Level 2

Omega Diagnostics completes open offer to raise £11m

By Josh White

Date: Wednesday 08 Jul 2020

Omega Diagnostics completes open offer to raise £11m

(Sharecast News) - Omega Diagnostics reported the results of its open offer on Wednesday, netting gross proceeds from its recent fundraising of £11m before expenses.
The AIM-traded firm announced its intention to raise up to £11m through a placing, subscription and open offer on 19 June, all at an issue price of 40p per share.

It said on Wednesday that a total of 27,531,100 new shares would be issued at the issue price, of which 7,515,350 shares had already been admitted to trading under the first placing on 25 June.

A total of 12,434,650 new shares would be issued under the second placing, 50,000 under the subscription, and 7,531,100 under the open offer.

Omega said the open offer closed on 7 July, receiving valid acceptances for 4,089,048 new shares, or 54% of the open offer shares.

In addition, the firm said it received applications under the excess application facility for 6,138,510 new shares, representing 82% of the open offer shares.

As a result, qualifying shareholders who validly applied for open offer shares would receive their full basic entitlements, and applications under the excess facility would be scaled back in accordance with the terms previously set out.

Group finance director Kieron Harbinson took up 10,914 new ordinary shares as part of his basic entitlement under the open offer, in addition to the 25,000 shares subscribed for as part of the subscription.

"The fundraising remains conditional on the approval by shareholders of the resolutions at the company's general meeting to be held on 10 July, the satisfaction of certain conditions in the placing agreement, and admission of the new ordinary shares to trading on AIM," the board explained in its statement.

That admission was expected at 0800 BST on 13 July.

"The company will announce the results of the general meeting as soon as practicable after the meeting concludes."

At 0958 BST, shares in Omega Diagnostics were up 3.74% at 39.94p.

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