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Microsaic Systems plc. (8/26/16). "Press Release: Result of Placing".

Organisations Organisation Microsaic Systems plc (AIM: MSYS)
  Organisation 2 Citigate Dewe Rogerson Ltd.
  Group Huntsworth (Group)
Products Product 4000 MiD® desktop MS system
  Product 2 investment banking
Index term Index term Microsaic–SEVERAL: investment, 201608 placing £5.4m net £5m w 108k new ordinary shares at 5p/share
Persons Person Nicholl, Colin (Microsaic 201307– Board Chairman before Deputy Chairman)
  Person 2 Yeatman, Eric (Microsaic Systems 201307– Non-exeuctive Director before Chairman + acting CEO)
     


Microsaic Systems plc (AIM: MSYS), the high technology company developing next generation mass spectrometry instruments, is pleased to announce that, following its earlier announcement, the Company has conditionally raised gross proceeds of £5.4 million through the successful placing of 108,000,000 new Ordinary Shares (the "Placing Shares") at a price of 5 pence per Placing Share. The Placing Price represents a discount of approximately 13.0 per cent. to the closing price on 25 August 2016. The Placing Shares will represent approximately 59.5 per cent. of the Enlarged Issued Share Capital.

The net proceeds of the Placing, being approximately £5.0 million, will provide the Company with additional working capital and capital resources to execute its revenue growth plans, which are aimed at supporting the commercialisation of the business through investing in recruitment, streamlining of manufacturing processes and strengthening the Company’s working capital position.

The Placing is conditional on, inter alia, the passing of the Placing Resolution to be proposed at the General Meeting to be held at 10:00 a.m. on 12 September 2016 at the offices of N+1 Singer, 1 Bartholomew Lane, London, EC2N 2AX. The circular (the “Circular”), which provides further details of the Placing and includes a notice convening the General Meeting, is expected to be sent to shareholders and be available on the Company's website later today.


Directors’ Interests

In addition, the Company announces that all of the Directors have participated in the Placing. Following announcement of the Placing earlier today, the Directors have subscribed for an aggregate of 2,700,000 Placing Shares, representing approximately 2.5 per cent. of the Placing Shares. Immediately following Admission, the Directors will together hold an aggregate of 13,080,881 Ordinary Shares, representing 7.2 per cent. of the Enlarged Issued Share Capital, as set out in the table below:

Director
Number of Ordinary Shares held as at the date of this announcement
Number of Placing Shares subscribed for
Resulting number of Ordinary Shares held immediately following Admission*
Resulting holding as a percentage of the Enlarged Issued Share Capital*

C J Nicholl
3,803,559
500,000
4,303,559
2.4%

E M Yeatman
3,396,632
500,000
3,896,632
2.1%

J C Ramage
298,579
500,000
798,579
0.4%

G D Tracey
-
300,000
300,000
0.2%

B J Metcalf
-
300,000
300,000
0.2%

A S Holmes
2,882,111
300,000
3,182,111
1.8%

C J Buckley
-
300,000
300,000
0.2%

* Assuming that no further Ordinary Shares are issued following the date of this announcement


Jim Ramage, CEO of Microsaic, commented:
“This fundraising gives the Company the stability necessary to implement its strategy and grow the business. It strengthens the balance sheet so we are in a stronger position to negotiate with potential partners, attract and retain key staff while investing in the future development of the Company. Our partners are extremely important to us and we believe the Company and its partners can grow their businesses in a sustainable and mutually profitable way. I would like to thank our shareholders and employees for their continuing support.”


Expected Timetable

Posting of the Circular and Form of Proxy
26 August 2016
Latest time and date for receipt of Forms of Proxy for the General Meeting
10:00 a.m. on 8 September 2016
Time and date of General Meeting
10:00 a.m. on 12 September 2016
Admission and commencement of dealings in the Placing Shares
8.00 a.m. on 13 September 2016


Terms used but not defined in this announcement shall have the meanings given to such terms in the Circular. This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

Enquiries: Microsaic Systems plc Jim Ramage, CEO Bevan Metcalf, FD +44 (0) 1483 751577 N+1 Singer (Nominated Adviser & Broker) Shaun Dobson Liz Yong +44 (0)20 7496 3000 Citigate Dewe Rogerson (Financial PR) Mark Swallow, Marine Perrier +44 (0)20 7282 2948/1068


About Microsaic Systems

Microsaic Systems plc is a high technology company developing chip-based, bench-top mass spectrometry (“MS”) instruments that are designed to improve the efficiency of Pharma R&D. MS is an analytical technique of choice for biochemists across many industry sectors.

Microsaic aims to bring routine MS analysis to the pharmaceutical scientist, providing powerful methods of analysis to enable earlier decision making relating to product identification, purity and bioactivity.

The Company is working with established global companies in preparative and purification science with expertise in Pharma and life sciences to co-develop new, integrated and optimised, application-specific, solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines.

The Microsaic 4000 MiD®, single quadrupole, is the world's smallest MS system, retaining the functionality of larger conventional MS systems, is easier to use by non-specialists, consumes less energy and has lower running costs. The Company is also developing new MS systems, based on its patented chip technologies, to address further areas of emerging need in Pharma R&D.

Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in 2011 (ticker: MSYS).

www.microsaic.com

   
Record changed: 2016-08-30

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