THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN ARE RESTRICTED AND ARE NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR JAPAN OR IN OR INTO ANY OTHER JURISDICTION WHERE TO DO SO WOULD BREACH ANY APPLICABLE LAW OR REGULATION.
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF THE MARKET ABUSE REGULATION (596/2014/EU) AS IT FORMS PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018 (AS AMENDED) ("MAR"). IN ADDITION, MARKET SOUNDINGS (AS DEFINED IN MAR) WERE TAKEN IN RESPECT OF CERTAIN OF THE MATTERS CONTAINED IN THIS ANNOUNCEMENT, WITH THE RESULT THAT CERTAIN PERSONS BECAME AWARE OF SUCH INSIDE INFORMATION, AS PERMITTED BY MAR. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN AND SUCH PERSONS SHALL THEREFORE CEASE TO BE IN POSSESSION OF INSIDE INFORMATION.
23 June 2023
Plant Health Care plc
("Plant Health Care", or the "Company")
Results of Fundraising
Plant Health Care plc, a leading provider of novel patent-protected biological products to global agricultural markets, today announces that, further to its announcement at 4.35 p.m. on 22 June 2023 (the "Fundraising Announcement"), it has successfully raised £2.8 million (approximately US$3.6 million) before expenses through the issue of 18,371,654 Placing Shares and 12,676,746 Subscription Shares (together, the "New Ordinary Shares"), in each case at an Issue Price of 9 pence per share. The Bookbuild has now closed.
Capitalised terms used in this announcement (this "Announcement") have the meanings given to them in the Fundraising Announcement, unless the context provides otherwise.
Director Participation
The following Directors of the Company have participated in the Fundraising:
| Name of Director | Number of New Ordinary Shares acquired | Total Ordinary Shares following the Fundraising | Total interest in the enlarged issued share capital |
| Christopher Richards | 500,000 | 5,130,427 | 1.50% |
| Jeff Tweedy | 69,793 | 1,958,341 | 0.57% |
| Jeff Hovey | 69,793 | 1,059,854 | 0.31% |
| James Ede-Golightly | 310,488 | 310,488 | 0.09% |
| William Lewis | 310,488 | 940,951 | 0.28% |
Subscription
In addition, the Company has entered into Subscription Agreements with Scobie Ward and Ospraie AG Science LLC to subscribe for 8,811,344 and 3,104,840 Subscription Shares respectively at the Issue Price.
Following the Subscription, the beneficial interests of Scobie Ward and Ospraie AG Science LLC are as follows:
| Name of Subscriber | Number of New Ordinary Shares acquired | Total Ordinary Shares following the Fundraising | Total interest in the enlarged issued share capital |
| Scobie Ward | 8,811,344 | 38,984,624 | 11.41% |
| Ospraie AG Science LLC | 3,104,840 | 58,072,790 | 17.00% |
Admission
Completion of the Fundraising remains subject, inter alia, to Admission of the Placing Shares and Subscription Shares. It is expected that dealings in the Placing Shares and the Subscription Shares will commence at 8.00 a.m. on 28 June 2023 (or such time and/or date as the Company and Cenkos may agree, being not later than 12 July 2023).
In aggregate, the Placing and Subscription Shares will constitute approximately 9.09 per cent. of the enlarged issued share capital of the Company on Admission (assuming no further issuance of Ordinary Shares prior to Admission).
Total voting rights
Following Admission of the Placing Shares and the Subscription Shares, the Company will have a total of 341,532,952 Ordinary Shares in issue. With effect from Admission, this figure may be used by shareholders 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 Disclosure Guidance and Transparency Rules of the FCA.
Jeff Tweedy, CEO, commented:
"We are pleased with the strong support from investors for the placing. The Company has made significant strategic and commercial progress over recent years. This additional funding will permit the Company to accelerate product launches in significant markets over the coming months. We are on track to achieve our target of $30m revenue in 2025, aiming to be cash positive and profitable by the end of 2024".
For further information, please contact:
| Plant Health Care plc | Tel: +1 919 926 1600 |
| Jeff Tweedy, CEO | |
| Jeff Hovey, CFO | |
| | |
| Cenkos Securities plc | Tel: +44 (0) 20 7391 8900 |
| Neil McDonald - Corporate Finance | |
| Pete Lynch - Corporate Finance | |
| Iain Macarthur - Equity Sales | |
| | |
| SEC Newgate - Financial Communications | Tel: +44 (0) 7540 106 366 |
| Robin Tozer | |
| George Esmond | |
| Harry Handyside | |
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name | Jeffrey Tweedy | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | Chief Executive Officer | ||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Plant Health Care plc | ||||||||
| b) | LEI | 213800KBQPJZ2FM8QH27
| ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each | ||||||||
| b) | Nature of the transaction | Subscription for shares | ||||||||
| c) | Price(s) and volume(s) |
| ||||||||
| d) | Aggregated information
| N/A
| ||||||||
| e) | Date of the transaction | 22.06.2023 | ||||||||
| f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name | Jeffrey Hovey | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | Chief Financial Officer | ||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Plant Health Care plc | ||||||||
| b) | LEI | 213800KBQPJZ2FM8QH27
| ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each | ||||||||
| b) | Nature of the transaction | Subscription for shares | ||||||||
| c) | Price(s) and volume(s) |
| ||||||||
| d) | Aggregated information
|
N/A | ||||||||
| e) | Date of the transaction | 22.06.2023 | ||||||||
| f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name | Christopher Richards | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | Non-Executive Chairman | ||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Plant Health Care plc | ||||||||
| b) | LEI | 213800KBQPJZ2FM8QH27
| ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each | ||||||||
| b) | Nature of the transaction | Placing Participation | ||||||||
| c) | Price(s) and volume(s) |
| ||||||||
| d) | Aggregated information
|
N/A | ||||||||
| e) | Date of the transaction | 22.06.2023 | ||||||||
| f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name | William Lewis | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | Non-Executive Director | ||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Plant Health Care plc | ||||||||
| b) | LEI | 213800KBQPJZ2FM8QH27
| ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each | ||||||||
| b) | Nature of the transaction | Subscription for shares | ||||||||
| c) | Price(s) and volume(s) |
| ||||||||
| d) | Aggregated information
|
N/A | ||||||||
| e) | Date of the transaction | 22.06.2023 | ||||||||
| f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
| a) | Name | James Ede-Golightly | ||||||||
| 2 | Reason for the notification | |||||||||
| a) | Position/status | Non-Executive Director | ||||||||
| b) | Initial notification/Amendment | Initial notification | ||||||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
| a) | Name | Plant Health Care plc | ||||||||
| b) | LEI | 213800KBQPJZ2FM8QH27
| ||||||||
| 4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
| a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each | ||||||||
| b) | Nature of the transaction | Subscription for shares | ||||||||
| c) | Price(s) and volume(s) |
| ||||||||
| d) | Aggregated information
|
N/A | ||||||||
| e) | Date of the transaction | 22.06.2023 | ||||||||
| f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
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