- Fully Underwritten Rights Issue to Raise $6 Million
- Converting Note Conversion Details Agreed
PERTH, AUSTRALIA: 11 November 2013 – Leading peptide drug discovery company Phylogica Ltd (ASX:PYC, XETRA:PH7) has signed an underwriting agreement to raise $6 million through a non-renounceable rights issue and has agreed variations with holders of existing converting notes in relation to the timing of the conversion process, as an enabling step to maximize the benefit for the Company from the rights issue.
Rights Issue
The Company has signed an agreement with its largest shareholder, Bernard and Dianne Hockings (as trustees of the B Hockings Superannuation Fund) (“the Hockings”) to fully underwrite a non-renounceable rights issue to raise $6 million. The offer will be on the basis of two new shares for every three shares held on the record date of the issue and the issue price will be 1.5 cents per share. The underwriters intend to seek sub-underwriters for a significant portion of their commitment.
It is planned that a rights issue offer and associated documents will be lodged with ASX prior to opening of trading on or about Monday 18 November 2013, which will commence the formal rights issue timetable in accordance with the ASX Listing Rules. Full details of the rights issue, including the timetable for acceptances, will be contained in the offer documentation.
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