This is in line with the Directors' previously stated intention to launch the Open Offer as soon as practicable following the announcement of the Placing to enable Shareholders who were not able to take part in the Placing to have an opportunity to invest in the Company on the same terms.
The Company intends to use the net proceeds of the Open Offer (together with the net proceeds of the conditional Placing announced on 15 May 2018) to:
· continue the implementation of the restructuring programme to improve operational efficiencies;
· support the future working capital requirements of the Group; and
· pay the costs associated with the Open Offer.
The Issue Price represents a discount of 38.14 per cent. to the closing price of an Ordinary Share on AIM on 21 May 2018 of 24.25 pence. The Issue Price has been set at the same price as it was for the Placing.
Details of the Open Offer
Pursuant to the Open Offer, Qualifying Shareholders will be given the opportunity to subscribe for:
one Open Offer Share for every ten Existing Ordinary Shares
registered in the name of the Qualifying Shareholder on the Record Date.
The Open Offer provides an opportunity for all Qualifying Shareholders to participate in the fundraising by both subscribing for their respective Basic Entitlements and by subscribing for Excess Shares under the Excess Application Facility, subject to availability.
Further information on the Open Offer is set out in this announcement and the Open Offer Circular to be posted today to Qualifying Shareholders, along with the Application Form.