Itaconix PLC Notice of GM and Posting of Circular (2846R)
26 Junio 2020 - 12:01PM
UK Regulatory
TIDMITX
RNS Number : 2846R
Itaconix PLC
26 June 2020
Itaconix plc
("Itaconix", the "Company")
Posting of Circular and Notice of General Meeting
Itaconix plc (AIM: ITX) confirms that, further to its
announcements on 23 June 2020 and 24 June 2020 relating to the
Placing, Subscription and US Additional Subscription to raise
GBP1.8 million, a circular has today been posted to Shareholders.
The Circular includes a notice of general meeting to be held in
connection with the Second Placing, to be held at Hillside, Station
Road, Warkworth, Northumberland NE65 0XP, United Kingdom at 11:30
a.m, on 14 July 2020.
In addition to the Resolutions required to enact the Fundraise,
the Directors are seeking authorisation to issue shares equal to
15% of the Enlarged Share Capital for cash free of pre-emption
rights and the removal of the restriction in the Articles on the
Directors' borrowing powers.
The Directors received authority at the 2019 annual general
meeting to issue up to 10% of the Company's issued ordinary share
capital for cash free of statutory pre-emption rights without
further Shareholder approval at any time until the earlier of
fifteen months or the next annual general meeting.
The Articles currently include a provision at article 108 that
limits the Directors' borrowing powers. Resolution 4 proposes to
eliminate this provision in its entirety from the Articles. The
Directors believe that the existing limit on borrowing was
initially incorporated in relation to the initial public offering
of the Company, in the context of its status as an early-stage
research and development company. As the Company has progressed to
become an operating business with products, customers and a
production facility, the provision limits the Company from
accessing common funding sources for an operating company,
including revolving credit lines for working capital and equipment
financing for capital spending. In addition, the provision at
article 108 of the Articles places a potential limit on available
funding from business relief programmes for the COVID-19
pandemic.
The authorisation of the Directors to issue shares for cash free
of pre-emption rights without further Shareholder approval in
accordance with Resolution 3 and the removal of the restriction on
the Directors' borrowing powers in Resolution 4 are proposed to
increase the Company's ability to react faster to funding
opportunities and market volatility for its working capital needs
to fund continued growth. The Directors expect the Company to
benefit from greater flexibility in accessing funding sources
during the market uncertainty caused by the COVID-19 pandemic.
A copy of the Circular will shortly be available to download
from the Company's website at
https://itaconix.com/investor/shareholder/ .
Unless otherwise defined, all capitalised terms used but not
defined in this announcement shall have the meaning given to them
in the Circular.
Ends
For further information please contact:
Itaconix Plc +1 (603) 775 4400
John Shaw, Chief Executive Officer
Laura Denner, Chief Financial Officer
and Company Secretary
www.itaconix.com
N+1 Singer (Nominated Adviser and Joint
Broker) +44 (0) 207 496 3000
Peter Steel / James Moat
Tom Salvesen
Allenby Capital Limited (Joint Broker) +44 (0) 203 328 5656
Amrit Nahal (Broking)
Nick Athanas / Liz Kirchner (Corporate
Finance)
About Itaconix
Itaconix plc (LSE: ITX) is a leading innovator in bio-based
functional ingredients for improving the safety and performance of
homecare, personal care, and industrial products. Its proprietary
polymer technology generates a growing range of new ingredients
with unique functionality that meet consumer demands for value and
sustainability.
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END
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June 26, 2020 13:01 ET (17:01 GMT)
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