Retroscreen Virology Group plc - Conditional placing to raise £25.5m

14 Jun 2013

THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR THE REPUBLIC OF SOUTH AFRICA OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION IS PROHIBITED. 

 
For immediate release 7.00am: 14 June 2013
 
RETROSCREEN VIROLOGY GROUP PLC
("Retroscreen" or "the Company")
 
CONDITIONAL PLACING TO RAISE £25.5 MILLION
 
Retroscreen Virology Group plc (AIM: RVG), the viral challenge and "virometrics" specialist, announces today that it has raised, subject to certain conditions, £25.5 million (before expenses) by way of a placing of 12,750,000 new Ordinary Shares (the "Placing Shares") with both new and existing institutional shareholders at a price of 200 pence per Ordinary Share.
 
The Placing Price is at a discount of 28.6 per cent. to the closing middle market price of 280 pence per Ordinary Share on 13 June 2013, the latest date prior to this Announcement.
  
The Placing Shares will, upon Admission, rank pari passu in all respects with the Ordinary Shares in issue as at the date of this Announcement, including as regards the right to receive all dividends or other distributions declared, made or paid after Admission. The Placing Shares will represent 23.7 per cent. of the Company's enlarged issued ordinary share capital immediately following completion of the Placing.
 
The net proceeds of the issue of the Placing Shares are expected to be approximately £25.0 million and will be used by the Company to build, validate and establish the Airways Disease Viral Exacerbation Challenge Model (or AD-VCM) and to build the Group's Discovery Division.
 
A general meeting of Retroscreen to approve the Placing will be held at the Group's offices at Queen Mary Bio Enterprises, Innovation Centre, 42 New Road, London E1 2AX at 10.00 a.m. on 2 July 2013.
 
Kym Denny, Chief Executive Officer, commented: "We are delighted to have successfully raised these funds through both existing and new shareholders.  We thank our existing shareholders for their continued support and encouragement, and we welcome our new shareholders to the share register.  The Board looks forward to investing the proceeds of the Placing in building the AD-VCM and Discovery Division.  It is a very exciting time at Retroscreen and with lots to achieve."
 
Further details of the Placing are below.
 
For further information:
 
Retroscreen Virology Group plc
Kym Denny, Chief Executive Officer
Graham Yeatman, Finance Director
Tel:  +44 (0) 207 756 1300
 
Numis Securities Limited    
Michael Meade / Freddie Barnfield - Nominated Adviser
James Black / Michael Burke - Corporate Broking
Tel:  +44 (0) 207 260 1000