Instem plc raise £15.75 million in an oversubscribed Placing
Instem plc announces that at the General Meeting held on 16 July 2020, all Resolutions, as set out in the Circular and Notice of General Meeting dated 30 June 2020, were duly passed by Shareholders. Therefore, Instem plc has successfully raised proceeds of £15.75 million through an oversubscribed Placing.
Gross proceeds of £15.75 million (£15 million net of expenses) were raised for the Company through a Placing of 3,620,690 New Shares with certain existing and new institutional investors at a Placing Price of 435 pence per share.
The Placing Price represents a 4.4 per cent. discount to the closing mid-market price of 455 pence per Ordinary Share on 25 June 2020, being the latest practicable business day prior to the announcement of the Placing.
The net proceeds of the Placing will be used to accelerate the Group’s acquisition strategy with a number of potential compelling opportunities for bolt on acquisitions and more substantial targets having been identified.
Singer Capital Markets is acting as Nominated Adviser and Broker to Instem.
About Instem plc
Instem is a leading provider of IT solutions & services to the life sciences market delivering compelling solutions for Study Management and Data Collection; Regulatory Solutions for Submissions and Compliance; and Informatics-based Insight Generation.
Instem solutions are in use by over 500 customers worldwide, including all the largest 25 pharmaceutical companies, enabling clients to bring life enhancing products to market faster. Instem’s portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonisation of actionable scientific information.
Market Cap: £93 million*
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*As at 20/07/2020