TIDM3LEG
RNS Number : 8743Q
3Legs Resources plc
03 March 2016
3 March 2016
3Legs Resources plc
("3Legs" or "the Company")
Acquisition of SalvaRx Limited
Change of name to SalvaRx Group PLC
Placing to raise GBP1.95 million
Share consolidation
Admission of Enlarged Share Capital to trading on AIM
and
Notice of General Meeting
Further to the announcement of 4 November 2015, the Company is
pleased to announce that it has conditionally agreed to acquire the
issued share capital not already owned by it in SalvaRx Limited
("SalvaRx") for consideration of GBP8.8 million to be satisfied by
the issue of New Ordinary Shares at 35.5p per share (following a
100:1 share consolidation). The Company has also raised GBP1.95
million (before expenses) by means of a Placing of New Ordinary
Shares at 35.5p per share in order to fund the Enlarged Group's
further development, including its working capital needs, as well
as the costs associated with the Proposals.
Highlights
-- SalvaRx operates in the field of cancer immunotherapy and its
strategy is to identify, develop and finance further novel
therapeutics that stimulate the immune system to fight cancer;
-- SalvaRx owns 60.49 per cent. of iOx, a company which is
developing under licence a series of compounds for cancer
immunotherapy;
-- SalvaRx's ownership of iOx gives the Company exposure to the
fast-growing cancer immunotherapy market;
-- iOx is focused on developing its pipeline of anti-cancer
treatments based on invariant natural killer T cells and has a
clinical trial sponsorship agreement with Oxford University who
will conduct fund, or arrange funding for, the first Phase I/II in
human trial;
-- SalvaRx has a highly experienced management team who between
them have a track record of developing novel drugs in cancer
immunotherapy; and
-- SalvaRx is actively screening acquisitions and investments in
cancer immunotherapy and complementary areas of oncology.
Richard Armstrong, Non-Executive Chairman of 3Legs
commented:
"We are very pleased to have agreed the acquisition of SalvaRx,
subject to shareholder approval. The business has a strong and
experienced management team in the cancer immunotherapy sector
which is an exciting and fast growing market."
Ian Walters, CEO of SalvaRx commented:
"Joining AIM is a major step forward for SalvaRx and allows us
to fund the iOx business through to its first in human trials
sponsored by Oxford University. The listing will also raise our
profile as we seek to build our immunotherapy business via further
acquisitions and investment opportunities.
"The iOx scientists have developed significant insights into the
role of natural killer T cells in stimulating a tumour specific
immune response. We believe the compounds being developed by iOx
could represent a major development in cancer treatment, especially
when combined with existing immuno-oncology agents, with the hope
of improving the care for many different types of cancer
patients."
The Acquisition is of sufficient size to constitute a reverse
takeover under the AIM Rules and is therefore subject to the
approval of Independent Shareholders in General Meeting.
Trading on AIM in the Existing Ordinary Shares has been
suspended since 4 November 2015 due to the Company not having
completed an acquisition which constitutes a reverse takeover under
the AIM Rules or otherwise having implemented its investing policy
within 12 months of becoming an investing company. The suspension
will remain in place pending the outcome of the General
Meeting.
A circular, comprising an admission document ("Admission
Document") and a notice of general meeting, will be posted to
Shareholders today. Defined terms in this announcement have the
same meaning as those in the Admission Document.
A copy of the circular may be downloaded from the Company's
website at www.3legsresources.com
Enquiries
3Legs Resources plc
Richard Armstrong Tel: +44 7787 500221
Colin Weinberg Tel: +44 7836 588504
Northland Capital Partners Limited Tel: +44 207 382 1100
Nominated Adviser and Broker
Matthew Johnson / Edward Hutton
(Corporate Finance)
John Howes / Abigail Wayne (Corporate
Broking)
Peterhouse Corporate Finance
Limited Tel: +44 207 469 0934
Joint Broker
Lucy Williams / Duncan Vasey
Britton Financial PR Tel: +44 7957 140416
Tim Blackstone
Introduction
On 4 November 2015, the Company announced that it had signed
non-binding heads of terms in connection with the proposed
acquisition of the issued share capital not already owned by it in
SalvaRx, a company in which it had acquired an 11.14 per cent.
shareholding as announced on 30 September 2015. The Company
announced earlier today that it has conditionally agreed to acquire
the issued share capital not already owned by it in SalvaRx for an
aggregate consideration of GBP8.8 million to be satisfied by the
issue to the Vendors of the Consideration Shares. SalvaRx owns
60.49 per cent. of iOx, a company incorporated in February 2015,
which is developing under licence a series of cell agonists for
cancer immunotherapy. These compounds activate iNKT cells which
preclinical testing in several cancer models suggests can inhibit
the growth of tumours. iOx has a clinical trial sponsorship
agreement with Oxford University to conduct and fund (or arrange
funding for) the first in human Phase I/II clinical trial for iOx's
lead compound. SalvaRx has a strong management team with
considerable experience in the field of cancer immunotherapy and
its strategy is to identify, develop and finance further novel
therapeutics that stimulate the immune system to fight cancer.
The Acquisition is of sufficient size to constitute a reverse
takeover under the AIM Rules and is therefore subject to the
approval of Shareholders at the General Meeting.
In order to fund the Enlarged Group's further development,
including its working capital needs, as well as the costs
associated with the Proposals, the Company has also today announced
the Placing.
Following implementation of the Proposals, the Vendors, who are
deemed to be acting in concert for the purposes of the Takeover
Code, will hold, together with certain other Existing Shareholders
who are deemed to be acting in concert with them, 26,640,582 New
Ordinary Shares, representing 73.05 per cent. of the Enlarged Share
Capital. Under Rule 9 of the Takeover Code, the Concert Party would
normally be obliged to make a mandatory offer to all shareholders
(other than the Concert 15 Party) to acquire their New Ordinary
Shares. Following an application by the Company, the Takeover Panel
has agreed to waive this obligation, subject to the approval of
Independent Shareholders on a poll at the General Meeting.
Should the Acquisition be approved by Shareholders and the
Waiver Resolution approved by Independent Shareholders (being the
Existing Shareholders other than the members of the Concert Party,
which includes Jim Mellon and Dr Greg Bailey who own all the shares
in SalvaRx not already owned by the Company), the Board is
proposing to change the Company's name to SalvaRx Group PLC to
reflect the Company's new underlying business.
The Board is also proposing the Share Consolidation as it
considers that it is in the best interests of the Company's long
term development as a public quoted company to have a lower number
of shares in issue and for the Existing or the New Ordinary Shares
to be traded in pence rather than fractions of a penny.
If the Resolutions are approved, it is expected that Admission
will become effective and that dealings in the Enlarged Share
Capital will commence on AIM on 22 March 2016.
BACKGROUND ON THE COMPANY
The Company listed on AIM in June 2011 having raised GBP62.5m
before expenses in order to focus on the exploration and
development of unconventional oil and gas resources in Europe.
However, in view of the disappointing results, the then board of
directors of the Company announced in September 2014 that it had
concluded that it could not justify further investment in its
concessions.
After considering a number of options, the then board of
directors of the Company decided to propose the return of the
Company's remaining cash resources to Shareholders in conjunction
with a placing to raise GBP0.8m at 0.232p per Existing Ordinary
Share and the adoption of an investing policy to invest in and/or
acquire companies within the technology or resources sectors. These
proposals were approved at a meeting of Shareholders held on 13
February 2015. As part of these arrangements, the existing
directors resigned (other than Alex Fraser who subsequently stepped
down) and Colin Weinberg and Richard Armstrong joined the board of
directors.
In early June 2015, Jim Mellon and Dr Greg Bailey together
invested, directly and indirectly, an aggregate of GBP500,000 at a
price of 0.27p per Existing Ordinary Share for 185,185,185 Existing
Ordinary Shares in the Company (representing 29.9 per cent. of the
enlarged share capital) and joined the board of directors. Jim and
Greg have a successful track record in identifying investments in
life sciences and related sectors. To enable the Company to take
advantage of their expertise and contacts, Shareholders approved at
the Annual General Meeting on 31 July 2015 a change in the
Company's investing policy to focus on investments in life sciences
and related technologies.
The Company announced on 30 September 2015 that it had invested
GBP215,000 to acquire an 11.14 per cent. interest in SalvaRx, a
company owned by Jim Mellon and Dr Greg Bailey. This investment was
in accordance with the Company's new investing policy and provided
the Company with exposure to the fast-growing cancer immunotherapy
market.
BACKGROUND ON SALVARX
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SalvaRx was incorporated on 6 May 2015 in the British Virgin
Islands. Save for its 60.49 per cent. interest in iOx, SalvaRx has
no material assets and, save for its subscription commitments in
relation to its investment in iOx, it also has no material
liabilities. On a fully diluted basis (if all share options and/or
warrants are allocated and granted and vest), SalvaRx's interest in
iOx would comprise 52.9 per cent. of the enlarged issued share
capital of iOx.
As at the date of this document, SalvaRx has in aggregate
invested GBP510,000 in iOx under the terms of the iOx Investment
Agreement and is committed to invest a further GBP1,327,560 subject
to the achievement of certain milestones.
Jim Mellon and Dr Greg Bailey are the sole directors of SalvaRx,
which is administered on a day-today basis by Drs Ian Walters and
Robert Kramer. Ian Walters holds the role of Chief Executive
Officer of SalvaRx and, on Admission, will be appointed as the
Company's Chief Executive Officer. Robert Kramer holds the role of
Chief Scientific Officer of SalvaRx.
REASONS FOR THE ACQUISITION
The Company's stated strategy is to seek investment in a
business in the life sciences and related sectors with, amongst
other characteristics, a strong management team, good growth
opportunities, a significant potential market opportunity and the
ability to generate strong cash flows in the future. The Directors
believe that in SalvaRx they have identified a business that meets
these criteria.
The Directors consider that the opportunity represented by the
Acquisition is in the best interests of the Company and
Shareholders for the following reasons:
-- SalvaRx's ownership of iOx gives the Company exposure to the
fast-growing cancer immunotherapy market;
-- iOx is focused on developing its pipeline of anti-cancer
treatments based on iNKT cells and has a clinical trial sponsorship
agreement with Oxford University who will conduct fund, or arrange
funding for, the first Phase I/II in human trial;
-- SalvaRx has a highly experienced management team who between
them have a track record of developing novel drugs in cancer
immunotherapy; and
-- SalvaRx is actively screening acquisitions and investments in
cancer immunotherapy and complementary areas of oncology.
BOARD CHANGES
On Admission, it is proposed that Jim Mellon replaces Richard
Armstrong as Non-Executive Chairman (with Richard Armstrong
continuing as a non-executive director of the Company) and that Dr
Ian Walters and Kam Shah be appointed as directors of the
Company.
OPTIONS
Prior to 13 February 2015, when Shareholders approved the
adoption of an investing policy, the Company operated two share
option plans (the "2007 Plan" and the "2009 Plan") and a long-term
incentive plan (the "2011 LTIP"). All options granted under the
2007 Plan and the 2009 Plan, and all awards under the 2011 LTIP
have now lapsed. From 13 February 2015, the Company did not operate
a formal stock option scheme, however certain Options over Existing
Ordinary Shares were granted to the Directors and Catalyst
Corporate Consultants Limited on an ad hoc basis pursuant to
individual option agreements (the "Non-Plan Options"). As at 2
March 2016, the Company had granted Non-Plan Options over 8,623,051
Existing Ordinary Shares under individual option agreements to each
of Richard Armstrong and Colin Weinberg, Non-Plan Options over
8,623,053 Existing Ordinary Shares under individual option
agreements to each of Jim Mellon and Dr Greg Bailey and Non-Plan
Options over 8,623,053 Existing Ordinary Shares to Catalyst
Corporate Consultants Limited. The Non-Plan Options are exercisable
at 0.232p per Existing Ordinary Share at any time up to 16 February
2021 subject to a condition that no Non-Plan Option be exercised if
such exercise would trigger a requirement to make an offer under
Rule 9 of the Takeover Code.
As a result of the proposed Share Consolidation, the exercise
price of all of the Non-Plan Options will rebase to 23.2p per New
Ordinary Share and the number of New Ordinary Shares over which the
Non-Plan Options are exercisable will reduce accordingly.
On 2 March 2016, the Board adopted the Plan which is
administered by the Board. Participation in the Plan is limited to
employees and certain consultants of the Company. Options granted
to non-employees (consultants and directors) will be by way of a
sub-plan, governed by the same rules as the Plan mutatis mutandis
unless the context otherwise provides. On 2 March 2016, the Board
granted, conditional on Admission, a total of 2,144,114 Plan
Options to the Management and Consultant Optionholders, 182,333
Plan Options to Catalyst Corporate Consultants Limited and 91,166
Plan Options to each of Richard Armstrong and Colin Weinberg. The
Plan Options are exercisable at 35.5p per New Ordinary Share.
Northland Capital considers that the Plan and the grant of the
Plan Options to Richard Armstrong and Colin Weinberg are fair and
reasonable and in the best interests of Shareholders and the
Company as a whole. In arriving at its opinion, Northland Capital
has taken account of the Directors' commercial assessments.
On 16 February 2015, the Company granted Northland Capital an
option over 4,311,526 Existing Ordinary Shares exercisable at any
time at 0.232p per share expiring on the third anniversary of the
date of grant. In part consideration for its services in connection
with the Placing, Northland Capital has been granted an option to
acquire up to 182,333 New Ordinary Shares exercisable at any time
prior to the fifth anniversary of Admission at 71p per New Ordinary
Share. Subject to Admission, Northland Capital will therefore hold
options over 225,448 New Ordinary Shares (representing 0.62 per
cent. of the Enlarged Share Capital).
RULE 9 WAIVER
The proposed issue of the Consideration Shares gives rise to
certain considerations under the Takeover Code, which applies to
the Company and which governs, inter alia, transactions which may
result in a change of control of a company to which the Takeover
Code applies.
Under Rule 9 of the Takeover Code, any person that acquires,
whether by a series of transactions over a period of time or not,
an interest (as defined in the Takeover Code) in shares which
(taken together with any shares in which he is already interested
or in which persons acting in concert with him are interested)
carry 30 per cent. or more of the voting rights of a company which
is subject to the Takeover Code, is normally required to make a
general offer to all the remaining shareholders to acquire their
shares.
The Company has applied to the Panel for a waiver of Rule 9 of
the Takeover Code in order that the Acquisition does not trigger an
obligation on the part of Concert Party to make a general offer to
Independent Shareholders. The Panel has agreed, subject to the
Waiver Resolution being passed on a poll of Independent
Shareholders at the General Meeting, to waive the requirement which
might otherwise arise as a result of the Acquisition for the
members of the Concert Party to make a general offer to Independent
Shareholders.
For further details please refer to the Admission Document.
CHANGE OF NAME AND WEBSITE ADDRESS
Subject to the passing of the Resolutions, it is proposed to
change the Company's name to SalvaRx Group Plc by resolution of the
Board in accordance with the power conferred by the IoM 2006
Act.
Upon the change of name being registered at the Isle of Man
Companies Registry, the Company's AIM symbol will be changed to
SALV. The Company's website address will be changed to
www.salvarx.io following the General Meeting.
SHARE CONSOLIDATION
The Directors propose that, subject to Shareholder approval of
Resolution 3 as set out in the Notice, every 100 Existing Ordinary
Shares of 0.025p each be consolidated into 1 New Ordinary Share of
2.5p each. Fractions of New Ordinary Shares arising on the Share
Consolidation will be aggregated and sold in the market for the
benefit of the Company. Shareholders holding less than 100 Existing
Ordinary Shares on the Record Date will therefore be consolidated
off the register with no compensation. The Directors and the
Proposed Directors believe that such a consequence is in the best
interests of the Company and is not capable of being avoided (other
than at disproportionate cost and expense to the Company). Other
than in respect of the change in the par value, the rights
attaching to the New Ordinary Shares will be identical to the
rights attaching to the Existing Ordinary Shares.
Following the Share Consolidation, replacement share
certificates will be despatched by first class post at the risk of
the Shareholder in respect of the New Ordinary Shares which are to
be held in certificated form. These new share certificates are
expected to be despatched by 5 April 2016. Share certificates dated
on or before the Record Date should be destroyed as they will cease
to be valid. In relation to Existing Ordinary Shares which are held
in uncertificated form, CREST accounts are expected to be credited
with the newly denominated New Ordinary Shares on 22 March
2016.
AMENDMENT TO ARTICLES OF ASSOCIATION
As a result of, but conditional upon, approval of the Share
Consolidation by Shareholders at the General Meeting, the Directors
propose that, subject to Shareholder approval of Resolution 6 set
out in the Notice, the Articles be amended to, among other matters,
reflect the revised par value of each New Ordinary Share and the
increase to the amount of share capital available to issue.
LOCK-IN AND ORDERLY MARKET AGREEMENTS
Lock-in and orderly market agreements have been entered into by
the Locked-in Persons who, on Admission, will hold in aggregate
26,748,340 New Ordinary Shares (representing 73.35 per cent. of the
Enlarged Share Capital).
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The Locked-in Persons have entered into agreements pursuant to
which they have each agreed with the Company and Northland Capital
that for the period of 12 months following Admission they will not
(without prior written consent of the Company and Northland
Capital) dispose of any interest in New Ordinary Shares except in
certain specified circumstances. They have also agreed that, for a
further 12 months following the expiry of the initial 12 month
period, they will only dispose of any interest in New Ordinary
Shares through Northland Capital (or the Company's broker at the
relevant time if it is not Northland Capital) and in such manner as
Northland Capital (or such other broker) may reasonably require
with a view to the maintenance of an orderly market in the New
Ordinary Shares.
RELATIONSHIP AGREEMENT
On Admission, Jim Mellon (and his related parties) and Dr Greg
Bailey will together be interested in 26,640,582 New Ordinary
Shares, representing approximately 73.05 per cent. of the Enlarged
Share Capital.
The Independent Directors and the Proposed Directors are
satisfied that the Company is capable of carrying on its business
independently of Jim Mellon and Dr Greg Bailey and that all
transactions and relationships between them and the Company are and
will continue to be at arm's length and on normal commercial
terms.
To seek to ensure that Shareholders are adequately and
additionally protected in this regard and generally in relation to
the size of Jim Mellon's (and his related parties) and Dr Greg
Bailey's aggregate shareholding in the Company following Admission,
the Company and Northland Capital have entered into the
Relationship Agreement with Jim Mellon, Dr Greg Bailey and Jim
Mellon's related parties, being Galloway Limited and Port Erin
Biopharma Investments Limited.
Pursuant to the Relationship Agreement, Jim Mellon (and his
related parties) and Dr Greg Bailey have given certain undertakings
to the Company and Northland Capital to ensure that the New Board
and the Company can operate on an independent basis.
In addition, Jim Mellon and Dr Greg Bailey have provided an
undertaking to the Company, effective for a period of one year
following Admission, to use all reasonable endeavours to notify the
Independent Directors to the extent they are aware of an
opportunity to invest in or acquire a company or asset involved in
the development of antibodies and other compounds applicable to
immunotherapy treatments in the oncology sector (in circumstances
that would result in the Company holding more than 20 per cent. of
the issued share capital of the target company or asset). Where the
opportunity is capable of exploitation equally by the other parties
to the Relationship Agreement, the Company is granted a right of
first refusal in respect thereof. The Company will be deemed to
have declined the opportunity if it does not notify Jim Mellon and
Dr Greg Bailey within six weeks of first being notified.
RELATED PARTY TRANSACTIONS
The proposed Acquisition is a related party transaction under
the AIM Rules. The Vendors (Jim Mellon and Dr Greg Bailey), each of
whom is a Director and substantial shareholder in the Company, are
classified as related parties for the purposes of Rule 13 of the
AIM Rules and are not deemed independent for the purposes of
providing the fair and reasonable opinion required thereunder. The
Independent Directors, having consulted with Northland Capital, the
Company's nominated adviser, consider that the terms of the
Acquisition Agreement are fair and reasonable insofar as
Shareholders are concerned.
IRREVOCABLE UNDERTAKINGS
The Independent Directors have given irrevocable undertakings to
the Company to vote in favour of the Resolutions to be proposed at
the General Meeting (and, where relevant, to procure that such
action is taken by the relevant registered holders if that is not
them) in respect of their entire beneficial holdings totalling in
aggregate 10,775,862 Existing Ordinary Shares, representing
approximately 1.74 per cent. of the Existing Ordinary Shares.
Jim Mellon and Dr Greg Bailey, each of whom is a Director, and
Port Erin Biopharma Investments Limited have given irrevocable
undertakings to the Company to vote in favour of the Resolutions,
save for the Waiver Resolution, to be proposed at the General
Meeting (and, where relevant, to procure that such action is taken
by the relevant registered holders if that is not them) in respect
of their entire beneficial holdings totalling in aggregate
185,185,185 Existing Ordinary Shares, representing approximately
29.94 per cent. of the Existing Ordinary Shares.
In addition, certain other Shareholders have given irrevocable
undertakings to the Company to vote in favour of the Resolutions to
be proposed at the General Meeting (and, where relevant, to procure
that such action is taken by the relevant registered holders if
that is not them) in respect of their holdings totalling, in
aggregate 125,000,002 Existing Ordinary Shares, representing
approximately 20.21 per cent. of the Existing Ordinary Shares.
In total, therefore, the Company has received irrevocable
undertakings to vote in favour of:
1. the Waiver Resolution in respect of holdings totalling, in
aggregate, 135,775,864 Existing Ordinary Shares, representing 31.33
per cent. of the Existing Ordinary Shares entitled to vote thereon;
and
2. all other Resolutions (excluding the Waiver Resolution) in
respect of holdings totalling, in aggregate, 320,961,049 Existing
Ordinary Shares, representing 51.89 per cent. of the Existing
Ordinary Shares.
GENERAL MEETING
Set out at the end of this document is a notice convening the
General Meeting to be held at 11.00 a.m. on 21 March 2016 at The
Claremont Hotel, 18-22 Loch Promenade, Douglas, Isle of Man IM1 2LX
at which the Resolutions will be proposed to approve:
1. the Acquisition;
2. the Rule 9 Waiver;
3. the Share Consolidation;
4. the appointment of Ian Walters as a director of the Company;
5. the appointment of Kam Shah as a director of the Company;
6. certain amendments to the Articles (including an increase to
the amount of share capital available to issue); and
7. the disapplication of article 5.2 of the Articles to enable
the New Board to allot New Ordinary Shares for cash other than on a
pre-emptive basis.
RECOMMENDATION
The Independent Directors, who have been so advised by Northland
Capital, consider that the Acquisition and the Rule 9 Waiver are
fair and reasonable and in the best interests of Shareholders and
the Company as a whole. In providing advice to the Independent
Directors, Northland Capital has taken account of the Directors'
commercial assessments. Accordingly, the Independent Directors
unanimously recommend that Shareholders vote in favour of
Resolution 1 and that Independent Shareholders vote in favour of
the Waiver Resolution. Voting on the Waiver Resolution will be by
means of a poll of Independent Shareholders.
Those members of the Concert Party who would otherwise be
entitled to vote at general meetings will not vote on the Waiver
Resolution at the General Meeting. The Directors consider that the
Placing, the Share Consolidation, the appointment of the Proposed
Directors and the amendment to the Articles are in the best
interests of Shareholders and the Company as a whole. Accordingly,
the Directors unanimously recommend that Shareholders vote in
favour of Resolutions 3, 4, 5, 6 and 7.
Colin Weinberg and Richard Armstrong, who are both Independent
Directors and Independent Shareholders, have undertaken to vote in
favour of the Resolutions in respect of our beneficial
shareholdings representing in aggregate 1.74 per cent. of the
Existing Ordinary Shares.
EXPECTED TIMETABLE OF PRINCIPAL EVENTS
2016
Latest time and date for receipt 11.00 a.m. on
of Forms of Proxy for the General 19 March
Meeting
General Meeting 11.00 a.m. on
21 March
Record date and time for the Share 5.00 p.m. on
Consolidation 21 March
Completion of the Acquisition 22 March
Admission effective and dealings 8.00 a.m. on
in the New Ordinary Shares 22 March
Commence
Expected date for CREST accounts 22 March
to be credited (where applicable)
Definitive share certificates despatched 5 April
by no later than
The above dates are indicative only and may be subject to
change.
All references to time are to London time unless otherwise
stated.
KEY STATISTICS
Placing Price and Issue Price (per
New Ordinary Share) 35.5p
Number of Existing Ordinary Shares
in issue immediately before
Admission 618,492,947
Consolidation ratio 100:1
Number of New Ordinary Shares in
issue immediately before
Admission 6,184,929
Number of Placing Shares 5,492,958
Number of Consideration Shares 24,788,732
Number of New Ordinary Shares in
issue immediately following the
Placing, the Acquisition and Admission 36,466,619
Placing Shares as a percentage of 15.1 per cent.
the Enlarged Share Capital
Consideration Shares as a percentage 68.0 per cent.
of the Enlarged Share Capital
Gross proceeds of the Placing GBP1.95 million
Estimated net proceeds of the Placing GBP1.50 million
receivable by the Company
Number of New Ordinary Shares under
option immediately following the
Placing, the Acquisition and Admission 3,225,940
Number of New Ordinary Shares in
issue on a fully diluted basis
following the Placing, Acquisition
and Admission(1) 39,692,559
Market capitalisation of the Company GBP12.95 million
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