Successful Results of Firm Placing and Open Offer and General Meeting

On 29 March 2017, Accsys announced the details of a proposed Firm Placing and Open Offer to raise proceeds of up to approximately €14,023,550 (before expenses) through the issue of 17,400,000 Firm Placing Shares and up to 2,923,986 Open Offer Shares, at the Offer Price of €0.69 per New Ordinary Share.

The Open Offer closed for acceptances at 11.00 a.m. on 20 April 2017.  Accsys is pleased to announce that it has received valid acceptances under the Open Offer and its Excess Application Facility in respect of 12,965,475 New Ordinary Shares, representing an over-subscription in excess of four times the 2,923,986 New Ordinary Shares available under the Open Offer and Excess Application Facility.   As applications under the Excess Application Facility cannot be satisfied in full, such New Ordinary Shares available shall be allocated in such manner as the Directors may determine, in their absolute discretion in accordance with the terms set out in the Prospectus.

The gross proceeds raised under the Open Offer will therefore be the maximum amount of €2,017,550.34.  Accordingly, the aggregate amount raised pursuant to the Firm Placing and Open Offer will be approximately €14,023,550 (before expenses).

It is anticipated that the return of funds in respect of applications under the Excess Application Facility that have been scaled back will be credited back into CREST not later than 28 April 2017 with cheques for certificated applications issued soon thereafter.

Accsys is also pleased to announce that, at the General Meeting held earlier today, all the resolutions set out in the notice of General Meeting dated 29 March 2017 were duly passed, with in excess of 27,500,000 proxy votes cast for each resolution tabled and in excess of 99% of all proxy votes being ‘for’ each resolution.

Application has been made for 17,400,000 Firm Placing Shares and 2,923,986 Open Offer Shares to be admitted to trading on AIM and Euronext Amsterdam.  It is expected that Admission will become effective and dealings in the 20,323,986 New Ordinary Shares will commence at 8.00 a.m. on 24 April 2017.  The Firm Placing and Open Offer remains conditional upon the Underwriting Agreement becoming unconditional in all respects and not having been terminated in accordance with its terms prior to Admission.

Capitalised terms not otherwise defined in the text of this announcement have the meanings given to them in the Prospectus.

Paul Clegg, Chief Executive commented: “We are delighted at the level of support we have received from new and existing shareholders at the time of the transformational developments in our capacity expansion for the manufacture of both Accoya and Tricoya.”

Read the full notice here