TIDMVAL
RNS Number : 6954W
ValiRx PLC
13 December 2023
13 December 2023
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN (THE
"ANNOUNCEMENT") IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN,
INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO MIGHT CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH
JURISDICTION.
THIS ANNOUNCEMENT DOES NOT CONSTITUTE OR CONTAIN ANY INVITATION,
SOLICITATION, RECOMMATION, OFFER OR ADVICE TO ANY PERSON TO
SUBSCRIBE FOR, OR OTHERWISE ACQUIRE, ANY SECURITIES OF THE
COMPANY.
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY
THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS AMED BY
REGULATION 11 OF THE MARKET ABUSE (AMMENT) (EU EXIT) REGULATIONS
2019/310 . UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA REGULATORY
INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO
BE IN THE PUBLIC DOMAIN.
ValiRx PLC
("ValiRx" or the "Company")
Conditional Fundraising of up to GBP1.86m comprising:
Conditional Placing of 26,324,997 new Shares at the Issue Price
of 6 pence per share
Conditional Retail Offer for up to an additional 4,166,666 new
Shares at the Issue Price
Director / PDMR intended Subscription
Resolutions seeking further Shareholder Authority
Notice of General Meeting
Change of Name of Joint Broker
London, UK - ValiRx Plc (AIM: VAL), a life science company
focusing on cancer therapeutics and women's health, announces a
conditional Placing to raise approximately GBP1.60 million (before
expenses), through the allotment and issue of 26,324,997 new Shares
at the Issue Price of 6 pence per Share (the "Placing").
In addition to the Placing, the Company is undertaking a
separate conditional Retail Offer to existing Shareholders via the
Bookbuild platform to raise up to GBP0.25 million (before expenses)
at the Issue Price of 6 pence per Retail Offer Share. The Retail
Offer aims to provide existing retail Shareholders in the Company
an opportunity to participate in the Fundraising at the same price
as subscribers for Placing Shares. A separate announcement will be
made shortly by the Company regarding the Retail Offer and its
terms and conditions. Those existing Shareholders who subscribe for
Retail Offer Shares pursuant to the Retail Offer will do so
pursuant to the terms and conditions of the Retail Offer contained
in that announcement. For the avoidance of doubt, the Retail Offer
is not part of the Placing.
In addition to the Placing and the Retail Offer, certain
Directors and PDMRs of the Company intend to subscribe directly
with the Company for, in aggregate, 500,000 Subscription Shares at
the Issue Price of 6 pence per Share (the "Subscription"). The
aggregate participation by all Directors and PDMRs pursuant to the
Placing and intended Subscription is GBP50k.
It is intended that the Placing, the Retail Offer and the
Subscription will result in the Company raising total gross
proceeds of up to GBP1.86 million, subject to take up under the
Retail Offer and the Subscription.
The Fundraising is subject to the passing of the Fundraising
Resolutions at the General Meeting.
The net proceeds from the Fundraising are intended to be used by
the Group for the following:
-- Exploitation and integration of BioBank materials from the Imagen assets acquisition
-- Commercial Development and Brand establishment within Inaphaea
-- R&D: new Evaluation Projects (estimated 3-4 projects)
-- R&D: ongoing Evaluation projects (StingRay, KRAS and VAL301)
-- R&D: ongoing and intended SPV (Cytolytix)
Fundraising highlights
-- Conditional Placing to raise gross proceeds of approximately GBP1.60 million
-- Conditional intended Subscription to raise gross proceeds of approximately GBP30k
-- Conditional Retail Offer through the Bookbuild Platform to
raise up to an additional GBP0.25 million, providing existing
Shareholders who did not participate in the Placing an opportunity
to participate in the Fundraising
-- Retail Offer launches at 16:30 today (being, 13 December
2023) and is open for applications up to midday on 19 December
2023
-- Announcement of the result of the Retail Offer, the
Subscription and final quantum raised expected on or around 20
December 2023
-- General Meeting to be held at the offices of DAC Beachcroft
LLP, 25 Walbrook, London EC4N 8AF on 4 January 2024 to approve the
issuance of the Placing Shares, the Retail Offer Shares, and the
Subscription Shares
-- Net proceeds of the Fundraising are intended to be used by the Group for the following:
o Exploitation and integration of BioBank materials from the
Imagen assets acquisition
o Commercial development and brand establishment within
Inaphaea
o R&D: new evaluation projects (estimated 3-4 projects)
o R&D: ongoing evaluation projects (StingRay, KRAS and
VAL301)
o R&D: ongoing and intended SPV (Cytolytix)
-- Issue Price of 6 pence per share represents a discount of 23
per cent. to closing market price on last practicable Business Day
prior to this announcement, being 7.8 pence per share.
The Circular together with a Notice of General Meeting to be
held at the offices of DAC Beachcroft LLP, 25 Walbrook, London EC4N
8AF at 11.00 a.m. on 4 January 2024 will shortly be posted to
Shareholders and will be available to view on the Company's website
at https://www.valirx.com/aim-rule-26.
Admission and the issue of the Placing Shares, the Retail Offer
Shares and the Subscription Shares are conditional, inter alia,
upon Shareholders approving the Fundraising Resolutions at the
General Meeting, and the Placing Agreement not having been
terminated prior to Admission.
Shareholders should note that in the event that the Fundraising
Resolutions are not passed, Admission is unlikely to occur and the
Company would not receive the funds from the Placing, the Retail
Offer or the Subscription, which would limit the amount of working
capital available to the Company. There is no certainty that other
funding would be available on suitable terms or at all.
Accordingly, in light of the Group's reducing cash position, it
would be likely that the Company would have to severely restrict
its costs, potentially impacting its ability to progress its
R&D assets and generate value for the Group.
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018 ("UK MAR"). The Directors of the Company take responsibility
for this announcement.
Cautionary statement
Certain statements made in this announcement are forward-looking
statements. Such statements are based on current expectations and
assumptions and are subject to a number of risks and uncertainties
that could cause actual events or results to differ materially from
any expected future events or results expressed or implied in these
forward-looking statements. Persons receiving this announcement
should not place undue reliance on forward-looking statements.
Unless otherwise required by applicable law, regulation or
accounting standard, the Company does not undertake to update or
revise any forward-looking statements, whether as a result of new
information, future developments or otherwise.
For more information, please contact:
ValiRx plc Tel: +44 (0) 2476 796496
Dr Suzanne Dilly, CEO www.valirx.com
Suzanne.Dilly@valirx.com
Cairn Financial Advisers LLP (Nominated Tel: +44 (0) 20 7213
Adviser) 0880
Liam Murray/Jo Turner/Ludovico Lazzaretti
--------------------------
Cavendish Capital Markets Limited Tel: +44 (0) 20 7397
(Joint Broker) 8900
Dale Bellis/Michael Johnson (Sales)
Callum Davidson/Giles Balleny (Corporate
Finance)
--------------------------
Turner Pope Investments (Joint Broker) Tel: +44 (0) 20 3657
James Pope / Andy Thacker 0050
--------------------------
Background to and Reasons for the Fundraising
ValiRx is an AIM quoted life science company focused on cancer
therapeutics and women's health. The Company seeks to identify the
most promising research in academia and innovative biotechnology
companies and translate this research towards clinical development,
providing a pathway to commercialisation.
Background
The Company has identified certain fundamental issues impacting
drug development today, in terms of innovation, productivity and
access. A lack of expertise in early-stage drug developers,
particularly in academia, contributes to low rates of success in
translating novel scientific research into valuable new therapeutic
assets, hindering both the adoption of innovation and the overall
productivity of developing new treatments.
To address these fundamental issues, ValiRx has adopted a
strategy to improve the efficacy of translating promising novel
research into the preclinical development phase, with a particular
focus on women's health and oncology. Combining its clinical
knowledge, deep biological expertise, data generation and data
interpretation abilities, ValiRx seeks to unlock the substantial
potential of early-stage innovation and provide a specialist
service for its in-house collaborative projects and third-party
innovators through its recently formed subsidiary, Inaphaea Biolabs
Limited ("Inaphaea").
Developments since previous fundraising in January 2023
-- Establishment of Inaphaea, a subsidiary of ValiRx PLC
offering in vitro preclinical assays to be used by ValiRx PLC for
the evaluation of preclinical pipelines and externally by
fee-paying service customers;
-- Acquisition of scientific assets of Imagen Therapeutics,
including the biobank of patient derived cell samples; intellectual
property surrounding the handling of patient derived samples and an
extensive array of scientific laboratory equipment;
-- First fee-paying customers signed up to Inaphaea, with the
first client announced in July 2023 as a multi-stage cancer
activity screening client;
-- Expansion of evaluation project with Barcelona University.
New evaluation agreement signed with StingRay Bio to enable ValiRx
to test StingRay Bio's series of small molecules for development as
oncology therapeutic candidates; and
-- VAL401 agreement signed with Ambrose Healthcare Ltd for an
exclusive 12 month option period over a global license to VAL401
which could see the project developed through the remaining
clinical trials and into commercial distribution.
Use of Proceeds
The Group has raised approximately GBP1.60 million (before
expenses) through the Placing and may raise (subject to take up) up
to an additional GBP0.25 million (before expenses) under the Retail
Offer and a further GBP30k through the Subscription. The proceeds
of the Fundraising, of up to approximately GBP1.86 million (before
expenses), are intended to be used by the Group for the
following:
-- GBP0.6 million for the exploitation and integration of
BioBank materials from the Imagen assets acquisition;
-- GBP0.2 million for the commercial development and brand establishment within Inaphaea;
-- GBP0.2 million for R&D of new evaluation projects (estimated 3-4 projects);
-- GBP0.2 million for R&D of ongoing evaluation projects (StingRay, KRAS and VAL301);
-- GBP0.4 million for R&D of the ongoing and intended SPV (Cytolytix).
Details of the Placing
The Group has raised approximately GBP1.60 million (before
expenses) through the Placing.
The Placing Shares have been conditionally placed with new and
existing investors. The Placing Shares are not being underwritten.
The Placing Shares will, when issued, rank pari passu in all
respects with the Existing Shares. Application will be made for the
Placing Shares to be admitted to trading on AIM. It is expected
that Admission will take place, and dealings in the Placing Shares
will commence, on or around 8 January 2024.
Pursuant to the Placing, Stella Panu, a Non-Executive Director
of the Company has subscribed for 333,333 Placing Shares. Subject
to the passing of the Fundraising Resolutions, the Placing
Agreement becoming unconditional and Admission, Stella Panu will
hold 333,333 Shares representing approximately 0.25% of the
Enlarged Share Capital of the Company.
The participation of Stella Panu in the Placing constitutes a
related party transaction for the purposes of Rule 13 of the AIM
Rules by virtue of Stella Panu being a director of the Company and
therefore a related party (the "Transaction"). Kevin Cox,
Non-Executive Chairman, Suzanne Dilly, Chief Executive Officer,
Gerry Desler, Chief Financial Officer and Martin Lampshire,
Non-Executive Director, being directors of the Company independent
of the Transaction consider, having consulted with Cairn Financial
Advisers LLP, the Company's nominated adviser for the purposes of
the AIM Rules, that the terms of the Transaction are fair and
reasonable in so far as the Shareholders are concerned.
The Placing is conditional, inter alia, on:
-- the Placing Agreement becoming unconditional in all relevant
respects and not having been terminated in accordance with its
terms prior to Admission; and
-- Admission becoming effective by no later than 8.00 a.m. on or
around 8 January 2024 or such other date (being not later than 8.00
a.m. on 22 January 2024) as Cairn, TPI, Cavendish and the Company
may agree.
Shareholders should note that in the event that the Fundraising
Resolutions are not passed and the Placing Agreement does not
become unconditional in all relevant respects, Admission is
unlikely to occur and the Company would not receive the funds from
the Placing, which would limit the amount of working capital
available to the Company. Accordingly, in light of the Group's
reducing cash position, it would be likely that the Company would
have to severely restrict its costs, potentially impacting its
ability to progress its R&D assets and generate value for the
Group.
Details of the intended Subscription
In addition to the Placing and Retail Offer, certain Directors
and PDMRs of the Company intend to subscribe directly with the
Company for, in aggregate, 500,000 Subscription Shares at the Issue
Price of 6 pence per Share.
A further announcement will be made in due course by the Company
on the intended Subscription.
The Retail Offer
The Company values its retail Shareholder base and believes that
it is appropriate to provide its existing retail Shareholders
resident in the United Kingdom the opportunity to participate in
the Retail Offer at the Issue Price. The Retail Offer is separate
from the Placing and the Subscription and Cavendish owes the
Company no obligations in respect of the Retail Offer.
The Company is therefore using the Bookbuild platform to make
the Retail Offer available in the United Kingdom through the
financial intermediaries (normally a broker, investment platform or
wealth manager) which will be listed, subject to certain access
restrictions, on the following website:
https://www.bookbuild.live/deals/4QDLX1/authorised-intermediaries.
Cavendish will be acting as retail offer coordinator in relation to
the Retail Offer (the "Retail Offer Coordinator").
Existing retail shareholders can contact their broker or wealth
manager ("Intermediary") to participate in the Retail Offer. In
order to participate in the Retail Offer, each Intermediary must be
on-boarded onto the BookBuild platform and agree to the final terms
and the Retail Offer terms and conditions, which regulate, inter
alia, the conduct of the Retail Offer on market standard terms and
provide for the payment of commission to any intermediary that
elects to receive a commission and/or fee (to the extent permitted
by the FCA Handbook Rules) from the Retail Offer Coordinator (on
behalf of the Company).
Any expenses incurred by any Intermediary are for its own
account. Investors should confirm separately with any Intermediary
whether there are any commissions, fees or expenses that will be
applied by such Intermediary in connection with any application
made through that intermediary pursuant to the Retail Offer.
The Retail Offer will be open to eligible investors in the
United Kingdom at 16:30 on 13 December 2023. The Retail Offer is
expected to close at midday on 19 December 2023. Investors should
note that financial intermediaries may have earlier closing times.
The Retail Offer may close early if it is oversubscribed.
The Retail Offer is and will, at all times, only be made to,
directed at and may only be acted upon by those persons who are,
shareholders in the Company. To be eligible to participate in the
Retail Offer, applicants must meet the following criteria before
they can submit an order for Retail Offer Shares: (i) be a customer
of one of the participating intermediaries listed on the above
website; (ii) be resident in the United Kingdom and (iii) be a
shareholder in the Company (which may include individuals aged 18
years or over, companies and other bodies corporate, partnerships,
trusts, associations and other unincorporated organisations and
includes persons who hold their shares in the Company directly or
indirectly through a participating Intermediary). For the avoidance
of doubt, persons who only hold CFDs, Spreadbets and/or similar
derivative instruments in relation to shares in the Company are not
eligible to participate in the Retail Offer.
The Company reserves the right to scale back any order 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 important 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 is an offer to subscribe for transferable
securities, the terms of which ensure that the Company is exempt
from the requirement to issue a prospectus under Regulation (EU)
2017/1129 as it forms part of UK law by virtue of the European
Union (Withdrawal) Act 2018. It is a term of the Retail Offer that
the aggregate total consideration payable for the Retail Offer
Shares will not exceed GBP250,000 (or the equivalent in Euros). The
exemption from the requirement to publish a prospectus, set out in
section 86(1)(e) of the Financial Services and Markets Act 2000 (as
amended), will apply to the Retail Offer.
A separate announcement will be made by the Company regarding
the Retail Offer and its terms.
The Retail Offer remains conditional on, inter alia:
(a) the Placing being or becoming wholly unconditional; and
(b) Admission of the Retail Offer Shares becoming effective by
no later than 8.00 a.m. on 8 January 2024 or such later time and/or
date as Cavendish and the Company may agree.
Conditional on Admission taking effect, up to 4,166,666 Retail
Offer Shares will be issued pursuant to the Retail Offer at the
Issue Price to raise proceeds of up to GBP0.25 million (before
expenses). The Retail Offer Shares, when issued and fully paid,
will rank pari passu in all respects with the Existing Ordinary
Shares (including the Placing Shares and the Subscription
Shares).
Application will be made to the London Stock Exchange for
Admission of the Retail Offer Shares to trading on AIM. It is
expected that Admission will occur and that dealings will commence
at 8.00 a.m. on 8 January 2024, at which time it is also expected
that the Retail Offer Shares will be enabled for settlement in
CREST.
If you are in any doubt as to what action you should take, you
should immediately seek your own personal financial advice from
your stockbroker, bank manager, solicitor, accountant or other
independent professional adviser duly authorised under the
Financial Services and Markets Act 2000 (as amended) if you are
resident in the United Kingdom or, if not, from another
appropriately authorised independent financial adviser.
Update on current assets
An update on the current assets of the Company can be found in
the operational review update announcement by the Company on 28
September 2023.
General Meeting
The Directors do not currently have authority to issue the
Placing Shares, the Retail Offer Shares and the Subscription Shares
and, accordingly, the Board is seeking the approval of Shareholders
to issue the Placing Shares, the Retail Offer Shares and the
Subscription Shares at the General Meeting. In addition, the
Directors propose to seek additional authority to allot further
Shares in the future to provide flexibility and to allow the
Company some ability to take advantage of opportunities which may
present themselves in the future.
Change of Name of Joint Broker
The Company also announces that, following the completion of the
all-share merger between Cavendish Securities plc (previously named
Cenkos Securities plc) and Cavendish Financial plc (previously
named finnCap Group plc), and as a consequence of internal
reorganisation within the Cavendish Group, the Company has changed
its Joint Broker from Cavendish Securities plc to Cavendish Capital
Markets Limited.
FUNDRAISING STATISTICS
Number of Existing Shares 102,319,610
Number of Placing Shares 26,324,997
Maximum number of Retail Offer Shares(1) 4,166,666
Intended number of Subscription Shares(2) 500,000
Aggregate maximum number of Shares expected
to be issued pursuant to the Fundraising(1,2) 30,991,663
Issue Price 6p per share
Maximum number of Shares in issue following
Admission and issue of the New Ordinary
Shares(1,2) 133,311,273
Percentage of the Enlarged Share Capital
represented by the Placing Shares (1,2) 19.75%
Percentage of the Enlarged Share Capital
represented by the New Ordinary Shares (1,2) 23.25%
Gross proceeds of the Placing Approximately GBP1.60
million
Maximum gross proceeds of the Retail Offer(1) Up to GBP0.25 million
Maximum gross proceeds of the intended Subscription(2) Up to GBP30k
Maximum gross proceeds of the Fundraising(1,2) Approximately GBP1.86
million
Ordinary Share ISIN GB00BLH13C52
(1) Assuming the Retail Offer Shares are subscribed for in full
and authority is granted at the General Meeting to issue such
shares
(2) Assuming the Subscription Shares are subscribed for in full
and authority is granted at the General Meeting to issue such
shares
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2023
Announcement of the Fundraising 13 December
Latest time and date for applications Midday on 19 December
under the Retail Offer (if not closed
beforehand)
Latest date of publication and posting 14 December
of the Circular & the Form of Proxy
2024
Latest time and date for receipt of proxy 11.00 a.m. on 2 January
forms
General Meeting 11.00 a.m. on 4 January
Announcement of the results of the General 4 January
Meeting
Admission and dealings in the New Ordinary 8.00 a.m. on or around
Shares expected to commence on AIM 8 January
Expected date for CREST accounts to be 8 January
credited for New Ordinary Shares to be
held in uncertificated form
Despatch of definitive share certificates by 14 January
in respect of the New Ordinary Shares
to be held in certificated form, if applicable
Notes:
1. Each of the times and dates above are indicative only and if
any of the details contained in the timetable above should change,
the revised times and dates will be notified to Shareholders by
means of an announcement through a Regulatory Information
Service.
2. All of the above times refer to London time unless otherwise stated.
3. All events listed in the above timetable related to the
Admission, the Retail Offer and the Subscription are conditional on
the passing at the General Meeting of the Fundraising Resolutions
to provide the relevant authorities.
DEFINITIONS
The following words and expressions shall have the following
meanings in this Announcement unless the context otherwise
requires:
* "Admission" * admission of the New Ordinary Shares to trading on
AIM becoming effective in accordance with the AIM
Rules which is expected to occur at 8.00 a.m. on 8
January 2024
* "AIM" * AIM, the market of that name operated by the London
Stock Exchange
* "AIM Rules" * the AIM Rules for Companies published by the London
Stock Exchange from time to time
* "Business Day" * any day other than a Saturday, Sunday or public
holiday in England and Wales on which clearing banks
in London are open for general banking business
* Cairn Financial Advisers LLP
* "Cairn"
* Cavendish Capital Markets Limited
* "Cavendish"
* not in uncertificated form
* "certificated" or "in certificated form"
* "Circular" * a circular providing further details of the Placing,
the Retail Offer, the Subscription and the General
Meeting
* "City Code" * the City Code on Takeovers and Mergers issued by the
Panel on Takeovers and Mergers in the UK
* ValiRx PLC
* "Company" or "ValiRx"
* "CREST" * the facilities and procedures for the time being of
the relevant system of which Euroclear has been
approved as operator pursuant to the CREST
Regulations
* "Directors" or "Board" * the directors of the Company, or any duly authorised
committee thereof
* "Enlarged Share Capital" * the issued ordinary share capital of the Company
immediately following Admission
* "Existing Shares" * the 102,319,610 Shares in issue as at the date of
this Announcement
* Financial Conduct Authority
* "FCA"
* "Fundraising" * the fundraising being undertaken by the Company,
comprising the Placing, the Retail Offer and the
Subscription
* "Fundraising Resolutions" * resolutions 1 and 3 to be proposed at the General
Meeting as set out in the Notice of General Meeting
* "General Meeting" * the general meeting of the Company convened for 11:00
a.m. on 4 January 2024 in accordance with the Notice
of General Meeting (or any adjournment thereof)
* "Group" * the Company and its subsidiary undertakings from time
to time
* 6 pence per New Ordinary Share
* "Issue Price"
* London Stock Exchange plc
* "London Stock Exchange"
* "Neville Registrars" or "Receiving Agent" * the trading name of Neville Registrars Limited
* "Notice of General Meeting" * a notice convening the General Meeting set out at the
end of the Circular
* "New Ordinary Shares" * the Placing Shares, the Retail Offer Shares and the
Subscription Shares
* "Placing" * the placing by TPI and Cavendish on behalf of the
Company of the Placing Shares at the Issue Price
pursuant to the terms of the Placing Agreement
* "Placing Agreement" * the conditional placing agreement dated 13 December
2023 and made between the Company, Cairn, TPI and
Cavendish in relation to the Placing
* "Placing Shares" * the 26,324,997 new Shares to be issued by the Company
at the Issue Price at Admission pursuant to the
Placing
* the register of members of the Company
* "Register"
* "Regulatory Information Service" * a regulatory information service approved by the FCA
and on the list of regulatory information services
maintained by the FCA
* "Resolutions" * the resolutions to be proposed at the General Meeting
as set out in the Notice of General Meeting, and a
reference to a numbered Resolution shall be to the
resolution so numbered in that notice
* "Retail Offer" * the retail offer by the Company of the Retail Offer
Shares at the Issue Price to existing shareholders
pursuant to the terms set out in the announcement
giving details of the Retail Offer
* "Retail Offer Shares" * up to 4,166,666 new Shares to be issued by the
Company at the Issue Price at Admission pursuant to
the Retail Offer
* holders of Shares
* "Shareholders"
* "Shares" * ordinary shares of 0.1 pence each in the capital of
the Company
* "Subscription" * The subscription by certain directors and PDMRs of
the Company of the Subscription Shares at the Issue
Price
* "Subscription Shares" * up to 500,000 new Shares to be issued by the Company
at the Issue Price at Admission pursuant to the
Subscription
* Turner Pope Investments (TPI) Limited
* "TPI"
* "uncertificated form" or "in uncertificated form" * recorded in the Register as being held in
uncertificated form in CREST and title to which, by
virtue of the CREST Regulations, may be transferred
by means of CREST
* "United Kingdom" or "UK" * the United Kingdom of Great Britain and Northern
Ireland
* "United States" or "US" * the United States of America, its jurisdictions and
possession, any state of the United States and the
District of Columbia
* "US Dollar" * the lawful currency of the United States
* "US Securities Act" * the U.S. Securities Act of 1933, as amended
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