TIDM3LEG
RNS Number : 5700P
3Legs Resources plc
09 June 2015
3Legs Resources plc
("3Legs" or "the Company")
Subscription to raise GBP500,000 and Directorate Change
The Board of 3Legs is pleased to announce a subscription of
185,185,185 ordinary shares ("Subscription Shares") at a price of
0.27p per share raising gross proceeds of GBP500,000 (the
"Subscription"). The Company also announces the appointment of
James (Jim) Mellon and Gregory (Greg) Bailey as Non-executive
Directors of the Company and the appointment of Richard Armstrong,
current Non-executive Director, as Non-executive Chairman with
immediate effect.
Following the Subscription and Board appointments, the Directors
will propose a resolution at the next Annual General Meeting to
change the Company's investing policy to focus on the life sciences
sector.
Jim Mellon is an investor with interests in several sectors.
After leaving Oxford, where he studied Philosophy, Politics and
Economics, he worked in Asia and the United States in two fund
management companies, GT Management and Thornton Management (Asia)
Limited, before establishing his own business in 1991. This now has
two components: a listed fund management company, Charlemagne
Capital Limited; and an Asian investment group, Regent Pacific
Group. In addition, Jim is a controlling shareholder and a director
of Manx Financial Group plc, an Isle of Man-based bank and a
controlling shareholder of Webis Holdings plc. He is also a
co-founder of UraMin and Red Dragon Resources, both mining groups.
Burnbrae Limited, his private company, is a substantial landlord in
Germany and in the Isle of Man, and it owns outright the hotel
chain, Sleepwell Hotels.
Jim spends most of his time working on start-up ideas and his
various investments. He is also the co-author of four books; Wake
Up!, The Top 10 Investments for the Next Ten Years, Cracking the
Code and Fast Forward. Cracking the Code was published in 2012 and
focused on investment opportunities in the life science sector.
Since writing this book the majority of Jim's personal investment
activity has been directed towards this sector after establishing
Mann Bioinvest, a life science specialist investment adviser. Jim
is Chairman and major shareholder of Plethora Solutions Holdings
plc an AIM listed pharmaceutical company and a Director of Portage
Biotech Inc. listed on the Canadian Securities Exchange.
Jim lives in the Isle of Man, Brussels and Ibiza and is an
honorary fellow of Oriel College, Oxford.
Dr. Greg Bailey is an investor and entrepreneur in the
biomedical sector having spent time previously as an investment
banker and a physician. He has arranged and participated in
multiple financings, M&A transactions, and taken a number of
companies public. Dr. Bailey is a co-founder and managing partner
of MediqVentures Inc. and the Executive Chairman of Portage Biotech
Inc. Previously he was a managing partner of Palantir Group, Inc.
("Palantir"), a merchant bank involved in a number of biotech
company start-ups and financings. Palantir was also involved in
acquiring intellectual property assets and founding companies
around the IP.
Dr. Bailey was the co-founder of Ascent Healthcare Solutions,
VirnetX Inc. (VHC:AMEX), Portage Biotech Inc. (PTGEF: OTCBB) and
DuraMedic Inc. He was the initial financier and an independent
director of Medivation, Inc. (MDVN:NASDAQ), from 2005 to December
2012.
Richard Armstrong, Non-executive Chairman of 3Legs, commented:
"We are very pleased to welcome both Jim and Greg to the Board of
3Legs. Their expertise and knowledge of the life sciences sector
will be of great benefit as we look to change the focus of the
Company's investing policy."
Details of the Subscription
Mr. Mellon's and Dr. Bailey's respective interests in the
Company's issued share capital following the Subscription are set
out below:
Subscription Shares Percentage
of the enlarged
issued share
capital
Jim Mellon 37,037,037 5.99%
Galloway Limited(1) 37,037,037 5.99%
Port Erin Biopharma Investments
Limited(2) 18,518,518 2.99%
-----------------
14.97%
Greg Bailey 92,592,593 14.97%
Total Subscription 185,185,185 29.94%
Notes
(1) Galloway Limited is a company which is indirectly wholly
owned by the trustee of a settlement under which James Mellon has a
life interest.
(2) James Mellon is the Non-Executive Chairman of Port Erin
Biopharma Investments Limited ("PEBI") and, together with companies
owned by a trust under which James Mellon has a life interest, he
is in aggregate interested in 29 per cent. of the issued shares of
PEBI.
Application has been made for the Subscription Shares to be
admitted to trading on AIM which is expected to occur on 10 June
2015 ("Admission"). The Subscription Shares will be credited as
fully paid and rank pari passu with the existing ordinary share
capital.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital
will comprise 618,492,947 ordinary shares of 0.025p each. The
Company does not hold any shares in treasury. Therefore, the total
number of ordinary shares with voting rights will be 618,492,947.
This figure may be used by shareholders in the Company as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change in their
interest in, the share capital of the Company under the FCA's
Disclosure and Transparency Rules.
Enquiries
3Legs Resources plc
Richard Armstrong Tel: 07787 500221
Colin Weinberg Tel: 07836 588504
Northland Capital Partners Limited Tel: 0207 382 1100
(Nominated Adviser and Broker)
Matthew Johnson / Edward Hutton (Corporate
Finance)
John Howes / Abigail Wayne (Corporate
Broking)
Peterhouse Corporate Finance Limited Tel: 0207 469 0934
(Joint Broker)
Lucy Williams / Duncan Vasey
Further information on Jim Mellon and Greg Bailey
The information required to be disclosed in accordance with
Schedule Two (g) of the AIM Rules for Companies for Mr. Mellon and
Dr. Bailey is set out below.
Jim Mellon
James Mellon, aged 57, is or has been in the past five years a
director of the following companies:
Current directorships Past directorships (in the
last 5 years)
Biggene Limited Summit Therapeutics plc
Binary (IOM) Limited Cytox Limited
Burnbrae Charlottenburg GmbH Miraculins Inc
Burnbrae Commercial GmbH Brazilian Gold Corporation
Burnbrae Friedrichstein GmbH
Burnbrae Germany East GmbH
Burnbrae Germany GmbH
Burnbrae Germany North GmbH
Burnbrae Germany South GmbH
Burnbrae Germany West GmbH
Burnbrae Group Limited
Burnbrae Kreutzberg GmbH
Burnbrae Limited
Burnbrae Lutzowstrasse GmbH
Burnbrae Mitte GmbH
Burnbrae Prinzlauer Berg GmbH
Burnbrae Residential GmbH
Burnbrae Sachsen GmbH
Burnbrae Schonefeld GmbH
Burnbrae Spandau GmbH
Burnbrae Tempelhof GmbH
Burnbrae Tiergarten GmbH
Burnbrae Wedding GmbH
Burnbrae Wilmersdorf GmbH
Charlemagne Capital (IOM) Limited
Charlemagne Capital Limited
Clean Air Capital Limited
Condor Gold plc
Discover Investment Company - Discover
Asia
Discover Investment Company - Discover
Europe
Extreme Opportunities Limited
Ferrum Limited
Fixed-Odds Capital (Cook Islands)
Ltd
Fruitful Publications Limited
Genseq Limited
Global Glory Investment Limited
IC Technology (UK) Limited
J2 Music Limited
Mann Bioinvest (BVI) Limited
Mann Bioinvest Limited
Manx Financial Group plc
Mediq Ventures Limited
Microcap Partners Limited
Plethora Solutions Holdings plc
Podenco Global Limited
Port Erin BioPharma Limited
Portage Biotech Inc.
Regent Corporate Finance Limited
Regent Fund Management (Asia) Limited
Regent Fund Management Limited
Regent Metals Holdings Ltd
Regent Pacific Group Limited
Rivington Street Holdings plc
Shaanxi Red Dragon Resources Ltd
Shellbay Investments Limited
Sleepwell Hotels (UK) Limited
Sleepwell Hotels Limited
Speymill Deutsch Immobilien plc
Speymill Group plc
West African Minerals Corporation
Further disclosures
The Company has been informed by Mr. Mellon that there is an
arrest warrant in his name which was originally issued by the South
Korean prosecutor's office on 19 December 2000 and subsequently
reissued on 14 January 2004. The warrant was due to remain valid
and effective until 12 March 2010. The arrest warrant pertains to
Mr. Mellon's alleged involvement in a conspiracy to manipulate the
share price of Regent Securities Co., Ltd. Mr. Mellon has informed
the Company that he denies these allegations which are without
substance.
On 29 January 2014 Rivington Street Holdings plc, a company of
which Jim Mellon is a director, entered into a voluntary
liquidation. The creditors are owed approximately GBP4 million, of
which Mr. Mellon and his interests are owed GBP3.8 million.
On 3 January 2008, Bigsave Holdings plc, a company of which Jim
Mellon was a director, entered into a voluntary liquidation. There
were no unsatisfied creditors.
On 9 December 2005 Undervalued Assets Fund - Series One, a
company of which Jim Mellon was a director, entered into a
voluntary liquidation. There were no unsatisfied creditors.
On 8 April 2003, Regent Pacific Fund, a company of which Jim
Mellon was a director, entered into a voluntary liquidation. There
were no unsatisfied creditors.
Asian Opportunity Fund 1998 - Series I commenced voluntary
liquidation on 5 February 2008 pursuant to its Articles and
Association. Jim Mellon was a director within the 12 month period
preceding such date. There were no unsatisfied creditors.
Jim Mellon was also previously a director of Regent Global Fund
and Undervalued Assets Greater China Fund Series III, both of which
went into voluntary liquidation. These two funds were liquidated
with the consent of shareholders as the directors recommended that
due to a decline in the size of the funds, they were uneconomic.
There were no unsatisfied creditors.
Mr. Mellon has confirmed that in relation to his appointment
there is no further information which is required to be disclosed
under paragraph (g) of Schedule Two to the AIM Rules.
Greg Bailey
Gregory Bailey, aged 59, is or has been in the past five years a
director of the following companies:
Current directorships Past directorships (in the last
5 years)
Portage Biotech Inc. Trojan Technologies USA, LLC
Portage Pharma Limited Trojantec Technologies
iWin Inc. SecureAxcess
MediqVentures Inc. Prism Technologies LLC
Topix Pharma Inc. Medivation Inc.
Biohaven Inc.
Palantir Group Inc.
Culminat Capital Inc.
Topix Inc.
Plethora Solutions Holdings plc
1783485 Ontario Inc.
Duramedic Inc.
Dr. Bailey has confirmed that in relation to his appointment
there is no further information which is required to be disclosed
under paragraph (g) of Schedule Two to the AIM Rules.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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