Issue of Equity and Director/PDMR Shareholding
08 March 2012
Instem plc
("Instem", the "Company" or the "Group")
Issue of Equity and Director/PDMR Shareholding
Instem plc (AIM: INS.L), a leading provider of IT applications to the global early development healthcare market, announces that in accordance with the contractual terms of the purchase agreement dated 3 March 2011 in respect of BioWisdom Ltd, subsequently renamed Instem Scientific Limited (“Instem Scientific”), it has issued 50,371 ordinary shares of 10 pence each (“Ordinary Shares”) at a price of 167.5p per share to the vendors of Instem Scientific. The new Ordinary Shares are subject to customary orderly market provisions.
The shares represent 50% of the first payment of deferred consideration in respect of the Instem Scientific acquisition, the balance being payable in cash. A further payment is expected to be made subject to the performance of the acquired business in calendar year 2012.
In connection with the above, Dr. Gordon Baxter, Chief Scientific Officer of the Company and founder of Instem Scientific, was issued with 6,308 Ordinary Shares. Following this issue, Dr. Baxter has a beneficial interest in 6,308 Ordinary Shares representing 0.05% of the enlarged issued share capital of the Company, and options over a further 101,351 Ordinary Shares.
Application has been made to the London Stock Exchange for Admission of the newly allotted shares, which will rank pari passu with existing Ordinary Shares, to be admitted to trading on AIM as soon as is practicable.
Following the above allotment, the Company's issued share capital consists of 11,764,657 Ordinary Shares, each share carrying one voting right. The Company does not hold any Ordinary Shares in Treasury. The figure of 11,764,657 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 FSA's Disclosure and Transparency Rules.
Phil Reason, CEO of Instem commented, “The acquisition of BioWisdom in March 2011 significantly strengthened our position in the data mining and data sharing market and we have been pleased with the successful integration of the business into the enlarged Instem group.”
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.