(ORPH ) has announced that it intends to raise up to £12 million via a placing, a subscription to certain investors and an offer subscription of new Ordinary Shares for retail investors by PrimaryBid, all at a price of 11 pence per new Ordinary Share.
Use of Proceeds:
The net proceeds of the Fundraising will be used to:
The issue price represents a discount of around 26.4% to the closing middle market price of 14.95 pence per Ordinary Share on 21 May 2020, being the latest practicable date prior to the publication of this Announcement.
However, the company also states the placing price is actually a premium of 3.8% to the closing price of 10.6 pence per Ordinary Share on 7 May 2020 being the date immediately before the announcement of the Quotient partnership on 11 May 2020.
The Fundraising comprises a proposed placing, an offer for subscription through PrimaryBid and subscription of new Ordinary Shares to be affected in two tranches:
Investors should be aware that the placing is subject to the satisfaction of certain conditions set out in the full announcement here and is being conducted by way of an accelerated bookbuild, which will be launched immediately.
The Company intends to publish and send a circular (the "Circular") to shareholders convening the General Meeting in connection with the issue of the Conditional Fundraising Shares on or around 26 May 2020.
A further announcement will be made following the close of the Bookbuild, confirming final details of the Placing.
Shares in ORPH opened down 14% to 12.88p following the placing announcement
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