Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and diagnostics, is pleased to announce that the resolution put to shareholders at the General Meeting held today has been duly passed.
Accordingly, and as set out in its announcement on 5 March 2024, the Company now has the requisite authority to issue 23,879,124 Conditional Placing Shares and 10,896,948 REX Offer Shares at a price of 50 pence per Ordinary Share, raising gross proceeds of approximately £11.9 million and £5.4 million, respectively.
Combined with the Firm Placing and Direct Subscription Shares, which were admitted to trading on AIM on 4 March 2024, Avacta has raised total gross proceeds of approximately £31.1m pursuant to the Fundraise.
Application has been made to the London Stock Exchange for 23,879,124 Conditional Placing Shares and 10,896,948 REX Offer Shares to be admitted to trading on AIM. It is expected that Admission will become effective and dealings will commence in such New Ordinary Shares at or around 8.00 a.m. on 19 March 2024.
Following Admission of the Conditional Placing Shares and REX Offer Shares, the number of Ordinary Shares that the Company has in issue will be 350,512,279 (assuming no other Shares are issued before Second Admission). The total number of voting rights of the Company will be 350,512,279 and 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.
This announcement is released by the Company and contains inside information under the UK Market Abuse Regulation, encompassing information relating to the Fundraise described above. The person responsible for arranging for the release of this announcement on behalf of the Company is Tony Gardiner, Chief Financial Officer.
This announcement should be read in conjunction with the full text of the Circular issued on 1 March 2024. All capitalised/defined terms used in this announcement and not otherwise defined shall have the meanings given to them in the Circular.