Results of Placing and Subscription Notice of General Meeting

Pursuant to the announcement released earlier today in relation to the proposed Fundraising (the “Fundraising Announcement”), the Company is pleased to announce that finnCap, WG Partners and Turner Pope, on behalf of the Company, have successfully raised £11.6 million (before expenses) through the placing of 38,952,724   Placing Shares and 7,520,000 Subscription Shares with new and existing institutional investors at a price of 25 pence per share, representing a discount of approximately 19 per cent. to the average 30 day closing price of the Ordinary Shares on AIM to the 27  July 2018, being 30 pence per share.

finnCap is acting as Nominated Adviser and joint broker, alongside WG Partners and Turner Pope who are also acting as joint brokers in connection with the Placing (together the “Joint Brokers”).

Eliot Forster, Alastair Smith, Alan Aubrey and Trevor Nicholls, Directors of the Company, each of whom indicated that they intended to subscribe for New Ordinary Shares, have now confirmed their subscriptions for a total of 280,000 New Ordinary Shares on the same terms as the Placing, raising gross proceeds of £70,000.

The allotment and issue of the Placing Shares and Subscription Shares would exceed the Company’s existing authorities and therefore Shareholder approval will be required. Accordingly, a circular to Shareholders will be posted shortly to include the notice convening a General Meeting.


A circular and notice convening the General Meeting, to be held at the offices of Walker Morris LLP, Kings Court, 12 King Street, Leeds LS1 2HL at 10.00 a.m. on 17 August 2018, will be sent to Shareholders shortly and available from the Company’s website at . The General Meeting has been convened to consider and if thought fit approve, amongst other things, the issue of the Placing Shares (other than the First Placing Shares) and the Subscription Shares.

The Directors believe the Fundraising to be the most appropriate way to provide the capital necessary to meet the Company’s future requirements.  Should the Fundraising not proceed for any reason, the Company would need to find alternative funding or else face future uncertainty.  The Directors urge Shareholders to vote in favour of the Special Resolution numbered 1 set out in the notice of General Meeting.


Applications will be made to the London Stock Exchange for admission of the EIS/VCT Shares, the General Shares and the Subscription Shares to trading on AIM. It is expected that admission will become effective and trading will commence in the First Placing Shares at 8.00 a.m. on 3 August 2018, the Second Placing Shares at 8.00 a.m. on 20 August 2018 and the Third Placing Shares and the Subscription Shares at 8.00 a.m. on 21 August 2018.

Following Third Admission, the Company will have 115,462,211 ordinary shares of 10 pence each in issue and shareholders may use this figure 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 FCA’s Disclosure Guidance and Transparency Rules.

Other than where defined, capitalised terms used in this announcement have the meanings given to them in the Fundraising Announcement.