settlement
If Placees are allocated any Placing Shares in the Placing they will be sent a trade confirmation email which will confirm the number of Placing Shares allocated to them, the Placing Price and the aggregate amount owed by them to Liberum.
Each Placee will be deemed to agree that it will do all things necessary to ensure that delivery and payment is completed as directed by Liberum in accordance with either the standing CREST or certificated settlement instructions which they have in place with Liberum.
Settlement of transactions in the Placing Shares (ISIN: GB00B608Z994) following Admission will take place within the CREST system, subject to certain exceptions. Settlement through CREST will be on a T+13 basis unless otherwise notified by Liberum and is expected to occur on 30 July 2018 (the "Settlement Date") in accordance with the contract notes. Settlement will be on a delivery versus payment basis. However, in the event of any difficulties or delays in the admission of the Placing Shares to CREST or the use of CREST in relation to the Placing, the Company and Liberum may agree that the Placing Shares should be issued in certificated form. Liberum reserves the right to require settlement for the Placing Shares, and to deliver the Placing Shares to Placees, by such other means as it deems necessary if delivery or settlement to Placees is not practicable within the CREST system or would not be consistent with regulatory requirements in the jurisdiction in which a Placee is located.
Subject to the conditions set out above, payment in respect of the Placees' allocation is due as set out below. Each Placee should provide its settlement details in order to enable instructions to be successfully matched in CREST. The relevant settlement details are as follows:
CREST Participant ID of Liberum: ENQAN
Expected Trade time & date: 08:00 a.m. on 11 July 2018
Settlement date: 30 July 2018
ISIN code for the Placing Shares: GB00B608Z994 Deadline for Placee to input instructions into CREST: 12:00 p.m. on 27 July 2018
Interest is chargeable daily on payments not received from Placees on the due date in accordance with the arrangements set out above, in respect of either CREST or certificated deliveries, at the rate of three percentage points above prevailing base rate of Barclays Bank plc as determined by Liberum.
Each Placee is deemed to agree that if it does not comply with these obligations, Liberum may sell any or all of their Placing Shares on their behalf and retain from the proceeds, for Liberum's own account and benefit, an amount equal to the aggregate amount owed by the Placee plus any interest due. The relevant Placee will, however, remain liable for any shortfall below the Placing Price and for any stamp duty or stamp duty reserve tax (together with any interest or penalties) which may arise upon the sale of its Placing Shares on its behalf.
If Placing Shares are to be delivered to a custodian or settlement agent, Placees must ensure that, upon receipt, the conditional contract note is copied and delivered immediately to the relevant person within that organisation. Insofar as Placing Shares are registered in a Placee's name or that of its nominee or in the name of any person for whom a Placee is contracting as agent or that of a nominee for such person, such Placing Shares should, subject as provided below, be so registered free from any liability to United Kingdom stamp duty or stamp duty reserve tax. Placees will not be entitled to receive any fee or commission in connection with the Placing.
Representations, warranties and further terms
By participating in the Placing, each Placee (and any person acting on such Placee's behalf) represents, warrants, acknowledges and agrees (for itself and for any such prospective Placee) that (save where Liberum expressly agrees in writing to the contrary):
1. it has read and understood this Announcement in its entirety and that its acquisition of the Placing Shares is subject to and based upon all the terms, conditions, representations, warranties, indemnities, acknowledgements, agreements and undertakings and other information contained herein and that it has not relied on, and will not rely on, any information given or any representations, warranties or statements made at any time by any person in connection with Admission, the Placing, the Company, the Placing Shares or otherwise, other than the information contained in this Announcement and the Publicly Available Information;
2. it has not received a prospectus or other offering document in connection with the Placing and acknowledges that no prospectus or other offering document:
(a) is required under the Prospectus Directive or other applicable law; and (b) has been or will be prepared in connection with the Placing;
3. the Ordinary Shares are admitted to trading on AIM, and that the Company is therefore required to publish certain business and financial information in accordance with the AIM Rules and the Market Abuse Regulation (EU Regulation No. 596/2014 (the "MAR")), which includes a description of the nature of the Company's business and the Company's most recent balance sheet and profit and loss account and that it is able to obtain or access such information without undue difficulty, and is able to obtain access to such information or comparable information concerning any other publicly traded company, without undue difficulty;
4. it has made its own assessment of the Placing Shares and has relied on its own investigation of the business, financial or other position of the Company in accepting a participation in the Placing and neither Liberum nor the Company nor any of their respective affiliates, agents, directors, officers or employees nor any person acting on behalf of any of them has provided, and will not provide, it with any material regarding the Placing Shares or the Company or any other person other than the information in this Announcement or the Publicly Available Information; nor has it requested Liberum, the Company, any of their respective affiliates, agents, directors, employees or officers or any person acting on behalf of any of them to provide it with any such information;
5. neither Liberum nor any person acting on behalf of it nor any of its affiliates, agents, directors, officers or employees has or shall have any liability for any Publicly Available Information, or any representation relating to the Company, provided that nothing in this paragraph excludes the liability of any person for fraudulent misrepresentation made by that person;
6.
(a) the only information on which it is entitled to rely on and on which it has relied in committing to acquire the Placing Shares is contained in the Publicly Available Information, such information being all that it deems necessary to make an investment decision in respect of the Placing Shares and it has made its own assessment of the Company, the Placing Shares and the terms of the Placing based on Publicly Available Information;
(b) neither Liberum, nor the Company (nor any of their respective affiliates, agents, directors, officers and employees) have made any representation or warranty to it, express or implied, with respect to the Company, the Placing or the Placing Shares or the accuracy, completeness or adequacy of the Publicly Available Information;
(c) it has conducted its own investigation of the Company, the Placing and the Placing Shares, satisfied itself that the information is still current and relied on that investigation for the purposes of its decision to participate in the Placing; and
(d) it has not relied on any investigation that Liberum or any person acting on its behalf may have conducted with respect to the Company, the Placing or the Placing Shares;
7. the content of this Announcement and the Publicly Available Information has been prepared by and is exclusively the responsibility of the Company and that neither Liberum nor any persons acting on its behalf is responsible for or has or shall have any liability for any information, representation, warranty or statement relating to the Company contained in this Announcement or the Publicly Available Information nor will they be liable for any Placee's decision to participate in the Placing based on any information, representation, warranty or statement contained in this Announcement, the Publicly Available Information or otherwise. Nothing in this Appendix shall exclude any liability of any person for fraudulent misrepresentation;
8. it and/or each person on whose behalf it is participating:
(a) is entitled to acquire Placing Shares pursuant to the Placing under the laws and regulations of all relevant jurisdictions;
(b) has fully observed such laws and regulations;
(c) has capacity and authority and is entitled to enter into and perform its obligations as an acquirer of Placing Shares and will honour such obligations; and
(d) has obtained all necessary consents and authorities (including, without limitation, in the case of a person acting on behalf of a Placee, all necessary consents and authorities to agree to the terms set out or referred to in this Appendix) under those laws or otherwise and complied with all necessary formalities to enable it to enter into the transactions contemplated hereby and to perform its obligations in relation thereto and, in particular, if it is a pension fund or investment company it is aware of and acknowledges it is required to comply with all applicable laws and regulations with respect to its acquisition of Placing Shares;
9. it is not, and any person who it is acting on behalf of is not, and at the time the Placing Shares are acquired will not be, a resident of, or with an address in, or subject to the laws of, Australia, Canada, the Republic of South Africa or Japan, and it acknowledges and agrees that the Placing Shares have not been and will not be registered or otherwise qualified under the securities legislation of Australia, Canada, the Republic of South Africa or Japan and may not be offered, sold, or acquired, directly or indirectly, within those jurisdictions;
10. it and the beneficial owner of the Placing Shares is, and at the time the Placing Shares are acquired will be, outside the United States and acquiring the Placing Shares in an "offshore transaction" as defined in, and in accordance with, Regulation S under the Securities Act;
11. it understands that the Placing Shares have not been, and will not be, registered under the Securities Act and may not be offered, sold or resold in or into or from the United States except pursuant to an effective registration under the Securities Act, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in accordance with applicable state securities laws; and no representation is being made as to the availability of any exemption under the Securities Act for the reoffer, resale, pledge or transfer of the Placing Shares;
12. it (and any account for which it is purchasing) is not acquiring the Placing Shares with a view to any offer, sale or distribution thereof within the meaning of the Securities Act;
13. it understands that:
(a) the Placing Shares are "restricted securities" within the meaning of Rule 144(a)(3) under the Securities Act and will be subject to restrictions on resale and transfer subject to certain exceptions under US law;
(b) no representation is made as to the availability of the exemption provided by Rule 144 for resales or transfers of Placing Shares; and
(c) it will not deposit the Placing Shares in an unrestricted depositary receipt programme in the United States or for US persons (as defined in the Securities Act);
14. it will not offer, sell, transfer, pledge or otherwise dispose of any Placing Shares except:
(a) in an offshore transaction in accordance with Rules 903 or 904 of Regulation S under the Securities Act; or
(b) pursuant to another exemption from registration under the Securities Act, if available,
and in each case in accordance with all applicable securities laws of the states of the United States and other jurisdictions;
15. it understands that the Placing Shares are expected to be issued to it through CREST but may be issued to it in certificated, definitive form and acknowledges and agrees that the Placing Shares will, to the extent they are delivered in certificated form, bear a legend to the following effect unless agreed otherwise with the Company:
"THESE SECURITIES HAVE NOT BEEN AND WILL NOT BE REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMED (THE "SECURITIES ACT"), OR UNDER THE APPLICABLE SECURITIES LAWS OR WITH ANY SECURITIES REGULATORY AUTHORITY OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES, AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT (A) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (B) IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT OR (C) PURSUANT TO ANY OTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION OF THE UNITED STATES. NOTWITHSTANDING ANYTHING TO THE CONTRARY IN THE FOREGOING, THE SECURITIES MAY NOT BE DEPOSITED INTO ANY UNRESTRICTED DEPOSITARY RECEIPT FACILITY IN RESPECT OF THE COMPANY'S SECURITIES ESTABLISHED OR MAINTAINED BY A DEPOSITARY BANK. EACH HOLDER, BY ITS ACCEPTANCE OF THESE SHARES, REPRESENTS THAT IT UNDERSTANDS AND AGREES TO THE FOREGOING RESTRICTIONS.";
16. it will not distribute, forward, transfer or otherwise transmit this Announcement or any part of it, or any other presentational or other materials concerning the Placing in or into or from the United States (including electronic copies thereof) to any person, and it has not distributed, forwarded, transferred or otherwise transmitted any such materials to any person;
17. none of Liberum, its affiliates and any person acting on behalf of any of them is making any recommendations to it or advising it regarding the suitability of any transactions it may enter into in connection with the Placing and that participation in the Placing is on the basis that it is not and will not be a client of Liberum and that Liberum has no duties or responsibilities to it for providing the protections afforded to its clients or for providing advice in relation to the Placing nor in respect of any representations, warranties, undertakings or indemnities contained in the Placing Agreement nor for the exercise or performance of any of its rights and obligations thereunder including any rights to waive or vary any Conditions or exercise any termination right;
18. it will make payment to Liberum for the Placing Shares allocated to it in accordance with the terms and conditions of this Announcement on the due times and dates set out in this Announcement, failing which the relevant Placing Shares may be placed with others on such terms as Liberum determines in its absolute discretion without liability to the Placee and it will remain liable for any shortfall below the net proceeds of such sale and the placing proceeds of such Placing Shares and may be required to bear any stamp duty or stamp duty reserve tax (together with any interest or penalties due pursuant to the terms set out or referred to in this Announcement) which may arise upon the sale of such Placee's Placing Shares on its behalf;
19. its allocation (if any) of Placing Shares will represent a maximum number of Placing Shares which it will be entitled, and required, to subscribe for, and that the Company may call upon it to subscribe for a lower number of Placing Shares (if any), but in no event in aggregate more than the aforementioned maximum;
20. no action has been or will be taken by any of the Company, Liberum or any person acting on behalf of the Company or Liberum that would, or is intended to, permit a public offer of the Placing Shares in the United States or in any country or jurisdiction where any such action for that purpose is required;
21. the person who it specifies for registration as holder of the Placing Shares will be: (a) the Placee; or (b) a nominee of the Placee, as the case may be,
22. Liberum and the Company will not be responsible for any liability to stamp duty or stamp duty reserve tax resulting from a failure to observe this requirement. Each Placee and any person acting on behalf of such Placee agrees to acquire Placing Shares pursuant to the Placing and agrees to indemnify the Company and Liberum in respect of the same on the basis that the Placing Shares will be issued to a CREST stock account of Liberum who will hold them as nominee on behalf of the Placee until settlement in accordance with its standing settlement instructions with it;
23. the sale, allocation, allotment, issue and delivery to it, or the person specified by it for registration as holder, of Placing Shares will not give rise to a stamp duty or stamp duty reserve tax liability under (or at a rate determined under) any of sections 67, 70, 93 or 96 of the Finance Act 1986 (depository receipts and clearance services) and that it is not participating in the Placing as nominee or agent for any person or persons to whom the allocation, allotment, issue or delivery of Placing Shares would give rise to such a liability;
24. if in the United Kingdom, represents and warrants that it is a Qualified Investor and a person: (i) who is an investment professionals within the meaning of Article 19(5) of the Order; (ii) who falls within Article 49(2)(A) to (D) ("High Net Worth Companies, Unincorporated Associations, etc.") of the Order; or (iii) to whom this Announcement may otherwise be lawfully communicated;
25. it has not offered or sold and will not offer or sell any Placing Shares to persons in the United Kingdom or elsewhere in the EEA prior to the expiry of a period of six months from Admission except to persons whose ordinary activities involve them in acquiring, holding, managing or disposing of investments (as principal or agent) for the purposes of their business or otherwise in circumstances which have not resulted and which will not result in an offer to the public in the United Kingdom within the meaning of section 85(1) of the FSMA or an offer to the public in any other member state of the EEA within the meaning of the Prospectus Directive;
26. if in a Member State of the European Economic Area, unless otherwise specifically agreed with Liberum in writing, represents and warrants that it is a Qualified Investor within the meaning of the Prospectus Directive; it has only communicated or caused to be communicated and it will only communicate or cause to be communicated any invitation or inducement to engage in investment activity (within the meaning of section 21 of the FSMA) relating to Placing Shares in circumstances in which section 21(1) of the FSMA does not require approval of the communication by an authorised person and it acknowledges and agrees that this Announcement has not been approved by Liberum in its capacity as an authorised person under section 21 of the FSMA and it may not therefore be subject to the controls which would apply if it was made or approved as financial promotion by an authorised person;
27. it has complied and it will comply with all applicable laws with respect to anything done by it or on its behalf in relation to the Placing Shares (including all relevant provisions of the FSMA in respect of anything done in, from or otherwise involving the United Kingdom);
28. if it is a financial intermediary, as that term is used in Article 3(2) of the Prospectus Directive (including any relevant implementing measure in any member state), the Placing Shares acquired by it in the Placing will not be acquired on a non-discretionary basis on behalf of, nor will they be acquired with a view to their offer or resale to, persons in a member state of the EEA which has implemented the Prospectus Directive other than Qualified Investors, or in circumstances in which the express prior written consent of Liberum has been given to the offer or resale;
29. if it has received any inside information (for the purposes of the MAR and section 56 of the Criminal Justice Act 1993 or other applicable law) about the Company in advance of the Placing, it has not:
(a) dealt (or attempted to deal) in the securities of the Company;
(b) encouraged, recommended or induced another person to deal in the securities of the Company; or
(c) unlawfully disclosed such information to any person, prior to the information being made publicly available;
30. neither Liberum, the Company nor any of their respective affiliates, agents, directors, officers or employees nor any person acting on behalf of Liberum or its affiliates, agents, directors, officers or employees is making any recommendations to it, advising it regarding the suitability of any transactions it may enter into in connection with the Placing nor providing advice in relation to the Placing nor in respect of any warranties, acknowledgements, agreements, undertakings, or indemnities contained in the Placing Agreement nor the exercise or performance of any of Liberum's rights and obligations thereunder including any rights to waive or vary any Conditions or exercise any termination right;
31. Liberum and its affiliates, acting as an investor for its or their own account(s), may bid or subscribe for and/or purchase Placing Shares and, in that capacity, may retain, purchase, offer to sell or otherwise deal for its or their own account(s) in the Placing Shares, any other securities of the Company or other related investments in connection with the Placing or otherwise. Accordingly, references in this Announcement to the Placing Shares being offered, subscribed, acquired or otherwise dealt with should be read as including any offer to, or subscription, acquisition or dealing by, Liberum and/or any of its affiliates acting as an investor for its or their own account(s). Neither Liberum nor the Company intend to disclose the extent of any such investment or transaction otherwise than in accordance with any legal or regulatory obligation to do so;
32. it:
(a) has complied with its obligations in connection with money laundering and terrorist financing under the Proceeds of Crime Act 2002, the Terrorism Act 2000 (as amended), the Terrorism Act 2006 and the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations 2017;
(b) is not a person:
(i) with whom transactions are prohibited under the US Foreign Corrupt Practices Act of 1977 or any economic sanction programmes administered by, or regulations promulgated by, the Office of Foreign Assets Control of the U.S. Department of the Treasury;
(ii) named on the Consolidated List of Financial Sanctions Targets maintained by HM Treasury of the United Kingdom; or
(iii) subject to financial sanctions imposed pursuant to a regulation of the European Union or a regulation adopted by the United Nations or other applicable law,
(together, the "Regulations") and if making payment on behalf of a third party, that satisfactory evidence has been obtained and recorded by it to verify the identity of the third party as required by the Regulations and has obtained all governmental and other consents (if any) which may be required for the purpose of, or as a consequence of, such purchase, and it will provide promptly to Liberum such evidence, if any, as to the identity or location or legal status of any person which it may request from it in connection with the Placing (for the purpose of complying with the Regulations or ascertaining the nationality of any person or the jurisdiction(s) to which any person is subject or otherwise) in the form and manner requested by Liberum on the basis that any failure by it to do so may result in the number of Placing Shares that are to be acquired by it or at its direction pursuant to the Placing being reduced to such number, or to nil, as Liberum may decide at its sole discretion;
33. in order to ensure compliance with the Regulations, Liberum (for itself and as agent on behalf of the Company) or the Company's registrars may, in their absolute discretion, require verification of its identity. Pending the provision to Liberum or the Company's registrars, as applicable, of evidence of identity, definitive certificates in respect of the Placing Shares may be retained at Liberum's absolute discretion or, where appropriate, delivery of the Placing Shares to it in uncertificated form may be delayed at Liberum's or the Company's registrars', as the case may be, absolute discretion. If within a reasonable time after a request for verification of identity Liberum (for itself and as agent on behalf of the Company) or the Company's registrars have not received evidence satisfactory to them, either Liberum and/or the Company may, at its absolute discretion, terminate its commitment in respect of the Placing, in which event the monies payable on acceptance of allotment will, if already paid, be returned without interest to the account of the drawee's bank from which they were originally debited;
34. it acknowledges that its commitment to acquire Placing Shares on the terms set out in this Announcement and in the trade confirmation will continue notwithstanding any amendment that may in future be made to the terms and conditions of the Placing and that Placees will have no right to be consulted or require that their consent be obtained with respect to the Company's or Liberum's conduct of the Placing;
35. it has knowledge and experience in financial, business and international investment matters as is required to evaluate the merits and risks of acquiring the Placing Shares. It further acknowledges that it is experienced in investing in securities of this nature and is aware that it may be required to bear, and is able to bear, the economic risk of, and is able to sustain, a complete loss in connection with the Placing. It has relied upon its own examination and due diligence of the Company and its affiliates taken as a whole, and the terms of the Placing, including the merits and risks involved;
36. it irrevocably appoints any duly authorised officer of Liberum as its agent for the purpose of executing and delivering to the Company and/or its registrars any documents on its behalf necessary to enable it to be registered as the holder of any of the Placing Shares for which it agrees to acquire upon the terms of this Announcement;
37. the Company, Liberum and others (including each of their respective affiliates, agents, directors, officers and employees) will rely upon the truth and accuracy of the foregoing representations, warranties, acknowledgements and agreements, which are given to Liberum on its own behalf and on behalf of the Company and are irrevocable;
38. it is acting as principal only in respect of the Placing or, if it is acquiring the Placing Shares as a fiduciary or agent for one or more investor accounts, it is duly authorised to do so and it has full power and authority to make, and does make, the foregoing representations, warranties, acknowledgements, agreements and undertakings on behalf of each such accounts;
39. time is of the essence as regards its obligations under this Appendix;
40. any document that is to be sent to it in connection with the Placing will be sent at its risk and may be sent to it at any address provided by it to Liberum;
41. the Placing Shares will be issued subject to the terms and conditions of this Appendix; and
42. the terms and conditions contained in this Appendix and all documents into which this Appendix is incorporated by reference or otherwise validly forms a part and/or any agreements entered into pursuant to these terms and conditions and all agreements to acquire Placing Shares pursuant to the Placing will be governed by and construed in accordance with English law and it submits to the exclusive jurisdiction of the English courts in relation to any claim, dispute or matter arising out of such contract except that enforcement proceedings in respect of the obligation to make payment for the Placing Shares (together with interest chargeable thereon) may be taken by the Company or Liberum in any jurisdiction in which the relevant Placee is incorporated or in which any of its securities have a quotation on a recognised stock exchange.
By participating in the Placing, each Placee (and any person acting on such Placee's behalf) agrees to indemnify and hold the Company, Liberum and each of their respective affiliates, agents, directors, officers and employees harmless from any and all costs, claims, liabilities and expenses (including legal fees and expenses) arising out of or in connection with any breach of the representations, warranties, acknowledgements, agreements and undertakings given by the Placee (and any person acting on such Placee's behalf) in this Appendix or incurred by Liberum, the Company or each of their respective affiliates, agents, directors, officers or employees arising from the performance of the Placee's obligations as set out in this Announcement, and further agrees that the provisions of this Appendix shall survive after the completion of the Placing.
The agreement to allot and issue Placing Shares to Placees (or the persons for whom Placees are contracting as agent) free of stamp duty and stamp duty reserve tax in the United Kingdom relates only to their allotment and issue to Placees, or such persons as they nominate as their agents, direct by the Company. Such agreement assumes that the Placing Shares are not being acquired in connection with arrangements to issue depositary receipts or to transfer the Placing Shares into a clearance service. If there are any such arrangements, or the settlement related to any other dealings in the Placing Shares, stamp duty or stamp duty reserve tax may be payable. In that event, the Placee agrees that it shall be responsible for such stamp duty or stamp duty reserve tax and neither the Company nor Liberum shall be responsible for such stamp duty or stamp duty reserve tax. If this is the case, each Placee should seek its own advice and they should notify Liberum accordingly. In addition, Placees should note that they will be liable for any capital duty, stamp duty and all other stamp, issue, securities, transfer, registration, documentary or other duties or taxes (including any interest, fines or penalties relating thereto) payable outside the United Kingdom by them or any other person on the acquisition by them of any Placing Shares or the agreement by them to acquire any Placing Shares and each Placee, or the Placee's nominee, in respect of whom (or in respect of the person for whom it is participating in the Placing as an agent or nominee) the allocation, allotment, issue or delivery of Placing Shares has given rise to such non-United Kingdom stamp, registration, documentary, transfer or similar taxes or duties undertakes to pay such taxes and duties, including any interest and penalties (if applicable), forthwith and to indemnify on an after-tax basis and to hold harmless the Company and Liberum in the event that either the Company and/or Liberum have incurred any such liability to such taxes or duties.
The representations, warranties, acknowledgements and undertakings contained in this Appendix are given to Liberum for itself and on behalf of the Company and are irrevocable.
Liberum is authorised and regulated by the FCA in the United Kingdom and is acting exclusively for the Company and no one else in connection with the Placing or any other matters referred to in this Announcement, and Liberum will not be responsible to anyone (including any Placees) other than the Company for providing the protections afforded to its clients or for providing advice in relation to the Placing or any other matters referred to in this Announcement.
Each Placee and any person acting on behalf of the Placee acknowledges that the Liberum does not owe any fiduciary or other duties to any Placee in respect of any representations, warranties, undertakings, acknowledgements, agreements or indemnities in the Placing Agreement.
Each Placee and any person acting on behalf of the Placee acknowledges and agrees that Liberum may (at its absolute discretion) satisfy its obligations to procure Placees by itself agreeing to become a Placee in respect of some or all of the Placing Shares or by nominating any connected or associated person to do so.
When a Placee or any person acting on behalf of the Placee is dealing with Liberum, any money held in an account with Liberum on behalf of the Placee and/or any person acting on behalf of the Placee will not be treated as client money within the meaning of the relevant rules and regulations of the FCA made under the FSMA. Each Placee acknowledges that the money will not be subject to the protections conferred by the client money rules: as a consequence this money will not be segregated from Liberum's money in accordance with the client money rules and will be held by it under a banking relationship and not as trustee.
References to time in this Announcement are to London time, unless otherwise stated.
All times and dates in this Announcement may be subject to amendment. Placees will be notified of any changes.
No statement in this Announcement is intended to be a profit forecast or estimate, and no statement in this Announcement should be interpreted to mean that earnings per share of the Company for the current or future financial years would necessarily match or exceed the historical published earnings per share of the Company.
The price of shares and any income expected from them may go down as well as up and investors may not get back the full amount invested upon disposal of the shares. Past performance is no guide to future performance, and persons needing advice should consult an independent financial adviser.
The Placing Shares to be issued pursuant to the Placing will not be admitted to trading on any stock exchange other than the London Stock Exchange.
Neither the content of the Company's website nor any website accessible by hyperlinks on the Company's website is incorporated in, or forms part of, this Announcement.
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 rns@lseg.com or visit www.rns.com.
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July 11, 2018 02:01 ET (06:01 GMT)
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