Schedule One Update - Arecor Therapeutics Plc | RNS | Ticker

Schedule One Update - Arecor Therapeutics Plc

RNS Announcement

RNS Number : 9416Z

AIM

27 May 2021

ANNOUNCEMENT TO BE MADE BY THE AIM APPLICANT PRIOR TO ADMISSION IN ACCORDANCE WITH RULE 2 OF THE AIM RULES FOR COMPANIES ("AIM RULES")

COMPANY NAME:

Arecor Therapeutics plc ("Arecor", the "Company" or the "Group")

COMPANY REGISTERED OFFICE ADDRESS AND IF DIFFERENT, COMPANY TRADING ADDRESS (INCLUDING POSTCODES) :

Registered office:

Chesterford Research Park, Little Chesterford

CB10 1XL, United Kingdom

COUNTRY OF INCORPORATION:

England and Wales

COMPANY WEBSITE ADDRESS CONTAINING ALL INFORMATION REQUIRED BY AIM RULE 26:

https://arecor.com/

COMPANY BUSINESS (INCLUDING MAIN COUNTRY OF OPERATION) OR, IN THE CASE OF AN INVESTING COMPANY, DETAILS OF ITS INVESTING POLICY). IF THE ADMISSION IS SOUGHT AS A RESULT OF A REVERSE TAKE-OVER UNDER RULE 14, THIS SHOULD BE STATED:

Arecor is a globally focused biopharmaceutical company that is targeting improving patient care by bringing innovative medicines to market through the enhancement of existing therapeutic products. By applying the Group's innovative proprietary formulation technology platform, Arestat™, the Group is developing an internal portfolio of proprietary products, as well as working with pharmaceutical and biotechnology companies to deliver enhanced reformulations of their partners' therapeutic products, supported by an extensive patent portfolio.

The Group is a revenue-generating commercially-focused business with the potential for significant revenue from multiple existing and future partnering opportunities. The Group's strategy is to develop an internal portfolio of enhanced proprietary products to a defined value inflexion point prior to partnering with major pharmaceutical and biotechnology companies under a revenue-generating licence model with the potential for the Group to receive royalties and significant milestone payments. The Group also operates under a technology licensing arrangement when developing enhanced reformulations of its partners' products, with the potential for milestone and royalty payments.

The Group's current focus of internal proprietary product development can be divided into two product classes: diabetes and specialty hospital care. In addition, the Group also develops novel enhanced formulations of its partners' high value biological products that include biosimilars, novel biological products and vaccines, which are derived from the Group's formulation development and technology licensing programmes.

DETAILS OF SECURITIES TO BE ADMITTED INCLUDING ANY RESTRICTIONS AS TO TRANSFER OF THE SECURITIES (i.e. where known, number and type of shares, nominal value and issue price to which it seeks admission and the number and type to be held as treasury shares):

Number of ordinary shares of 1 penny (£0.01) each in nominal value ("Ordinary Shares") for which Admission will be sought: 27,683,532

Issue price per Ordinary Share: 226 pence

There are no restrictions as to transfer of Ordinary Shares.

No Ordinary Shares will be held in treasury on Admission to AIM.

CAPITAL TO BE RAISED ON ADMISSION (AND/OR SECONDARY OFFERING) AND ANTICIPATED MARKET CAPITALISATION ON ADMISSION:

Primary capital to be raised on admission: c. £20.0 million.

Anticipated Market Capitalisation on admission: c. £62.5 million

PERCENTAGE OF AIM SECURITIES NOT IN PUBLIC HANDS AT ADMISSION:

c. 65.8%

DETAILS OF ANY OTHER EXCHANGE OR TRADING PLATFORM TO WHICH THE AIM SECURITIES (OR OTHER SECURITIES OF THE COMPANY) ARE OR WILL BE ADMITTED OR TRADED:

N/A

FULL NAMES AND FUNCTIONS OF DIRECTORS AND PROPOSED DIRECTORS (underlining the first name by which each is known or including any other name by which each is known):

Directors

Andrew John McGlashan Richards, Non-Executive Chairman

Sarah Jennifer Howell, Chief Executive Officer

Susan Day Lowther, Chief Financial Officer

Alan Edward Smith, Non-Executive Director

Mohammed ("Sam") Sohail Fazeli, Independent Non-Executive Director

Proposed Directors

Christine Helen Soden, Independent Non-Executive Director

Jeremy Lewis Morgan, Independent Non-Executive Director

FULL NAMES AND HOLDINGS OF SIGNIFICANT SHAREHOLDERS EXPRESSED AS A PERCENTAGE OF THE ISSUED SHARE CAPITAL, BEFORE AND AFTER ADMISSION (underlining the first name by which each is known or including any other name by which each is known):

	% of ISC pre-Admission	% of ISC post-Admission
Unilever^*	17.6%	10.6%
Calculus Funds^**	10.9%	8.8%
BGF Investment Management Limited	8.5%	13.6%
Stewart Newton	7.9%	5.1%
Downing LLP^***	7.6%	6.3%
Albion Capital Funds^****	7.6%	5.5%
Martin and Kathleen Wood	6.9%	4.2%
Oxford Technology 4 VCT Plc	4.9%	3.0%
Sarah Howell (CEO and Executive Director)	4.7%	2.8%
Chelverton Asset Management	0%	4.7%
Unicorn AIM VCT PLC	0%	4.0%
Amati AIM VCT	0%	3.0%

*Total numbers are the aggregate amounts held by different Unilever entities

** Total numbers are the aggregate amounts held by different Calculus entities namely, Calculus VCT plc and Calculus Nominees Limited

***Total numbers are the aggregate amounts held by Downing entities

**** Total numbers are the aggregate amounts held by different Albion Capital Funds entities being, Albion Development VCT PLC, Albion Enterprise VCT PLC, Albion Technology & General VCT PLC, Albion Venture Capital Trust PLC, Crowne Place VCT and Kings Arms Yard VCT PLC

NAMES OF ALL PERSONS TO BE DISCLOSED IN ACCORDANCE WITH SCHEDULE 2, PARAGRAPH (H) OF THE AIM RULES:

(i) ANTICIPATED ACCOUNTING REFERENCE DATE

(ii) DATE TO WHICH THE MAIN FINANCIAL INFORMATION IN THE ADMISSION DOCUMENT HAS BEEN PREPARED (this may be represented by unaudited interim financial information)

(iii) DATES BY WHICH IT MUST PUBLISH ITS FIRST THREE REPORTS PURSUANT TO AIM RULES 18 AND 19:

i) 31 December

ii) 31 December 2020

iii) 30 September 2021 (unaudited interim financial information for six months ending 30 June 2021)

30 June 2022 (audited financial information for the year ended 31 December 2021)

30 September 2022 (unaudited interim financial information for six months ending 30 June 2022)

EXPECTED ADMISSION DATE:

3 June 2021

NAME AND ADDRESS OF NOMINATED ADVISER:

Panmure Gordon (UK) Ltd

One New Change

London

EC4M 9AF

United Kingdom

NAME AND ADDRESS OF BROKER:

Panmure Gordon (UK) Ltd

One New Change

London

EC4M 9AF

United Kingdom

OTHER THAN IN THE CASE OF A QUOTED APPLICANT, DETAILS OF WHERE (POSTAL OR INTERNET ADDRESS) THE ADMISSION DOCUMENT WILL BE AVAILABLE FROM, WITH A STATEMENT THAT THIS WILL CONTAIN FULL DETAILS ABOUT THE APPLICANT AND THE ADMISSION OF ITS SECURITIES:

The admission document will contain full details about the applicant and the admission of its securities.

THE CORPORATE GOVERNANCE CODE THE APPLICANT HAS DECIDED TO APPLY

The Quoted Companies Alliance Corporate Governance Code

DATE OF NOTIFICATION:

27 May 2021

NEW/ UPDATE:

UPDATE

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END

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RNS metadata

Title: Schedule One Update - Arecor Therapeutics Plc
Time: 08:00:04
Date: 27 May 2021
Category: Capital structure
ID: 9416Z