REG - Scancell Hlds - Retail Offer for up to £1 million

Scancell HoldingsAnnouncement

04/12/2024 18:15

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RNS Number : 8717O  Scancell Holdings Plc  04 December 2024

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE
OR IN PART, OR INTO OR WITHIN THE UNITED STATES, AUSTRALIA, NEW ZEALAND,
CANADA, SOUTH AFRICA OR JAPAN, OR ANY MEMBER STATE OF THE EUROPEAN ECONOMIC
AREA ("EEA"), OR ANY OTHER JURISDICTION WHERE, OR TO ANY OTHER PERSON TO WHOM,
TO DO SO MIGHT CONSTITUTE A VIOLATION OR BREACH OF ANY APPLICABLE LAW OR
REGULATION. PLEASE SEE THE IMPORTANT NOTICE AT THE END OF THIS ANNOUNCEMENT.

 

THE COMMUNICATION OF THIS ANNOUNCEMENT AND ANY OTHER DOCUMENTS OR MATERIALS
RELATING TO THE RETAIL OFFER AS A FINANCIAL PROMOTION IS ONLY BEING MADE TO,
AND MAY ONLY BE ACTED UPON BY, THOSE PERSONS IN THE UNITED KINGDOM FALLING
WITHIN ARTICLE 43 OF THE FINANCIAL SERVICES AND MARKETS ACT 2000 (FINANCIAL
PROMOTION) ORDER 2005, AS AMENDED (WHICH INCLUDES AN EXISTING MEMBER OF
SCANCELL HOLDINGS PLC). ANY INVESTMENT OR INVESTMENT ACTIVITY TO WHICH THIS
ANNOUNCEMENT RELATES IS AVAILABLE ONLY TO SUCH PERSONS AND WILL BE ENGAGED IN
ONLY WITH SUCH PERSONS. THIS ANNOUNCEMENT IS FOR INFORMATIONAL PURPOSES ONLY,
AND DOES NOT CONSTITUTE OR FORM PART OF ANY OFFER OR INVITATION TO SELL OR
ISSUE, OR ANY SOLICITATION OF AN OFFER TO PURCHASE OR SUBSCRIBE FOR, ANY
SECURITIES OF SCANCELL HOLDINGS PLC.

 

4 December 2024

 

Scancell Holdings plc

 

("Scancell" or the "Company")

 

Retail Offer for up to £1 million

 

Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for
the treatment of cancer, is pleased to announce a retail offer via the
Winterflood Retail Access Platform ("WRAP") to raise up to approximately £1
million (the "Retail Offer") through the issue of new ordinary shares of 0.1
pence each in the capital of the Company ("Ordinary Shares"). Under the Retail
Offer up, to 9,523,809 new Ordinary Shares (the "Retail Offer Shares") will be
made available to existing retail shareholders at an issue price of 10.5 pence
per Ordinary Share ("Issue Price").

 

In addition to the Retail Offer, and as announced today, the Company is also
proposing a placing (the "Placing") of new Ordinary Shares to raise a minimum
of £8.5 million (before expenses) through a bookbuild process at the Issue
Price. Alongside the Placing, one of the Directors intends to participate by
way of a direct subscription with the Company for new Ordinary Shares at the
Issue Price raising approximately £20,000 (the "Subscription" and together
with the Placing and Retail Offer, the "Capital Raise"). If the Retail Offer
is taken up in full, the aggregate gross proceeds of the Capital Raise will be
approximately £9 million.

 

The Issue Price represents a discount of approximately 22.2 per cent. to the
mid-market closing price of an Ordinary Share on 4 December 2024 (being the
latest practicable date prior to this announcement).

 

A separate announcement has been made regarding the Placing and Subscription,
setting out the terms of the Placing and the reasons for the Placing and the
Subscription and use of proceeds.  The net proceeds of the Retail Offer will
be used to provide further working capital and balance sheet strength.

 

For the avoidance of doubt, the Retail Offer is not part of the Placing or the
Subscription. Completion of the Retail Offer is conditional, inter alia, upon
the completion of the Placing but not the Subscription; completion of the
Placing is not conditional on any or all of the Retail Offer being subscribed
for.

 

The Capital Raise is conditional on the new Ordinary Shares being admitted to
trading on AIM ("Admission"). It is anticipated that Admission will become
effective and that dealings in the new Ordinary Shares will commence on AIM,
at 8.00 a.m. on 10 December 2024.

 

Retail Offer

 

The Company values its retail shareholder base and believes that it is
appropriate to provide its existing retail shareholders in the United Kingdom
the opportunity to participate in the Retail Offer.

 

Therefore, the Company is making the Retail Offer open to eligible investors
in the United Kingdom, being existing shareholders of Scancell, following
release of this announcement and through certain financial intermediaries.

 

Existing shareholders can contact their broker or wealth manager to
participate in the Retail Offer.

 

The Retail Offer is expected to close at 9.00 a.m. on 9 December 2024.
Eligible shareholders should note that financial intermediaries may have
earlier closing times. The result of the Retail Offer is expected to be
announced by the Company on or around 9 December 2024.

 

Retail brokers wishing to participate in the Retail Offer on behalf of
existing retail shareholders, should contact wrap@winterflood.com.

 

To be eligible to participate in the Retail Offer, applicants must be a
customer of a participating intermediary and, as at the date hereof or will
be, prior to placing an order for Retail Offer Shares, shareholders in the
Company which may include individuals aged 18 years or over, companies and
other bodies corporate, partnerships, trusts, associations and other
unincorporated organisations.

 

There is a minimum subscription of £100 per investor under the Retail Offer.
The terms and conditions on which investors subscribe will be provided by the
relevant financial intermediaries including relevant commission or fee
charges.

 

The Company reserves the right to scale back any order under the Retail Offer
at its discretion. The Company reserves the right to reject any application
for subscription under the Retail Offer without giving any reason for such
rejection.

 

It is vital to note that once an application for Retail Offer Shares has been
made and accepted via an intermediary, it cannot be withdrawn.

 

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

 

It is a term of the Retail Offer that the total value of the Retail Offer
Shares available for subscription at the Issue Price does not exceed
£1,000,000.

 

The Retail Offer is offered in the United Kingdom under the exemption from the
requirement to publish a prospectus in section 86(1)(e) of FSMA. As such,
there is no need for publication of a prospectus pursuant to the Prospectus
Regulation Rules of the Financial Conduct Authority, or for approval of the
same by the Financial Conduct Authority. The Retail Offer is not being made
into any jurisdiction other than the United Kingdom.

 

No offering document, prospectus or admission document has been or will be
prepared or submitted to be approved by the Financial Conduct Authority (or
any other authority) in relation to the Retail Offer, and investors'
commitments will be made solely on the basis of the information contained in
this announcement and information that has been published by or on behalf of
the Company prior to the date of this announcement by notification to a
Regulatory Information Service in accordance with the Financial Conduct
Authority's Disclosure Guidance and Transparency Rules, the Market Abuse
Regulation (EU Regulation No. 596/2014) ("MAR") and MAR as it forms part of
United Kingdom law by virtue of the European Union (Withdrawal) Act 2018 (as
amended).

 

Investors should make their own investigations into the merits of an
investment in the Company. Nothing in this announcement amounts to a
recommendation to invest in the Company or amounts to investment, taxation or
legal advice.

 

It should be noted that a subscription for Retail Offer Shares and investment
in the Company carries a number of risks. Investors should take independent
advice from a person experienced in advising on investment in securities such
as the Retail Offer Shares if they are in any doubt.

 

An investment in the Company will place capital at risk. The value of
investments, and any income, can go down as well as up, so investors could get
back less than the amount invested.

 

Neither past performance nor any forecasts should be considered a reliable
indicator of future results.

 

For Further Information, please contact:

 

 Scancell Holdings plc                                                           +44 (0) 20 3709 5700
 Phil L'Huillier, CEO

 Professor Lindy Durrant, CSO

 Dr Jean-Michel Cosséry, Non-Executive Chairman

 Panmure Liberum Limited (Joint Bookrunner, Joint Broker and Nominated Advisor)  +44 (0) 20 7886 2500
 Emma Earl, Will Goode, Mark Rogers (Corporate Finance)

 Rupert Dearden (Corporate Broking)

 WG Partners LLP (Joint Bookrunner and Joint Broker)                             +44 (0) 20 3705 9330

 David Wilson, Claes Spang, Satheesh Nadarajah, Erland Sternby

 ICR Healthcare                                                                  +44 (0) 20 3709 5700

 Mary-Jane Elliott, Angela Gray, Lindsey Neville                                 scancell@icrhealthcare.com

 Winterflood Retail Access Platform                                              WRAP@winterflood.com
 Joe Winkley, Sophia Bechev                                                      0203 100 0286

 

 

Further information on the Company can be found on its website at
www.scancell.co.uk.

 

The Company's LEI is 2138008RXEG856SNP666.

 

 

This announcement should be read in its entirety. In particular, the
information in the "Important Notices" section of the announcement should be
read and understood.

 

 

Important Notices

 

The content of this announcement, which has been prepared by and is the sole
responsibility of the Company.

 

This announcement and the information contained herein is not for release,
publication or distribution, directly or indirectly, in whole or in part, in
or into or from the United States (including its territories and possessions,
any state of the United States and the District of Columbia (the "United
States" or "US")), Australia, Canada, New Zealand, Japan, the Republic of
South Africa, any member state of the EEA or any other jurisdiction where to
do so might constitute a violation of the relevant laws or regulations of such
jurisdiction.

 

The Retail Offer Shares have not been and will not be registered under the US
Securities Act of 1933, as amended (the "US Securities Act") or under the
applicable state securities laws of the United States and may not be offered
or sold directly or indirectly in or into the United States. No public
offering of the Retail Offer Shares is being made in the United States. The
Retail Offer Shares are being offered and sold outside the United States in
"offshore transactions", as defined in, and in compliance with, Regulation S
under the US Securities Act ("Regulation S") to non-US persons (within the
meaning of Regulation S).

 

This announcement does not constitute an offer to sell or issue or a
solicitation of an offer to buy or subscribe for Retail Offer Shares in the
United States, Australia, Canada, New Zealand, Japan, the Republic of South
Africa, any member state of the EEA or any other jurisdiction in which such
offer or solicitation is or may be unlawful. No public offer of the securities
referred to herein is being made in any such jurisdiction.

 

 

The distribution of this announcement may be restricted by law in certain
jurisdictions and persons into whose possession any document or other
information referred to herein comes should inform themselves about and
observe any such restriction. Any failure to comply with these restrictions
may constitute a violation of the securities laws of any such jurisdiction.

 

WRAP is a proprietary technology platform owned and operated by Winterflood
Securities Ltd (registered address at Riverbank House, 2 Swan Lane, London
EC4R 3GA; FRN 141455). Winterflood Securities Ltd ("Winterflood") is
authorised and regulated in the United Kingdom by the Financial Conduct
Authority, is acting exclusively for the Company and for no-one else and will
not regard any other person (whether or not a recipient of this announcement)
as its client in relation to the Retail Offer and will not be responsible to
anyone other than the Company for providing the protections afforded to its
clients, nor for providing advice in connection with the Retail Offer,
Admission and the other arrangements referred to in this announcement.

 

The value of Ordinary Shares and the income from them is not guaranteed and
can fall as well as rise due to stock market movements. When you sell your
investment, you may get back less than you originally invested. Figures refer
to past performance and past performance is not a reliable indicator of future
results. Returns may increase or decrease as a result of currency
fluctuations.

 

Certain statements in this announcement are forward-looking statements which
are based on the Company's expectations, intentions and projections regarding
its future performance, anticipated events or trends and other matters that
are not historical facts. These forward-looking statements, which may use
words such as "aim", "anticipate", "believe", "intend", "estimate", "expect"
and words of similar meaning, include all matters that are not historical
facts. These forward-looking statements involve risks, assumptions and
uncertainties that could cause the actual results of operations, financial
condition, liquidity and dividend policy and the development of the industries
in which the Company's businesses operate to differ materially from the
impression created by the forward-looking statements. These statements are not
guarantees of future performance and are subject to known and unknown risks,
uncertainties and other factors that could cause actual results to differ
materially from those expressed or implied by such forward-looking statements.
Given those risks and uncertainties, prospective investors are cautioned not
to place undue reliance on forward-looking statements.

 

These forward-looking statements speak only as at the date of this
announcement and cannot be relied upon as a guide to future performance. The
Company and Winterflood expressly disclaim any obligation or undertaking to
update or revise any forward-looking statements contained herein to reflect
actual results or any change in the assumptions, conditions or circumstances
on which any such statements are based unless required to do so by the
Financial Conduct Authority, London Stock Exchange plc or applicable law.

 

The information in this announcement is for background purposes only and does
not purport to be full or complete. None of Winterflood or any of its
affiliates, accepts any responsibility or liability whatsoever for, or makes
any representation or warranty, express or implied, as to this announcement,
including the truth, accuracy or completeness of the information in this
announcement (or whether any information has been omitted from the
announcement) or any other information relating to the Company or associated
companies, whether written, oral or in a visual or electronic form, and
howsoever transmitted or made available or for any loss howsoever arising from
any use of the announcement or its contents or otherwise arising in connection
therewith. Winterflood and its affiliates, accordingly disclaim all and any
liability whether arising in tort, contract or otherwise which they might
otherwise be found to have in respect of this announcement or its contents or
otherwise arising in connection therewith.

 

Any indication in this announcement of the price at which the Ordinary Share
have been bought or sold in the past cannot be relied upon as a guide to
future performance. Persons needing advice should consult an independent
financial adviser. No statement in this announcement is intended to be a
profit forecast and no statement in this announcement should be interpreted to
mean that earnings or target dividend per share of the Company for the current
or future financial years would necessarily match or exceed the historical
published earnings or dividends per share of the Company.

 

Neither the content of the Company's website (or any other website) nor the
content of any website accessible from hyperlinks on the Company's website (or
any other website) is incorporated into or forms part of this announcement.
The Retail Offer Shares to be issued or sold pursuant to the Retail Offer will
not be admitted to trading on any stock exchange other than London Stock
Exchange plc.

 

It is further noted that the Retail Offer is only open to investors in the
United Kingdom who fall within Article 43 of the Financial Services and
Markets Act 2000 (Financial Promotion) Order 2005, as amended (which includes
an existing member of the Company).

 

Panmure Liberum Limited, which is authorised and regulated by the FCA in the
United Kingdom, is acting as Nominated Adviser, joint bookrunner and joint
broker to the Company in connection with the Placing. Panmure Liberum Limited
has not authorised the contents of, or any part of, this announcement, and no
liability whatsoever is accepted by Panmure Liberum Limited for the accuracy
of any information or opinions contained in this announcement or for the
omission of any material information. The responsibilities of Panmure Liberum
Limited as the Company's Nominated Adviser under the AIM Rules for Companies
and the AIM Rules for Nominated Advisers are owed solely to London Stock
Exchange plc and are not owed to the Company or to any director or shareholder
of the Company or any other person, in respect of its decision to acquire
shares in the capital of the Company in reliance on any part of this
announcement, or otherwise.

WG Partners LLP, which is authorised and regulated by the FCA in the United
Kingdom, is acting as joint bookrunner and joint broker to the Company in
connection with the Placing. WG Partners LLP has not authorised the contents
of, or any part of, this announcement, and no liability whatsoever is accepted
by WG Partners LLP for the accuracy of any information or opinions contained
in this announcement or for the omission of any material information. 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
WG Partners LLP 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.

 

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