19 March 2012
Angel Biotechnology Holdings plc
("Angel" or "the Company")
Notice of EGM
Proposed Placing
The Board of Angel Biotechnology Holdings plc announces that today it has posted a Notice of Extraordinary General Meeting of the Company ("EGM") and a Form of Proxy to Shareholders convening an EGM, to be held at 50 Broadway (SES: E1:B69.SI - news) , London SW1H 0BL on 13 April 2012 at 10am. A copy of the Circular is available from the Company's website, http://www.angelbio.com.
The purpose of the EGM is to consider and, if thought fit, pass a special resolution on the terms set out in the Notice of Extraordinary General Meeting. If passed, it would enable the Board to allot equity securities on a non pre-emptive basis by an aggregate nominal amount of 370,000, which would be in addition to the original nominal amount of 750,000 (the "Authority") granted to the Board at the last Annual General Meeting of the Company ("AGM") held on 8 June 2012. The additional Authority would run until the conclusion of the next AGM at which time Shareholders will be asked to approve new authorities for the following 12 months.
The Company is seeking to raise up to a further 1m through a placing of shares at the same price as the Placing that was announced on 22 December 2011. Following the Placing in December, 175,000 of the original Authority (or 175,000,000 ordinary shares) was left unutilised, which, at the price of the December 2011 Placing, would enable the Company to raise a further 350,000.
However, one of the institutional investors who was not in a position to invest at the time of the December Placing has agreed to invest 360,000, while other institutional investors who supported the December 2011 Placing have asked to provide follow-on investments. These additional investments would be in excess of the remaining original Authority.
On behalf of the Board, Dr. Paul Harper, Executive Chairman, said: "The Placing would further strengthen Angel's shareholder base and provide additional working capital that will enable the Company to respond quickly to new business development opportunities recently available to it. The Directors also believe that in the light of the current uncertain financial markets, it is prudent to raise funds when they become available."
See the article here:
Angel Biotechnology - Notice of EGM and Proposed Placing
Recommendation and review posted by G. Smith
