Animalcare Group plc (AIM: ANCR) is pleased to announce the admission of its Enlarged Share Capital to trading on AIM. Dealings have commenced at 8.00 a.m. today.
This follows the successful acquisition of Ecuphar NV by Animalcare and a placing of 9,340,168 Placing Shares at the Placing Price of 350p to raise approximately £32.7 million (before expenses) which also completed today. The Placing consisted of 8,571,428 New Placing Shares placed by the Company and 768,740 Sale Shares sold by the Selling Shareholders at the Placing Price.
The Board believes that Animalcare and Ecuphar are highly complementary businesses, in particular with regard to their geographic markets, product portfolios and new product development pipelines and the Acquisition will provide enhanced scale and capabilities. As such, the Board considers the Acquisition to provide an opportunity to create a specialist pan-European animal health company that gives the Enlarged Group leadership in its chosen niches that is supported by attractive and complementary market drivers. The Board believes that the Enlarged Group will represent a growing, highly cash generative and dividend paying animal health company with a solid pipeline of new veterinary pharmaceutical products. The Board believes that, taking into account the business and prospects of the Enlarged Group, the Acquisition will be enhancing to the Board’s expectations of underlying earnings for the Existing Group in the first full financial year of ownership.
Terms used in this announcement shall have the meanings given to them in the Company’s admission document dated 24 June 2017 unless otherwise specified, a copy of which is available to view at: www.animalcaregroup.co.uk/investors/constitutional-documents/aim-admission-document
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