Plant Health Care - Result of Fundraising
23/06/2023 07:00
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RNS Number : 6639D Plant Health Care PLC 23 June 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE
NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW
ZEALAND, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR IN
OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW
OR REGULATION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF
THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW
BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) ("MAR"). IN
ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF
CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT
CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR.
UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW
CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE
TO BE IN POSSESSION OF INSIDE INFORMATION.
23 June 2023
Plant Health Care plc
("Plant Health Care", or the "Company")
Results of Fundraising
Plant Health Care plc, a leading provider of novel patent-protected biological
products to global agricultural markets, today announces that, further to its
announcement at 4.35 p.m. on 22 June 2023 (the "Fundraising Announcement"), it
has successfully raised £2.8 million (approximately US$3.6 million) before
expenses through the issue of 18,371,654 Placing Shares and 12,676,746
Subscription Shares (together, the "New Ordinary Shares"), in each case at an
Issue Price of 9 pence per share. The Bookbuild has now closed.
Capitalised terms used in this announcement (this "Announcement") have the
meanings given to them in the Fundraising Announcement, unless the context
provides otherwise.
Director Participation
The following Directors of the Company have participated in the Fundraising:
Name of Director Number of New Ordinary Shares acquired Total Ordinary Shares following the Fundraising Total interest in the enlarged issued share capital
Christopher Richards 500,000 5,130,427 1.50%
Jeff Tweedy 69,793 1,958,341 0.57%
Jeff Hovey 69,793 1,059,854 0.31%
James Ede-Golightly 310,488 310,488 0.09%
William Lewis 310,488 940,951 0.28%
Subscription
In addition, the Company has entered into Subscription Agreements with Scobie
Ward and Ospraie AG Science LLC to subscribe for 8,811,344 and 3,104,840
Subscription Shares respectively at the Issue Price.
Following the Subscription, the beneficial interests of Scobie Ward and
Ospraie AG Science LLC are as follows:
Name of Subscriber Number of New Ordinary Shares acquired Total Ordinary Shares following the Fundraising Total interest in the enlarged issued share capital
Scobie Ward 8,811,344 38,984,624 11.41%
Ospraie AG Science LLC 3,104,840 58,072,790 17.00%
Admission
Completion of the Fundraising remains subject, inter alia, to Admission of the
Placing Shares and Subscription Shares. It is expected that dealings in the
Placing Shares and the Subscription Shares will commence at 8.00 a.m. on 28
June 2023 (or such time and/or date as the Company and Cenkos may agree, being
not later than 12 July 2023).
In aggregate, the Placing and Subscription Shares will constitute
approximately 9.09 per cent. of the enlarged issued share capital of the
Company on Admission (assuming no further issuance of Ordinary Shares prior to
Admission).
Total voting rights
Following Admission of the Placing Shares and the Subscription Shares, the
Company will have a total of 341,532,952 Ordinary Shares in issue. With effect
from Admission, this figure may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in the Company, under the
Disclosure Guidance and Transparency Rules of the FCA.
Jeff Tweedy, CEO, commented:
"We are pleased with the strong support from investors for the placing. The
Company has made significant strategic and commercial progress over recent
years. This additional funding will permit the Company to accelerate product
launches in significant markets over the coming months. We are on track to
achieve our target of $30m revenue in 2025, aiming to be cash positive and
profitable by the end of 2024".
For further information, please contact:
Plant Health Care plc Tel: +1 919 926 1600
Jeff Tweedy, CEO
Jeff Hovey, CFO
Cenkos Securities plc Tel: +44 (0) 20 7391 8900
Neil McDonald - Corporate Finance
Pete Lynch - Corporate Finance
Iain Macarthur - Equity Sales
SEC Newgate - Financial Communications Tel: +44 (0) 7540 106 366
Robin Tozer
George Esmond
Harry Handyside
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Jeffrey Tweedy
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Plant Health Care plc
b) LEI 213800KBQPJZ2FM8QH27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p each
GB00B01JC540
Identification code
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.09 69,793
d) Aggregated information N/A
- Aggregated volume
- Price
e) Date of the transaction 22.06.2023
f) Place of the transaction AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
22.06.2023
f)
Place of the transaction
AIM, London Stock Exchange
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Jeffrey Hovey
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Plant Health Care plc
b) LEI 213800KBQPJZ2FM8QH27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p each
GB00B01JC540
Identification code
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.09 69,793
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 22.06.2023
f) Place of the transaction AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
22.06.2023
f)
Place of the transaction
AIM, London Stock Exchange
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name Christopher Richards
2 Reason for the notification
a) Position/status Non-Executive Chairman
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Plant Health Care plc
b) LEI 213800KBQPJZ2FM8QH27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p each
GB00B01JC540
Identification code
b) Nature of the transaction Placing Participation
c) Price(s) and volume(s) Price(s) Volume(s)
£0.09 500,000
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 22.06.2023
f) Place of the transaction AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
22.06.2023
f)
Place of the transaction
AIM, London Stock Exchange
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name William Lewis
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Plant Health Care plc
b) LEI 213800KBQPJZ2FM8QH27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p each
GB00B01JC540
Identification code
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.09 310,488
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 22.06.2023
f) Place of the transaction AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
22.06.2023
f)
Place of the transaction
AIM, London Stock Exchange
1 Details of the person discharging managerial responsibilities/person closely
associated
a) Name James Ede-Golightly
2 Reason for the notification
a) Position/status Non-Executive Director
b) Initial notification/Amendment Initial notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Plant Health Care plc
b) LEI 213800KBQPJZ2FM8QH27
4 Details of the transaction(s): section to be repeated for (i) each type of
instrument; (ii) each type of transaction; (iii) each date; and (iv) each
place where transactions have been conducted
a) Description of the financial instrument, type of instrument Ordinary Shares of 1p each
GB00B01JC540
Identification code
b) Nature of the transaction Subscription for shares
c) Price(s) and volume(s) Price(s) Volume(s)
£0.09 310,488
d) Aggregated information
- Aggregated volume
- Price N/A
e) Date of the transaction 22.06.2023
f) Place of the transaction AIM, London Stock Exchange
d)
Aggregated information
- Aggregated volume
- Price
N/A
e)
Date of the transaction
22.06.2023
f)
Place of the transaction
AIM, London Stock Exchange
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