EGM approval of placing
22 Mars 2007 - 11:48AM
UK Regulatory
RNS Number:4966T
Arthro Kinetics plc
22 March 2007
Press Release
Arthro Kinetics plc EGM approves Euro 9 million (#6.04 million) Placing
THURSDAY, 22 March 2007 -- Arthro Kinetics plc (the "Company") (AIM: AKI), the
orthopaedics company dedicated to regenerating joint mobility, announces that,
at the Extraordinary General Meeting ("EGM") of the Company held earlier today,
all resolutions put to shareholders were duly passed.
Accordingly, the approval of the waiver of Rule 9 of the Takeover Code, the
subscription of 44,402,685 New Shares ("Subscription") and the Placing of
16,000,000 New Shares ("Placing") at 10p per share, the Issue of Warrants, the
Grant of new Share Options, the Sub-division of Share Capital and the
appointment of Mr. Berthold Hackl, Managing Partner of Heidelberg Innovation, as
a Non Executive Director of the Company have been approved. The proceeds of the
Subscription and Placing are essential if the Company is to implement its stated
strategy.
The Company is raising a total of 9 million (#6.04 million) before expenses
through a Subscription for 44,402,685 shares at 10 pence each to, amongst
others, funds controlled by Heidelberg Innovation ("Heidelberg"), and the
Placing of a further 16,000,000 shares at 10 pence each by Nomura Code
Securities Limited with institutional investors. Each investor subscribing to
the Subscription and Placing will receive a warrant carrying the right to
subscribe for one share at 20 pence each for every 2 shares subscribed.
Following the Subscription and Placing, Heidelberg, and certain investors with
whom Heidelberg is acting in concert (the "Concert Party"), will control a total
of 56.7 per cent of the enlarged share capital. The Takeover Panel has approved
a waiver, in respect of the Concert Party's shareholding, from the obligation
that would otherwise arise under Rule 9 of the Takeover Code. As a result of
this waiver the Concert Party will not be required to make a general offer to
all shareholders.
Full details of the Placing were set out in the circular sent to the Company's
shareholders on 27 February 2007.
Following admission of the new Ordinary Shares to trading on AIM, there will be
88,003,166 Ordinary Shares in the Company in issue.
CONTACTS
Doug Quinn
CFO, Arthro Kinetics Mobile: +44 (0)7790 772 758
Richard Potts / Clare Terlouw
Nomura Code Securities Limited Tel: +44 (0) 20 7776 1200
Simon Bloomfield
Bankside Consultants Tel: +44 (0) 20 7367 8888
This information is provided by RNS
The company news service from the London Stock Exchange
END
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