TPI provides its latest research note on Scancell Holdings plc (SCLP.L).

The transformative phase of capital raising that Scancell has undertaken to date in 2020 now appears to have drawn to a close.

What is likely to be its final stage, the Open Offer that Scancell made available to Qualifying Shareholders on 12 October 2020, on the basis of 1 new ordinary share for every 27 held, was declared unconditional on 5 November 2020, raising a further c.£3.0 million gross at an issue price of 13p each.

This permitted existing shareholders to participate on the same basis as funds managed by Redmile Group LLC (‘Redmile’), the US based specialist healthcare and life sciences investment firm, that agreed a direct subscription for both new Scancell ordinary shares and new Convertible Loan Notes (‘new CLNs’), raising total gross proceeds of c.£30m.

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We would draw your attention to the various disclaimers in the document both at the beginning and at the end of the note. Retail clients (as defined by the rules of the FCA) must not rely on the research document. In particular you should note that the research document is a non-independent marketing communication. The analyst who has prepared the research is aware that TPI provides research to Scancell Holdings plc. Accordingly the research has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibitions on dealing ahead of its dissemination.

The information in the document is published solely for information purposes and is not to be construed as a solicitation or an offer to buy or sell any securities or related financial instruments. The material contained in the document is general information intended for recipients who understand the risks associated with equity investment in smaller companies. It does not constitute a personal recommendation as defined by the FCA or take into account the particular investment objectives, financial situation or needs of individual investors nor provide any indication as to whether an investment, a course of action or the associated risks are suitable for the recipient.

Copyright © 2020 Turner Pope Investments (TPI) Limited, all rights reserved.

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