Avacta Group PLC, a life sciences company focusing on innovative, targeted oncology drugs and diagnostics, has announced its intention to raise funds through a proposed retail offer via the Retail Capital Markets 'REX' portal. The company plans to offer ordinary shares of 10 pence each in the capital of the company, with the aggregate gross proceeds of the REX Offer not exceeding £6.8 million.
In addition to the REX Offer, the company is also conducting a non-pre-emptive firm placing of new Ordinary Shares and a direct subscription by directors, as well as a conditional placing of new Ordinary Shares. The price of the REX Offer Shares is 50 pence per share, representing a 34.0 per cent. discount to the middle-market closing price of the Ordinary Shares on 27 February 2024.
The REX Offer is conditional upon the completion of the Firm Placing, the Direct Subscription, and the Conditional Placing, as well as approval by the Company's shareholders of a resolution to grant the directors the requisite authority and power to allot the Conditional Placing Shares and the REX Offer Shares. The REX Offer is open to eligible investors in the United Kingdom through certain financial intermediaries and is expected to close at or around 11:00 a.m. on 4 March 2024.
The REX Offer is being made in the United Kingdom under the exemption from the requirement to publish a prospectus. Eligible investors should note that financial intermediaries may have earlier closing times and should contact their broker or wealth manager to participate in the REX Offer. The REX Offer Shares, when issued, will be credited as fully paid and will rank pari passu in all respects with the Company's then existing Ordinary Shares.