REG - Aptamer Group PLC - Placing to raise £2.0 million

AptamerAnnouncement

04/07/2025 07:00

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RNS Number : 7002P  Aptamer Group PLC  04 July 2025

4 July 2025

 

Aptamer Group plc

 

("Aptamer", the "Company" or the "Group")

 

Placing to raise £2.0 million

 

Aptamer Group plc (AIM: APTA), the leading developer of next-generation
synthetic binders delivering innovation to the life science industry,
announces that it has raised £2.0 million (before expenses) by way of a
placing (the "Placing") of ordinary shares of 0.1p each ("Ordinary Shares") to
new and existing shareholders at 0.3p per share (the "Issue Price").

 

The Placing comprises:

·     a firm placing of 400,419,909 new Ordinary Shares (the "Firm
Placing Shares") at the Issue Price, which is not conditional on shareholder
approval to raise approximately £1.2 million (before expenses) (the "Firm
Placing"); and

·     a conditional placing of 266,246,757 new Ordinary Shares (the
"Conditional Placing Shares") at the Issue Price to raise approximately £0.8
million (before expenses) (the "Conditional Placing Shares"), which will
require Shareholder approval at the General Meeting.

 

The Issue Price represents a discount of approximately 21.1 per cent to the
closing price per Ordinary Share of 0.38 pence at close of business on 3 July
2025, being the last practicable date prior to the announcement of the
Placing. The new Ordinary Shares will represent approximately 25.1 per cent of
the Enlarged Issued Share Capital.

 

First Admission of the Firm Placing Shares is expected to become effective,
and dealings are expected to commence at 8.00 a.m. on or around 9 July 2025.

 

Subject to the passing of the resolutions ("Resolutions") at the General
Meeting, Second Admission of the Conditional Placing Shares is expected to
become effective, and dealings are expected to commence at 8.00 a.m. on or
around 28 July 2025.

 

SPARK Advisory Partners Limited has acted as Nominated and Financial Adviser
and Turner Pope Investments (TPI) Ltd has acted as Placing Agent in relation
to the Placing.

 

Background to and Reasons for the Placing

 

Aptamer is a leading innovator in the development of Optimer® binder
technology, a proprietary platform designed to deliver high-affinity,
high-specificity binding solutions for applications across the life sciences
and other industries. The Company is a globally recognised leader in aptamer
technology, which it believes has the potential to capture a significant share
of the approximately US$210 billion affinity ligand market. The Company's
business model is structured to generate dual revenue streams: recurring
fee-for-service income from the development of Optimer binders and high-value
licensing revenue through upfront payments, milestones, and royalties.

 

In the financial year ended 30 June 2025, the Company has demonstrated strong
commercial progress. It has successfully converted a robust pipeline of
fee-for-service contracts, resulting in increased revenues in the first half
of the year and securing multiple new contracts, including repeat engagements,
in the second half. Additionally, the Company has advanced its intellectual
property portfolio, expanding its assets from four to ten. Several of these
assets have progressed towards licensing, notably a swine vaccine and an
Alzheimer's diagnostic, both of which are advancing to licensing agreements.

 

The Company has also garnered significant interest in its enzyme inhibitor,
which has demonstrated strong performance. Progress towards licensing this
asset continues, with heads of terms already agreed with a key supplier. The
Company anticipates near-term royalty and supply-based revenues from this
asset, aligning with its strategy to generate passive income alongside its
fee-for-service revenue.

 

Furthermore, the Company has made significant strides in the development of
its proprietary Optimer® delivery platform. A recent milestone includes the
successful identification and validation of a novel molecular target for
targeted gene therapy delivery to specific liver cells responsible for
scarring. This breakthrough enhances the commercial potential of the platform,
positioning the Company for strategic licensing discussions with global
pharmaceutical partners.

 

The proposed Placing will enable the Company to accelerate the
commercialisation of its Optimer® technology, further develop its
intellectual property portfolio, and advance its licensing pipeline. The
additional capital will support ongoing research and development, expand
fee-for-service capabilities, and strengthen the Company's position as a
leader in the global aptamer market, driving long-term value creation for
shareholders.

 

Use of Proceeds

 

The net proceeds will be allocated across the following areas:

 

Asset Licensing Negotiations

 

The Placing significantly strengthens Aptamer Group's balance sheet,
substantially enhancing credibility and supporting due diligence in ongoing
commercial licensing discussions for proprietary assets. This financial
stability will bolster confidence with prospective partners, many of whom
require demonstration of a significant current cash balance as a potential
manufacturing supplier. Aptamer has continued to employ tight cost discipline
and is looking to minimise any increase in its cost base. This, combined with
increased commercial traction throughout the last 12 months versus the prior
12 months gives the management team confidence that it has sufficient cash
runway through to 2027.

 

Manufacturing Investment

 

To support current and future material supply for licensable assets, Aptamer
Group is bringing manufacturing in-house. The proceeds will fund essential
equipment to ensure high-quality, reliable supply chains, improving margins
and simplifying partner logistics.  This also maintains full control over the
production and supply of patented and patentable raw materials for third party
usage.

 

New Service offering Launch - Biomarker Discovery

 

Aptamer Group will be offering an end-to-end service in biomarker
identification, for as yet unknown targets in areas of unmet medical need.
Aptamer Group has recently demonstrated an ability to perform this task in the
identification of a liver fibrosis target, and consequently, this service as a
commercial offering has generated enormous interest during external business
development communications. Aptamer will invest in servicing existing
equipment fundamental to this service, which will allow proprietary cell
separation technology to be included in the offering.

 

AI and Machine Learning Development

 

Leveraging what we believe to be one of the industry's largest proprietary
validated aptamer sequence databases, Aptamer will develop in-house expertise
in machine learning models to analyse vast quantities of protein: RNA
interaction data. This will enable the development of candidates against a
variety of targets, including those that have been previously considered
'undruggable' with traditional small molecule and antibody approaches, such as
RNA binding proteins (RBPs). These data will be used to create advanced
models using a decade of protein: RNA next generation sequencing and
biophysical data to uncover important insights into how to better predict
optimal sequences for discovery of drug candidates and molecular tools against
customer-specific targets. This investment will enhance Aptamer Group's
competitive edge in the marketplace and open up new areas of opportunity.

 

Liver Fibrosis Program - siRNA Delivery Validation

 

Building on the milestone announced in on 30 June 2025 ("Aptamer Group plc -
Liver Fibrosis Breakthrough with Optimer® Platform"), in which Aptamer
identified a novel molecular target for its Optimer® platform to deliver
siRNA to hepatic stellate cells (HSCs) in liver fibrosis, the proceeds will
fund animal model studies to validate in vivo efficacy. This work aims to
de-risk the platform, which targets a unique protein in scarred livers to
reduce scarring, enhancing its value for licensing discussions with global
pharmaceutical partners.

 

Dr Adam Hargreaves, Non-Executive Chairman and Dr Arron Tolley, Chief
Executive Officer of Aptamer Group, commented:

 

"Aptamer Group is advancing as a leader in aptamer technology, leveraging our
Optimer® platform to deliver innovative solutions in life sciences. This
year, we have secured repeat engagements with Unilever and AstraZeneca,
increased H1 2025 revenues, and expanded our IP portfolio from four to ten
assets, with licensing deals imminent.

 

"Our June 30, 2025 liver fibrosis breakthrough in siRNA delivery has drawn
strong industry interest, bolstering our position in the US$210 billion
affinity ligand market. This capital raise, from high-net-worth individuals
and institutional investors, allows us to fund in-house manufacturing, liver
fibrosis studies, launch a biomarker discovery service, explore AI-driven
aptamer development, and strengthen licensing negotiations.

 

"With a lean cost base and robust pipeline, the Board believes the Company is
poised to convert collaborations into revenue and lead globally. We would like
to thank our existing and incoming shareholders for their support."

 

Details of the Placing

 

The Company has conditionally raised a total of £2.0 million (before
expenses) through the Firm Placing and the Conditional Placing at 0.3p per
share.

 

The Company intends to issue up to 666,666,666 new Ordinary Shares pursuant to
the Placing, representing in aggregate, approximately 25.1 per cent of the
existing Ordinary Shares, comprising:

·     a total of 400,419,909 new Ordinary Shares placed by Turner Pope
pursuant to the Firm Placing as agent of the Company at the Issue Price,
raising gross proceeds of approximately £1.2 million (before expenses); and

·     a total of 266,246,757 new Ordinary Shares conditionally placed by
Turner Pope pursuant to the Conditional Placing as agent of the Company at the
Issue Price, raising gross proceeds of approximately £0.8 million (before
expenses); and

The Issue Price reflects a 21.1 per cent discount to the closing price of
0.38p per Ordinary Share on 3 July 2025, the last practicable date before this
announcement. The new Ordinary Shares represent approximately 25.1 per cent of
the enlarged issued share capital.

Adam Hargreaves, a Director of the Company, has agreed to participate in the
Placing by participating in the Placing in aggregate in the amount of
£100,000 (further details are set out below).

The Firm Placing and Conditional Placing are not being underwritten.

Details of the Firm Placing

 

Pursuant to the Firm Placing, the Company has raised approximately £1.2
million (before expenses). The Firm Placing is not conditional on the
Resolutions being passed at the General Meeting with the Firm Placing Shares
being issued pursuant to the Company's existing share allotment authorities
obtained at the last annual general meeting of the Company.

 

Details of the Conditional Placing

 

The Company has conditionally raised a total of approximately £0.8 million
(before expenses) through the Conditional Placing.

 

The Conditional Placing is conditional, inter alia, upon:

·     the issue of the Firm Placing Shares and First Admission occurring
by no later than 9 July 2025 (or such later time and/or date as the Company,
Turner Pope and SPARK may agree;

·     the passing of the Resolutions at the General Meeting (or any
adjournment thereof) by not later than 24 July 2025;

·     the Placing Agreement becoming unconditional in all respects
(other than in respect of Admission) and not having been terminated in
accordance with its terms;

·     the Company not being in breach of any of its obligations and
undertakings under the Placing Agreement which fall to be performed prior to
First Admission or Second Admission, save for any breach which is not, in the
opinion of Turner Pope and SPARK (acting in good faith) material in the
context of the Placing; and

·     Second Admission occurring by not later than 8.00 a.m. on 28 July
2025 (or such later time and/or date as the Company, Turner Pope and SPARK may
agree, not being later than 8.00 a.m. on 29 August 2025).

If any of the conditions to the Conditional Placing is not satisfied or waived
(where capable of waiver), the Conditional Placing will not proceed, the New
Ordinary Shares will not be issued pursuant to the Conditional Placing and any
monies received by Turner Pope or the Company in connection with the
Conditional Placing (as the case may be) will be returned to the applicants
(at the applicants' risk and without interest) as soon as possible thereafter.

The conditional placing of the Conditional Placing Shares at the Issue Price
has raised approximately £0.8 million (before expenses).

The Conditional Placing Shares, when issued and fully paid, will rank pari
passu in all respects with the Existing Ordinary Shares.

 

VCT/EIS status

 

Neither the Directors nor the Company give any warranty or undertaking that:
(i) VCT qualifying status is or will be available; (ii) New Ordinary Shares
will be "eligible shares" for the purposes of Part 5 of the Income Tax Act
2007; or (iii) that the Company will conduct its activities in a way that
qualifies for or preserves its status or the status of any investment in New
Ordinary Shares.

 

If the law regarding the reliefs available to investors in VCTs and/or EIS
changes, any qualifying status previously obtained (if any) may be lost or
withdrawn.

 

Investors considering taking advantage of any of the reliefs available to VCTs
or under EIS should seek their own professional advice in order that they may
fully understand how the rules apply in their individual circumstances and
what they are required to do in order to claim any reliefs (if available). As
the rules governing VCT and EIS reliefs are complex and interrelated with
other legislation, if any potential investors are in any doubt as to their tax
position, require more detailed information than the general outline above, or
are subject to tax in a jurisdiction other than the UK, they should consult
their professional advisers.

 

Details of the Director participating in the Placing

 

The following Director has agreed to participate in the Conditional Placing on
equivalent terms and conditions and at the same Issue Price as other
participants in the Conditional Placing:

 Director                               Number of shares in the Conditional Placing  Amount     Total Number of Shares upon Second Admission  Percentage of issued share capital upon Second Admission
 Dr Adam Hargreaves (Pathcelerate Ltd)  33,333,333                                   £100,000   170,379,305                                   6.41%

 

The participation of Dr Adam Hargreaves in the Conditional Placing is regarded
as a related party transaction under the AIM Rules. He is participating on the
same terms as all other investors.

The independent directors, being all of the Directors other than Dr Adam
Hargreaves, consider, having consulted with SPARK as the Company's nominated
adviser, that the terms of the transaction are fair and reasonable insofar as
shareholders are concerned.

Placing Agreement

Pursuant to the terms of the Placing Agreement, Turner Pope, as agent for the
Company, conditionally agreed to use its reasonable endeavours to procure
subscribers for the Placing Shares at the Issue Price. The Placing Agreement
is conditional, amongst other things, on none of the warranties given to
Turner Pope and SPARK being or becoming untrue, inaccurate or misleading in
any respects on or before Second Admission.

Under the Placing Agreement, the Company has agreed to pay to Turner Pope a
fixed sum and/or commissions based on the aggregate value of the Placing, and
the costs and expenses incurred in relation to the Placing, and to grant
66,666,666 Broker Warrants to Turner Pope.

The Placing Agreement contains customary warranties given by the Company in
favour of Turner Pope and SPARK in relation to, amongst other things, the
accuracy of the information in the Circular and other matters relating to the
Group and its business. In addition, the Company has agreed to indemnify
Turner Pope and SPARK (and their respective affiliates) in relation to certain
liabilities which they may incur in respect of the Placing.

Turner Pope and SPARK have the right to terminate the Placing Agreement in
certain circumstances prior to First Admission or Second Admission (as
applicable), in particular, in the event of breach of the warranties, the
occurrence of a material adverse change or if the Placing Agreement does not
become unconditional.

Rights of the new Ordinary Shares

 

The new Ordinary Shares will, when issued, be credited as fully paid and will
be issued subject to the Articles and rank pari passu in all respects with the
existing Ordinary Shares, including the right to receive all dividends and
other distributions declared, made or paid on or in respect of the Ordinary
Shares after the date of issue of the new Ordinary Shares and will, on issue,
be free of all claims, liens, charges and encumbrances.

 

Broker Warrants

 

Under the Placing Agreement, 66,666,666 transferable Broker Warrants will be
issued to JIM Nominees Limited (on behalf of Turner Pope) as part
consideration for its services as placing agent. The warrants are exercisable
at the Issue Price for five years following admission and are not admitted to
trading on AIM. Transfers must be registered with the Company, and amendments
require an extraordinary resolution of warrant holders and Company consent.

 

Admission, Settlement and Dealings

 

New Ordinary Shares have been allotted and issued pursuant to the Firm
Placing.  Application has been made for the Firm Placing Shares to be
admitted to trading on AIM ("First Admission"). First Admission is expected to
occur at 8.00 a.m. on or around 9 July 2025 (or such later time and/or date as
Turner Pope and SPARK may agree with the Company, being not later than 8.00
a.m. on 29 August 2025).

 

It is expected that CREST accounts of the investors in the Firm Placing Shares
who hold their Ordinary Shares in CREST will be credited with their New
Ordinary Shares on or around 9 July 2025.

In the case of investors in the Firm Placing Shares holding their Ordinary
Shares in certificated form, it is expected that certificates will be
dispatched the week commencing 7 July 2025. Pending dispatch of the share
certificates or the crediting of CREST accounts, the registrar will certify
any instruments of transfer against the register.

It is expected that Second Admission will occur and dealings on AIM will
commence in the Conditional Placing Shares subject, inter alia, to the passing
of the Resolutions at the General Meeting at 8.00 a.m. on or around 24 July
2025 (or such later time and/or date as Turner Pope and SPARK may agree with
the Company, being not later than 8.00 a.m. on 29 August 2025).

It is expected that CREST accounts of the investors in the Conditional Placing
Shares who hold their Ordinary Shares in CREST will be credited with their new
Ordinary Shares on 28 July 2025.

In the case of investors in the Conditional Placing Shares holding their
Ordinary Shares in certificated form, it is expected that certificates will be
dispatched during the week commencing 28 July 2025. Pending dispatch of the
share certificates or the crediting of CREST accounts, the registrar will
certify any instruments of transfer against the register.

General Meeting

The Directors do not currently have sufficient authority to allot in full the
Conditional Placing Shares pursuant to the Conditional Placing or the Broker
Warrants. Accordingly, the Board is seeking the approval of Shareholders of
the following at the General Meeting: (i) to allot the Conditional Placing
Shares pursuant to the Conditional Placing and the Broker Warrants, and (ii)
to allot shares and to disapply pre-emption rights to replace the existing
authorities passed at the Company's annual general meeting on 29 November 2024
which are being utilised to issue and allot the Firm Placing Shares.

 

Further information on the Resolutions to be proposed at the General Meeting
will be set out in the Circular.

Total Voting Rights

 

Immediately following First Admission, the Company will have 2,391,762,925
ordinary shares of £0.001 each in issue.

 

Immediately following Second Admission the Company will have 2,658,009,682
ordinary shares of £0.001 each in issue.

 

The Company does not hold any shares in treasury and all of the Ordinary
Shares have equal voting rights. Therefore, the figures above represent the
total voting rights in the Company and may be used by shareholders as the
denominator for the calculations by which they can determine if they are
required to notify their interest in, or a change to their interest in the
Company under the Rules.

 

- Ends -

 

For further information, please contact:

 

 Aptamer Group plc                                        +44 (0) 1904 217 404

 Dr Arron Tolley
 SPARK Advisory Partners Limited - Nominated Adviser      +44 (0) 20 3368 3550

 Andrew Emmott / Jade Bayat
 Turner Pope Investments (TPI) Ltd - Broker               +44 (0) 20 3657 0050

 James Pope / Andrew Thacker
 Northstar Communications Limited - Investor Relations    +44 (0) 113 730 3896

 Sarah Hollins

 

Unless otherwise indicated, capitalised terms in this announcement have the
meaning given to them in this announcement (including the definitions section
included in the Appendix).

This announcement contains inside information for the purposes of Article 7 of
Regulation (EU) No 596/2014 as it forms part of UK domestic law by virtue of
the European Union (Withdrawal) Act 2018.

About Aptamer Group

Aptamer Group is a leading developer of next-generation synthetic binders
delivering innovation to the life sciences industry. The Group
develops Optimer® binders, advanced molecules that work like antibodies by
attaching to specific targets in the body. These binders are used
in medicine, diagnostic tests, and research tools, offering benefits
like high stability, reliable performance, and lower costs compared to
traditional antibodies.

Aptamer operates a fee-for-service business in the $210 billion market for
antibody alternatives, working with all top 10 global pharmaceutical
companies. It is also building valuable Optimer® assets with partners,
aiming for future licensing revenue.

Founded in 2008, the Group listed on the London Stock Exchange AIM market in
December 2021 and is headquartered in York, UK.

To register for news alerts by email go to
https://aptamergroup.com/investors/investor-news-email-alerts/
(https://aptamergroup.com/investors/investor-news-email-alerts/)

 

Important Notices

Neither this announcement, nor any copy of it may be made or transmitted into
the United States of America (including its territories or possessions, any
state of the United States of America and the District of Columbia) (the
"United States"). Neither this announcement nor any copy of it may be taken or
transmitted directly or indirectly into Australia, Canada, the Republic of
South Africa, New Zealand, Japan or to any persons in any of those
jurisdictions, except in compliance with applicable securities laws. Any
failure to comply with this restriction may constitute a violation of United
States, Australian, Canadian, South African, New Zealand or Japanese
securities laws or the securities laws of any other jurisdiction (other than
the United Kingdom). The distribution of this announcement in other
jurisdictions may also be restricted by law and persons into whose possession
this announcement comes should inform themselves about, and observe, any such
restrictions. Any failure to comply with these restrictions may constitute a
violation of the securities laws of any such jurisdiction.

This announcement does not constitute or form part of any offer or invitation
to sell or issue, or a solicitation of any offer to acquire, purchase or
subscribe for, securities of the Company.

The New Ordinary Shares have not been, nor will be, registered under the US
Securities Act of 1933, as amended (the "US Securities Act") or the securities
laws of any state or jurisdiction of the United States, and may not be offered
or sold within the United States to, or for the account or benefit of, US
person (as that term is defined in Regulation S under the US Securities Act),
except pursuant to an exemption from, or in a transaction not subject to, the
registration requirements of the US Securities Act and such other applicable
state securities laws. Accordingly, the New Ordinary Shares are being offered
hereby only outside the United States in reliance upon Regulation S under the
US Securities Act in offshore transactions.

No representation or warranty, express or implied, is made by the Company,
SPARK or Turner Pope as to any of the contents of this announcement, including
its accuracy, completeness or for any other statement made or purported to be
made by it or on behalf of it, the Company, the Directors or any other person,
in connection with the Placing, First Admission and Second Admission, and
nothing in this announcement shall be relied upon as a promise or
representation in this respect, whether as to the past or the future (without
limiting the statutory rights of any person to whom this announcement is
issued).

Forward-Looking Statements

Certain statements contained in this announcement constitute "forward-looking
statements" with respect to the financial condition, performance, strategic
initiatives, objectives, results of operations and business of the Company.

All statements other than statements of historical facts included in this
announcement are, or may be deemed to be, forward-looking statements. Without
limitation, any statements preceded or followed by or that include the words
''targets'', ''plans'', ''believes'', ''expects'', ''aims'', ''intends'',
''anticipates'', ''estimates'', ''projects'', ''will'', ''may'', "would",
"could" or "should", or words or terms of similar substance or the negative
thereof, are forward-looking statements. Forward-looking statements may
include statements relating to the following: (i) future capital expenditures,
expenses, revenues, earnings, cashflows, synergies, economic performance,
indebtedness, financial condition, dividend policy and future prospects; and
(ii) business and management strategies and the expansion and growth of the
Company's operations. Such forward-looking statements involve risks and
uncertainties that could significantly affect expected results and are based
on certain key assumptions, some of which are outside of the Company's
influence and/or control.

Many factors could cause actual results, performance or achievements to differ
materially from those projected or implied in any forward-looking statements.
The important factors that could cause the Company's actual results,
performance or achievements to differ materially from those in the
forward-looking statements include, amongst others, economic and business
cycles, competition in the Company's principal markets, acquisitions or
disposals of businesses or assets, changes in government and other regulation,
changes in political and economic stability and trends in the Company's
principal industries. Due to such uncertainties and risks, undue reliance
should not be placed on such forward-looking statements, which speak only as
of the date of this announcement.

In light of these risks, uncertainties and assumptions, the events described
in the forward-looking statements in this announcement may not occur. No
statement in this announcement is intended to be a profit estimate or profit
forecast. The forward-looking statements contained in this announcement speak
only as of the date of this announcement. Neither the Company nor its
Directors nor any person acting on its or their behalf expressly disclaim any
obligation or undertaking to update or revise publicly any forward-looking
statements, whether as a result of new information, future events or
otherwise, unless required to do so by applicable law or regulation.

Expected Timetable of Key Events

                                                                                All dates 2025
 First Admission of the Firm Placing Shares to trading on AIM and commencement  on or around 8.00 a.m. on 9 July
 in dealings
 CREST accounts credited in respect of Firm Placing Shares held in              9 July
 uncertificated form
 Despatch of definitive share certificates for Firm Placing Shares held in      Within 10 business days of
 certificated form

                                                                                9 July
 General Meeting                                                                11.00 a.m. on 24 July
 Second Admission and commencement of dealings in the Conditional Placing       on or around 8.00 a.m. on 28 July
 Shares
 CREST accounts credited in respect of the Conditional Placing Shares           28 July
 Despatch of definitive share certificates for applicable Conditional Placing   Within 10 business days of
 Shares

                                                                                28 July

Notes:

 (a)  If any of the details contained in the timetable above should change, the
      revised times and dates will be notified to Shareholders by means of an
      announcement through a Regulatory Information Service.
 (b)  All references to time and dates in this document are to time and dates in
      London.
 (c)  Certain of the events in the above timetable are conditional upon, amongst
      other things, the approval of the Resolutions to be proposed at the General
      Meeting.

 

Key Statistics

 Number of Existing Ordinary Shares                                        1,991,343,016
 Number of new Ordinary shares issued pursuant to the Firm Placing         400,419,909
 Number of new Ordinary shares issued pursuant to the Conditional Placing  266,246,757

 Total Number of New Ordinary Shares                                       666,666,666
 Aggregate number of Broker Warrants                                       66,666,666
 Issue Price                                                               0.3 pence
 Percentage of the Enlarged Share Capital represented by the new Ordinary  25.1 per cent
 Shares
 Gross proceeds of the Firm Placing                                        £1.2 million
 Gross proceeds of the Conditional Placing                                 £0.8 million
 Gross proceeds of the Placing                                             £2.0 million
 Estimated net proceeds of the Placing                                     £1.83 million
 Number of Ordinary Shares(1) immediately following Second Admission       2,658,009,682

 

Notes:

 

 (1)   This number assumes that all the Firm Placing Shares are allotted and issued

     at First Admission and all the Conditional Placing Shares are allotted and
       issued at Second Admission. This calculation also assumes that no further

     Ordinary Shares are issued under the Company's share schemes or existing
       issued warrants (or otherwise) between the date of this document and Second

     Admission.

     All references in this document to "pounds sterling", "sterling", "£",
       "pence" or "p" are to the lawful currency of the United Kingdom.

 (2)

 

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