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NEITHER THIS ANNOUNCEMENT NOR ANY PART OF IT CONSTITUTES AN OFFER TO SELL OR ISSUE OR THE SOLICITATION OF AN OFFER TO BUY, SUBSCRIBE FOR OR ACQUIRE ANY SECURITIES IN ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE UNLAWFUL AND THE INFORMATION CONTAINED HEREIN IS NOT FOR PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, THE RUSSIAN FEDERATION, THE REPUBLIC OF IRELAND OR JAPAN OR ANY JURISDICTION IN WHICH SUCH PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF REGULATION 2014/596/EU. UPON THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN

Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that it has received valid acceptances and excess applications from Qualifying Shareholders in respect of a total of 2,229,578 Open Offer Shares pursuant to the terms of the Open Offer. This represents approximately 57.8 per cent. of the 3,857,617 Open Offer Shares. The Open Offer closed for acceptances at 11.00 a.m. on 13 June 2019.

As a consequence and conditional on, amongst other things, Shareholder approval of the Resolutions at the General Meeting to be held later today and Admission, the Company has raised gross proceeds of approximately £579,690 through the Open Offer and approximately £5.93 million (before expenses) in aggregate through the Placing and Open Offer.

Applications have been made to the London Stock Exchange for 22,806,502 New Ordinary Shares in aggregate (comprising 20,576,924 Placing Shares and 2,229,578 Open Offer Shares) to be admitted to trading on AIM. It is expected that EIS/VCT Admission of 2,190,945 EIS/VCT Shares will take place at 8.00 a.m. on 17 June 2019 and General Admission of 20,615,557 General Shares will take place at 8.00 a.m. on 18 June 2019. The New Ordinary Shares will rank pari passu with the existing Ordinary Shares.

Defined terms used in this announcement have the same meanings as in the Company's announcement dated 28 May 2019.

For further information

Please visit www.diurnal.co.uk or contact:

Diurnal Group plc	+44 (0)20 3727 1000
Martin Whitaker, Chief Executive Officer Richard Bungay, Chief Financial Officer
Panmure Gordon (UK) Limited (NOMAD and Joint Broker)	+44 (0) 20 7886 2500
Corporate Finance: Freddy Crossley, Emma Earl Corporate Broking: James Stearns
Cantor Fitzgerald Europe (Joint Broker)	+44 (0)20 7894 7000
Corporate Finance: Philip Davies, William Goode, Michael Boot Healthcare Equity Sales: Andrew Keith
FTI Consulting (Investor Relations)	+44 (0)20 3727 1000
Simon Conway Victoria Foster Mitchell

 

Notes to Editors

About Diurnal Group plc

Founded in 2004, Diurnal is a UK-based specialty pharma company developing high quality products for the global market for the life-long treatment of chronic endocrine conditions, including Congenital Adrenal Hyperplasia and Adrenal Insufficiency. Its expertise and innovative research activities focus on circadian-based endocrinology to yield novel product candidates in the rare and chronic endocrine disease arena.

For further information about Diurnal, please visit www.diurnal.co.uk