FGN Futuragene

 

TIDMFGN 
 
RNS Number : 6473R 
Futuragene PLC 
05 May 2009 
 

 
 
 
 
5 May 2009 - For Immediate Release 
 
 
 
 
FUTURAGENE PLC ("FuturaGene" or the "Company") 
Subscription For Shares 
 
 
 
 
FuturaGene announces that will issue up to 4,400,170 new ordinary shares ("the 
Shares") at a price of 34 pence per Share to raise approximately GBP1.5million. 
The Shares are being issued to International Institute of BioScience Research 
and Development LLC ("IIBRD") which is an existing shareholder in FuturaGene and 
currently owns 213,010 shares. IIBRD is a Delaware corporation which is owned by 
a major industrial group with strategic interests in the areas of FuturaGene's 
activities. Following the subscription, IIBRD will hold 9.00 % of the enlarged 
issued share capital of the Company. In addition IIBRD is being given the right 
to nominate a director to join the board of FuturaGene. 
 
 
The initial number of Shares to be issued will be 4,045,100. The IIBRD holding 
will be protected by anti-dilution provisions for 6 months should FuturaGene 
issue shares to; (i) all or any of three remaining holders of rights to 
additional consideration due pursuant to the agreement and plan of merger 
between Overnet Data plc, FuturaGene Inc. and others dated 19 May 2004 in full 
and final settlement of their rights to receive that consideration, or (ii) any 
additional Shares are issued under the terms of the agreement and plan of merger 
between FuturaGene, CBD and others dated 23 November 2006. Additional 
consideration Shares become due for issue to the former stockholders of CBD in 
the event that certain commercialisation milestones have been achieved, as 
determined by the board of CBD. A total of an additional 355,070 Shares could be 
issued in order to ensure that the shareholding of IIBRD in FuturaGene will 
remain at 9% of FuturaGene's issued share capital. 
 
 
In addition, the subscription by IIBRD will activate pre-existing 
commercialisation arrangements through the format of a commercial joint venture, 
leading to the first commercial deployment of FuturaGene products in a major 
market. 
 
 
Application has been made for the 4,045,100 ordinary shares of 0.5p each in the 
Company ("Initial Shares") to be admitted to trading on the AIM market of the 
London Stock Exchange ("AIM"). These shares rank pari passu with the Company's 
existing Ordinary Shares and dealings are expected to commence on 11 May 2009 on 
AIM. 
 
 
Following the issue of the Initial Shares, the issued share capital of the 
Company will consist of 47,099,221 ordinary shares of 1p each, with voting 
rights. The Company holds no shares in Treasury. 
This figure may be used by shareholders as the denominator for the calculations 
by which they will determine if they are required to notify their interest in, 
or change to their interest in, the Company under the FSA's Disclosure and 
Transparency Rules. 
 
 
 
Ends 
 
 
FuturaGene Plc 
Mark Pritchard, Chairman 
                      +44 (0) 7802 827 846 
Dr. Stanley Hirsch, Group CEO 
               +972 544 56 2724 
 
 
Evolution Securities 
Neil Elliot 
                               +44 (0) 20 7071 4300 
 
 
About FuturaGene PLC 
FGN is a leading agricultural biotechnology company focused on research, 
development, and commercialisation of technologies that play key roles in 
substantially improving agronomic traits of value in plants. In particular the 
Company is focused on the development and commercialisation of genetically 
modified plants for improving and protecting yields, and enhancing 
processability and environmental sustainability in the forestry, biofuels, 
biopower and agricultural sectors. FuturaGene licenses intellectual property 
from leading universities in its strategic fields of interest and is exploiting 
the synergies of these technologies with the cell wall modification platform of 
its wholly owned subsidiary, CBD Technologies, Inc. (CBD Tech) in forestry, 
biofuel, food and feed crops. 
 
 
CBD Tech has pioneered a modality for altered cell walls, resulting in enhanced 
growth and biomass, increased cellulose, improved fiber properties, improved 
digestibility and 
processability, and increased yield properties and has secured broad 
intellectual property 
covering plants with modified cell walls showing such altered properties. More 
information is available at www.futuragene.com . 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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