Result of General Meeting, Director Dealings and Total Voting Rights
23 February 2016
Instem plc
("Instem", the "Company" or the "Group")
Result of General Meeting, Director Dealings and Total Voting Rights
Instem plc (AIM: INS), a leading provider of IT solutions to the global early development healthcare market, announced on 3 February 2016 the Fundraising, subject to Shareholder approval, by way of a placing. The gross proceeds of the Fundraising will be £5 million.
Result of General Meeting
The Board is pleased to announce that at the General Meeting held earlier today, all Resolutions proposed were duly passed.
The Placing remains conditional on Admission becoming effective on or before 8.00 a.m. on 24 February 2016 (or such later time and / or date, being no later than 8.00 a.m. on 24 March 2016, as the Company and N+1 Singer may agree). Application has been made for the 2,500,000 New Ordinary Shares to be admitted to trading on AIM, with Admission expected to become effective at 8.00 a.m. tomorrow, 24 February 2016.
Directors’ shareholdings
As part of the Placing, Mike McGoun, Non-Executive Director of the Company purchased 22,500 Ordinary Shares at the Placing Price. Following Admission Mike McGoun shall own 36,786 Ordinary Shares, representing 0.2% of the Company’s voting rights.
Also as part of the Placing, the trustees of the DG 2008 Discretionary Settlement (of which David Gare (the Company chairman) and his wife are the trustees) and David Sherwin (Non-Executive Director) agreed to sell 600,000 and 200,000 Existing Ordinary Shares, respectively, at the Placing Price. Following Admission, the DG 2008 Discretionary Settlement shall own 1,418,427 Ordinary Shares, representing 9.1% of the Company’s voting rights and David Sherwin shall own 1,380,066 Ordinary Shares, representing 8.9% of the Company’s voting rights.
Total voting rights
On Admission, the Company will have 15,550,217 Ordinary Shares in issue and there are no Ordinary Shares held in treasury. Therefore the Company's total number of Ordinary Shares with voting rights is 15,550,217.
The above figure of 15,550,217 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 FCA's Disclosure and Transparency Rules.
Defined terms used in this announcement have the same meaning as in the Company's Circular dated 3 February 2016.
For further information, please contact:
| Instem plc | www.instem.com |
| Phil Reason, CEO | +44 (0) 1785 825600 |
| Nigel Goldsmith, CFO | |
| N+1 Singer (Nominated Adviser & Broker) | +44 (0) 20 7496 3000 |
| Richard Lindley | |
| Nick Owen | |
| James White | |
| Wallbrook Financial PR | Tel: +44 (0) 20 7933 8000 |
| Paul Cornelius | or instem@walbrookpr.com |
| Sam Allen | |
| Helen Cresswell | |
| Paul Whittington |
About Instem
Instem is a leading supplier of IT applications to the early development healthcare market delivering compelling solutions for data collection, management and analysis across the R&D continuum. Instem applications are in use by customers worldwide, meeting the rapidlyexpanding needs of life science and healthcare organisations for data-driven decision making leading to safer, more effective products.
Instem’s portfolio of software solutions increases client productivity by automating study-related processes while offering the unique ability to generate new knowledge through the extraction and harmonization of actionable scientific information.
Instem supports over 450 clients through full service offices in the United States, United Kingdom and China with additional locations in Japan and India.
To learn more about Instem solutions and its mission, please visit instem.com.