Taylor Wessing advises on €9 million subscription and placing for AIM-listed company, Arthro Kinetics plc
Taylor Wessing advised on €9 million subscription and placing for Arthro Kinetics plc, an orthopaedics company dedicated to regenerating joint mobility.
Following approval at the company's EGM, a total of €9 million (£6.04 million) before expenses was raised through a subscription for 44,402,685 shares at 10 pence each to, amongst others, funds controlled by Heidelberg Innovation, and the placing of a further 16,000,000 shares at 10 pence each by Nomura Code Securities Limited with institutional investors. Each investor subscribing to the subscription and placing will receive a warrant carrying the right to subscribe for one share at 20 pence each for every 2 shares subscribed.
Following the subscription and placing, Heidelberg Innovation, and certain investors with whom they are acting in concert (the "Concert Party") will control a total of 56.7 per cent of the enlarged share capital.
The Takeover Panel has approved a waiver, in respect of the Concert Party's shareholding, from the obligation that would otherwise arise under Rule 9 of the Takeover Code. As a result of this waiver the Concert Party will not be required to make a general offer to all shareholders.
Full details of the placing were set out in the circular sent to the Company’s shareholders on 27 February 2007.
Following admission of the new ordinary shares to trading on AIM, there will be 88,003,166 ordinary shares in the company in issue.
Artho Kinetics was advised by a corporate team from Taylor Wessing headed by partner, Peter Kempe, with assistance from associates Daniel Beckett and Tatiana Kilian.
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For more information please contact Sheena Lee at Taylor Wessing.
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