TIDMITX
RNS Number : 9773I
Itaconix PLC
22 April 2022
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED within IT IS
RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN
WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM THE
UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE REPUBLIC OF SOUTH
AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A
VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT
JURISDICTION.
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT
CONSTITUTE OR CONTAIN ANY INVITATION, SOLICITATION, RECOMMATION,
OFFER OR ADVICE TO ANY PERSON TO SUBSCRIBE FOR, OTHERWISE ACQUIRE
OR DISPOSE OF ANY SECURITIES IN ITACONIX PLC OR ANY OTHER ENTITY IN
ANY JURISDICTION.
The information contained within this announcement is deemed to
constitute inside information as stipulated under the retained EU
law version of the Market Abuse Regulation (EU) No. 596/2014 (the
"UK MAR") which is part of UK law by virtue of the European Union
(Withdrawal) Act 2018. The information is disclosed in accordance
with the Company's obligations under Article 17 of the UK MAR. Upon
the publication of this announcement, this inside information is
now considered to be in the public domain.
Itaconix plc
(" Itaconix " or the " Company " )
Itaconix Completes New Funding to Support EU Volumes
Itaconix (AIM: ITX) (OTCQB: ITXXF), a leading innovator in
plant-based specialty polymers used as essential ingredients in
everyday consumer products, is pleased to announce a placement of
new ordinary shares to raise approximately GBP0.3 million by way of
direct subscription with existing institutional shareholder IP
Group entities ("IP Group") and management ("Management") (the
"Fundraise"). The proceeds of the Fundraise will be used for
general growth working capital, predominantly to strengthen
finished goods inventories held in the EU to assure reliable and
ready delivery times to EU customers.
The Company will issue and allot a total of 6,666,668 new
ordinary shares ("New Ordinary Shares") to satisfy the Fundraise
at, in the case of IP Group, an issue price of 4.5 pence per share
and, in the case of the Management, an equivalent price of 5.9 US
cents per share which, at a deemed $/GBP exchange rate of 1.305,
represents a price of 4.5 pence per Ordinary Share. The issue price
of 4.5 pence represents a 10.9 per cent. discount to the closing
mid market share price on 21 April 2022 of 5.05 pence, and a
premium of 1.0 per cent. to the 30 business day LSE volume weighted
average price to 21 April 2022 of 4.4552 pence. The New Ordinary
Shares are being issued pursuant to the shareholder authorities
granted to the Directors at the Company's 2021 AGM.
Application is being made to the London Stock Exchange for these
New Ordinary Shares, which will rank pari passu with the Company's
existing ordinary shares, to be admitted to trading on AIM.
Dealings in the New Ordinary Shares on AIM are expected to commence
at 8:00 a.m. on 27 April 2022.
Related Party Transaction
IP Group has agreed to subscribe for 5,555,556 New Ordinary
Shares (being GBP250,000.02) pursuant to the Fundraise. As at the
date of this announcement (prior to completion of the Fundraise),
IP Group holds in aggregate 50,357,638 existing ordinary shares
representing approximately 11.36 per cent. of the existing ordinary
shares in issue. As such, IP Group is a substantial shareholder of
the Company by definition of the AIM Rules for Companies and its
participation in the Fundraise is a related party transaction
pursuant to AIM Rule 13.
John Shaw, CEO ("Shaw") has agreed to subscribe for 555,556 New
Ordinary Shares (being US$32,625 or approximately GBP25,000)
pursuant to the Fundraise. As at the date of this announcement
(prior to completion of the Fundraise), Shaw holds 44,961,686
existing ordinary shares representing approximately 10.14 per cent.
of the existing ordinary shares in issue. As such, John Shaw is a
substantial shareholder of the Company by definition of the AIM
Rules for Companies, and a director of the Company, and his
participation in the Fundraise is a related party transaction
pursuant to AIM Rule 13.
Laura Denner, CFO ("Denner") has agreed to subscribe for 555,556
New Ordinary Shares (being US$32,625 or approximately GBP25,000)
pursuant to the Fundraise. As at the date of this announcement
(prior to completion of the Fundraise), Denner holds 12,151,080
existing ordinary shares representing approximately 2.74 per cent.
of the existing ordinary shares in issue. Denner is a director of
certain Itaconix subsidiary companies and her participation in the
Fundraise is a related party transaction pursuant to AIM Rule
13.
The Independent Directors, being James Barber, Charlean Gmunder,
and John Snow, consider, having consulted with the Company's
nominated adviser, finnCap Ltd, that the terms of IP Group and
Managements' participation in the Fundraise are fair and reasonable
insofar as the Company's shareholders are concerned. Immediately
following admission of the New Ordinary Shares to trading on AIM,
IP Group will hold 55,913,194 ordinary shares, representing
approximately 12.42 per cent. of the issued share capital of the
Company as enlarged by the Fundraise. Immediately following
admission of the New Ordinary Shares to trading on AIM, Shaw will
hold 45,517,242 ordinary shares, representing approximately 10.11
per cent. of the issued share capital of the Company as enlarged by
the Fundraise. Immediately following admission of the New Ordinary
Shares to trading on AIM, Denner will hold 12,706,636 ordinary
shares, representing approximately 2.82 per cent. of the issued
share capital of the Company as enlarged by the Fundraise.
Total Voting Rights
Following admission of the New Ordinary Shares to trading on
AIM, the Company will have 450,129,425 ordinary shares of 1 pence
in issue. The figure of 450,129,425 may be used by the Company's
shareholders as the denominator for the calculations by which they
will determine if they are required to notify their interest in, or
a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries
Itaconix
John R Shaw / Laura Denner +1 (603) 775 4400
Belvedere Communications +44 (0) 20 3687 2756
John West / Llew Angus
finnCap +44 (0) 20 7220 0500
Ed Frisby/Abigail Kelly/Milesh Hindocha - Corporate Finance
Andrew Burdis/Sunila de Silva - ECM
About Itaconix
Itaconix uses its proprietary plant-based polymer technology
platform to produce and sell specialty ingredients that improve the
safety, performance, and sustainability of consumer products. The
Company's current ingredients are enabling and leading new
generations of products in cleaning, hygiene, and beauty.
Itaconix's contributions to the global low carbon economy are
recognised by the London Stock Exchange's Green Economy Mark.
www.itaconix.com
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John R. Shaw
----------------------------------------- -------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
----------------------------------------- -------------------------------------
b) Initial notification Initial
/Amendment
----------------------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Itaconix plc
----------------------------------------- -------------------------------------
b) LEI 213800OKA3GOCK2ZA496
----------------------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence each
financial instrument,
type of instrument GB00B84LVH87
Identification code
----------------------------------------- -------------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s) Price Volume
----------------------------------------- ------------------- ----------------
GBP0.045 555,556
------------------------------------------------------------------ ----------------
d) Aggregated information N/A
- Aggregated volume
- Price
----------------------------------------- -------------------------------------
e) Date of the transaction 21 April 2022
----------------------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
----------------------------------------- -------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Laura Denner
----------------------------------------- -------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
----------------------------------------- -------------------------------------
b) Initial notification Initial
/Amendment
----------------------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------
a) Name Itaconix plc
----------------------------------------- -------------------------------------
b) LEI 213800OKA3GOCK2ZA496
----------------------------------------- -------------------------------------
4 Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
--------------------------------------------------------------------------------
a) Description of the Ordinary shares of 1 pence each
financial instrument,
type of instrument GB00B84LVH87
Identification code
----------------------------------------- -------------------------------------
b) Nature of the transaction Purchase of Ordinary Shares
----------------------------------------- -------------------------------------
c) Price(s) and volume(s) Price Volume
----------------------------------------- ------------------- ----------------
GBP0.045 555,556
------------------------------------------------------------------ ----------------
d) Aggregated information N/A
- Aggregated volume
- Price
----------------------------------------- -------------------------------------
e) Date of the transaction 21 April 2022
----------------------------------------- -------------------------------------
f) Place of the transaction London Stock Exchange, AIM Market
(XLON)
----------------------------------------- -------------------------------------
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END
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April 22, 2022 02:00 ET (06:00 GMT)
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