Notice of EGM and Proposed Placing (5601Z)
19 März 2012 - 8:01AM
UK Regulatory
TIDMABH
RNS Number : 5601Z
Angel Biotechnology Holdings Plc
19 March 2012
19 March 2012
Angel Biotechnology Holdings plc
("Angel" or "the Company")
Notice of EGM
Proposed Placing
The Board of Angel Biotechnology Holdings plc announces that
today it has posted a Notice of Extraordinary General Meeting of
the Company ("EGM") and a Form of Proxy to Shareholders convening
an EGM, to be held at 50 Broadway, London SW1H 0BL on 13 April 2012
at 10am. A copy of the Circular is available from the Company's
website, www.angelbio.com.
The purpose of the EGM is to consider and, if thought fit, pass
a special resolution on the terms set out in the Notice of
Extraordinary General Meeting. If passed, it would enable the Board
to allot equity securities on a non pre-emptive basis by an
aggregate nominal amount of GBP370,000, which would be in addition
to the original nominal amount of GBP750,000 (the "Authority")
granted to the Board at the last Annual General Meeting of the
Company ("AGM") held on 8 June 2012. The additional Authority would
run until the conclusion of the next AGM at which time Shareholders
will be asked to approve new authorities for the following 12
months.
The Company is seeking to raise up to a further GBP1m through a
placing of shares at the same price as the Placing that was
announced on 22 December 2011. Following the Placing in December,
GBP175,000 of the original Authority (or 175,000,000 ordinary
shares) was left unutilised, which, at the price of the December
2011 Placing, would enable the Company to raise a further
GBP350,000.
However, one of the institutional investors who was not in a
position to invest at the time of the December Placing has agreed
to invest GBP360,000, while other institutional investors who
supported the December 2011 Placing have asked to provide follow-on
investments. These additional investments would be in excess of the
remaining original Authority.
On behalf of the Board, Dr. Paul Harper, Executive Chairman,
said: "The Placing would further strengthen Angel's shareholder
base and provide additional working capital that will enable the
Company to respond quickly to new business development
opportunities recently available to it. The Directors also believe
that in the light of the current uncertain financial markets, it is
prudent to raise funds when they become available."
The Directors believe that passing the Resolution is in the best
interest of the Shareholders and the Company as a whole and
recommend that shareholders vote in favour of the Resolution as
they intend to do in respect of their own beneficial shareholdings
amounting to 96,933,527 shares representing 2.96 per cent. of the
Company's issued ordinary share capital.
For further information:
Angel Biotechnology Holdings plc
Lorna Peers, Finance Director +44 (0) 131 445 6077
Stewart White, Commercial Director/Acting CEO
www.angelbio.com
Grant Thornton, Corporate Finance
Colin Aaronson / Melanie Frean / Elliot Berg +44 (0) 20 7383
5100
Hybridan LLP (Broker)
Claire Noyce, Deepak Reddy +44 (0) 20 7947 4350
Media enquiries:
The Communications Portfolio Ltd
Ariane Comstive / Caolan Mahon +44 (0) 20 7536 2028 / 2029
ariane.comstive@communications-portfolio.co.uk
Notes to Editors:
Angel Biotechnology Holdings plc is a full service contract
bio-manufacturing partner to biotechnology and pharmaceutical
companies worldwide. Angel specialises in advanced biologics
including biopharmaceutical proteins and cell therapies, such as
cellular vaccines and stem cells. At present, Angel's products are
principally used in pre-clinical studies and clinical trials with a
view to becoming the contract manufacturer of choice on a
continuing basis.
Drug development companies outsource their biopharmaceutical
manufacturing requirements to Angel to reduce their own capital
requirements and enable them to develop products more rapidly. In
addition, Angel provides complete regulatory services and
documentation to its customers while its manufacturing processes
adhere to the most stringent regulatory requirements. Products are
produced to current Good Manufacturing Practice (cGMP) standards as
required by the US Food and Drug Administration (FDA), and in
facilities that are certified to European standards by the
Medicines and Healthcare products Regulatory Agency (MHRA).
Its customers range from early-stage biotechnology companies
including ReNeuron plc and US-based Pathfinder Cell Therapy, to
established pharmaceutical companies such as Russian-based Materia
Medica Holdings.
Angel has two facilities: Pentlands Science Park near Edinburgh
where it employs 38 people, and a site in Cramlington, near
Newcastle-upon-Tyne, which is expected to be commissioned by the
end of Q1 2012, initially employing up to 10 people.
More information is available at www.angelbio.com .
- Ends -
This information is provided by RNS
The company news service from the London Stock Exchange
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