DJ Rutherford Health PLC Issue of Equity
RNS Number : 6768F
Rutherford Health PLC
11 March 2020
11 March 2020
RUTHERFORD HEALTH PLC
ISSUE OF EQUITY
Rutherford Health plc (the "Company" or "Group" or "Rutherford") has issued a notice under the Woodford Commitment, referred to in the Company's NEX Exchange Growth Market ("NEX") admission document, under which it has called for the subscription for 5,476,742 Rutherford ordinary shares of GBP0.001 each ("Ordinary Shares") at the maximum possible price under that agreement of GBP1.76 per Ordinary Share, in order to raise GBP 9,639,065.92. The funds will be to provide additional working capital to support the Group's business plan.
The shares are being allocated to LF Equity Income Fund (Formerly LF Woodford Equity Income Fund) which will have 57,027,018 Ordinary Shares representing 28.81% of the Company's issued share capital. However, as previously disclosed, LF Equity Income Fund is restricted to 19.5% of the Company's voting rights.
The drawdown described above is the final call for a subscription under the Woodford Commitment and represents GBP10 million, being the amount remaining under the facility less a capital receipt of GBP360,933 being the net sales proceeds of the sale of part of the Company's interest in the UAE business of US$475,000. Accordingly, LF Equity Income Fund has complied fully with its obligations under the Woodford Commitment and there are no further sums that can be drawn down under that agreement.
Settlement and Dealings
Application has been made for the admission to trading on NEX of the 5,476,742 Ordinary Shares with admission expected to take place on or around 16 March 2020.
Total Voting Rights
Following Admission, the Company will have 197,973,238 Ordinary Shares in issue.
As previously disclosed, the number of total voting rights differs from the number referred to above because of the 19.50% limit on voting rights held by LF Equity Income Fund. Accordingly, for the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), Rutherford has 175,088,472 Ordinary Shares in issue with voting rights attached. Rutherford holds no shares in treasury. This figure of 175,088,472 may be used by shareholders in the Company 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 DTRs.
The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
The directors of Rutherford Health plc accept responsibility for this announcement.
Rutherford Health plc Michael Moran, Chief Executive Officer Tel: +44 (0) 16 3381 0661 Grant Thornton (Corporate Adviser) Tel: +44 (0) 20 7383 5100 Colin Aaronson/ Jamie Barklem/ Niall McDonald Media House International 07788 414 856 or 0207 710 0020 Ramsay Smith email@example.com#
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(END) Dow Jones Newswires
March 11, 2020 03:00 ET (07:00 GMT)