Proposed Secondary Placing of not less than 14 million Existing Ordinary Shares in the Company
hVIVO plc (AIM & Euronext: HVO), the world leader in testing infectious and respiratory disease products using human challenge clinical trials, announces that it has been informed by certain Directors of the Company of their intention to sell, in aggregate, not less than 14,000,000 ordinary shares of 0.1 pence each (“Ordinary Shares”) in the capital of Company (the “Placing Shares”), representing approximately 25% of their current shareholding, at a price of 28 pence per Placing Share (the “Placing”) in order to satisfy strong institutional demand.
Each of Raglan Road Capital Limited and Raglan Securities Limited (two investment vehicles of Cathal Friel, Co-Founder and Chairman), Pamela Iyer (Cathal Friel’s spouse), Horizon Medical Technologies Limited (an investment vehicle controlled by Cathal Friel but of which neither he nor his spouse has any beneficial ownership) and Brendan Buckley (Co-Founder and Non-Executive Director) (together, the “Selling Shareholders”), intend to participate in the Placing as the selling shareholders.
Following a series of meetings with both new and existing institutional investors, it became apparent that demand for Ordinary Shares was in excess of those readily available for sale. The Selling Shareholders recognise the strategic importance to hVIVO of a strong and supportive institutional shareholder base, and have therefore decided to release a portion of their own holdings in order to help satisfy this demand.
Cavendish Capital Markets Limited (“Cavendish”) and Peel Hunt LLP (“Peel Hunt”) are acting as placing agents in relation to the Placing.
The sale of the Placing Shares will be effected by way of an accelerated bookbuild to institutional investors which will be launched immediately following this announcement (the “Bookbuild”).
A further announcement noting the number of Placing Shares sold by and subsequent holdings of the Selling Shareholders will be made following completion of the Bookbuild.
The timing for the close of the Bookbuild and the distribution of allocations will be at the absolute discretion of Cavendish and Peel Hunt.
For further information please contact:
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hVIVO plc |
+44 (0) 20 7756 1300 |
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Yamin ‘Mo’ Khan, Chief Executive Officer Stephen Pinkerton, Chief Financial Officer |
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