AIM Schedule One - Fastnet Equity plc (6526T)
31 Marzo 2016 - 12:30AM
UK Regulatory
TIDMFAST
RNS Number : 6526T
AIM
31 March 2016
ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT
PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2
OF THE AIM RULES FOR COMPANIES ("AIM RULES")
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COMPANY NAME:
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FASTNET EQUITY PLC TO BE RENAMED AMRYT PHARMA
PLC
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COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT,
COMPANY TRADING ADDRESS (INCLUDING POSTCODES)
:
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Ivybridge House
1 Adam Street
London WC2N 6LE
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COUNTRY OF INCORPORATION:
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England and Wales
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COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION
REQUIRED BY AIM RULE 26:
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www.fastnetequity.com to become www.amrytpharma.com
following Admission
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COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF
OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY,
DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION
IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER
UNDER RULE 14, THIS SHOULD BE STATED:
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The Company has since 28 August 2015, been classified
as an investing company under Rule 15 of the
AIM Rules for Companies ("AIM Rules"). On 30
March 2016 the Company entered into a conditional
agreement to acquire the entire issued share
capital of Amryt Pharmaceuticals Designated
Activity Company ("Amryt") for consideration
of GBP29.6 million to be satisfied by the issue
of 123,495,096 consideration shares. In addition,
the Company is proposing to raise GBP10.0 million
(before expenses) through a conditional placing
of 41,673,402 new ordinary shares (following
a capital reorganisation) at 24 pence per new
ordinary share ("Placing Price").
Amryt was incorporated in August 2015 as a platform
to acquire, build, develop and subsequently
monetise a pipeline of patent protected, commercially
attractive, proprietary drug candidates targeting
best in class performance chosen to meet the
orphan drug designation criteria. Since incorporation,
Amryt has received investment totalling EUR2.0
million to finance due diligence on potential
target businesses and as working capital. In
line with its strategy, Amryt has entered into
agreements, conditional, inter alia, on admission,
to acquire the entire issued share capital of
each of Birken AG, SomPharmaceuticals S.A and
Somtherapeutics, Corp. Birken is a revenue generating
pharmaceutical development and manufacturing
company based in Germany.
The main country of operations will be Ireland.
The acquisition of Amryt constitutes a reverse
takeover under the AIM Rules and ESM Rules.
As a consequence, the current directors are
seeking shareholder approval for the proposals
at a general meeting.
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DETAILS OF SECURITIES TO BE ADMITTED INCLUDING
ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES
(i.e. where known, number and type of shares,
nominal value and issue price to which it seeks
admission and the number and type to be held
as treasury shares):
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208,339,632 ordinary shares of 1.0p each ("Ordinary
Shares") at a placing price of 24p per Ordinary
Share
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CAPITAL TO BE RAISED ON ADMISSION (IF APPLICABLE)
AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:
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Placing of 41,673,402 Ordinary Shares at 24p
per Ordinary Share to raise GBP10.0 million
Approximate market capitalisation of GBP50.0
million on admission at the Placing Price
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PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS
AT ADMISSION:
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37.4%
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DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM
TO WHICH THE AIM COMPANY HAS APPLIED OR AGREED
TO HAVE ANY OF ITS SECURITIES (INCLUDING ITS
AIM SECURITIES) ADMITTED OR TRADED:
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The Enterprise Securities Market, a market regulated
by the Irish Stock Exchange
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FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED
DIRECTORS (underlining the first name by which
each is known or including any other name by
which each is known):
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Existing Board
Cathal Martin Friel Non-executive Chairman
John Michael Edelson Non-executive Director
Michael Henry Nolan Non-executive Director
Harry Thomas Stratford Non-executive Director
New Board (from Admission)
Harry Thomas Stratford Non-executive Chairman
Joseph (Joe) Amrit Wiley CEO
Rory Peter Nealon CFO/COO
Ray Thomas Stafford Non-executive Director
Anthony James Culverwell Non-executive Director
Cathal Martin Friel Non-executive Director
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FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS
EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE
CAPITAL, BEFORE AND AFTER ADMISSION (underlining
the first name by which each is known or including
any other name by which each is known):
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Significant Shareholders Prior to Re-Admission(1) On Re-Admission
-------------- ----------------------------- -------------- ------------------------ -----------
Shareholder Number of Percentage of Number of Number of Total Percentage
Existing existing share Consideration Placing Number of of
Ordinary capital Shares Shares New Enlarged
Shares Ordinary Share
Shares Capital
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Software
AG-Stiftung NIL NIL 36,937,234 6,608,333 43,545,567 20.90%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Cathal
Friel(2) 39,751,525 11.51% 28,108,407 NIL 33,077,347 15.88%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Joseph Wiley NIL NIL 20,442,478 330,417 20,772,895 9.97%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Axa
Framlington
Investment
Managers NIL NIL NIL 20,625,000 20,625,000 9.90%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Rory Nealon NIL NIL 8,130,531 1,312,500 9,443,031 4.53%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Alan Harris NIL NIL 8,869,090 NIL 8,869,090 4.26%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Hargreaves
Lansdown
Stockbrokers 34,969,794 10.13% NIL NIL 4,371,224 2.10%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Dolmen
(MORE TO FOLLOW) Dow Jones Newswires
March 31, 2016 02:30 ET (06:30 GMT)
Stockbrokers 26,531,455 7.68% NIL NIL 3,316,432 1.59%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
TD Waterhouse
Stockbrokers 22,301,580 6.46% NIL NIL 2,787,698 1.34%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Barclays
Personal
Investment
Management 16,251,910 4.71% NIL NIL 2,031,489 0.98%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Halifax Share
Dealing 14,912,563 4.32% NIL NIL 1,864,070 0.89%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Davycrest
Nominees Ltd 10,734,826 3.11% NIL NIL 1,341,853 0.64%
-------------- ----------- ---------------- -------------- ----------- ----------- -----------
Notes:
1. As at the last register analysis undertaken
dated 1 February 2016
2. Cathal Friel's interest in the Existing Ordinary
Shares in the Company includes 36,418,331 Existing
Ordinary Shares held by Raglan Capital and 3,333,194
held in his own name. On Admission Cathal Friel's
interest in the New Ordinary Shares in the Company
will consist of 32,660,698 New Ordinary Shares
held by Raglan Capital and 416,649 New Ordinary
Shares held in his own name. Raglan Capital
is a company which is owned by Cathal Friel
and his wife Pamela Iyer.
As part of the transaction the Company will
be undertaking a capital reorganisation such
that each holding of every eight or more Existing
Ordinary Shares will be consolidated into one
New Ordinary Share and one Deferred Share.
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NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE
WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:
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N/A
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(i) ANTICIPATED ACCOUNTING REFERENCE DATE
(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION
IN THE ADMISSION DOCUMENT HAS BEEN PREPARED
(this may be represented by unaudited interim
financial information)
(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST
THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:
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(i) 31 December
(ii) 30 September 2015
(iii) As follows
a) By 30 June 2016 - publication of audited
final results for the 9 month period ending
31 December 2015
b) By 30 September 2016 - publication of unaudited
interim results for the 6 month period ending
30 June 2016
c) By 30 June 2017 - publication of audited
final results for the 12 month period ending
31 December 2016
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EXPECTED ADMISSION DATE:
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19 April 2016
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NAME AND ADDRESS OF NOMINATED ADVISER:
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Shore Capital and Corporate Limited
Bond Street House
14 Clifford Street
London W1S 4JU
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NAME AND ADDRESS OF BROKER:
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Shore Capital Stockbrokers Limited
Bond Street House
14 Clifford Street
London W1S 4JU
J & E Davy,
Davy House,
49 Dawson Street,
Dublin 2,
Ireland
Stifel Nicolaus Europe Limited,
150 Cheapside,
London EC2V 6ET
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OTHER THAN IN THE CASE OF A QUOTED APPLICANT,
DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS)
THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM,
WITH A STATEMENT THAT THIS WILL CONTAIN FULL
DETAILS ABOUT THE APPLICANT AND THE ADMISSION
OF ITS SECURITIES:
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Copies of the admission document will be available
to the public, free of charge, at the registered
office of the Company at 1 Adam Street, London
WC2N 6LE (telephone number +44 (0) 20 3411 5730)
during normal business hours on any weekday
(Saturdays and public holidays excepted) for
a period of one month from the date of Admission.
This document is also available on the Company's
website at www.fastnetequity.com and subsequently
www.amrytpharma.com
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DATE OF NOTIFICATION:
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31 March 2016
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NEW/ UPDATE:
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NEW
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This information is provided by RNS
The company news service from the London Stock Exchange
END
PAAGUGDXLXXBGLB
(END) Dow Jones Newswires
March 31, 2016 02:30 ET (06:30 GMT)
Fastnet Equity (LSE:FAST)
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