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BTG Plc Announces Proposed Placing Of New Ordinary Shares

Thursday, 23 May 2013 02:01am EDT 

BTG Plc announced its intention to conduct a placing of up to approximately 32.8 million new ordinary shares in the Company (the Placing Shares) representing up to 9.99 per cent. of the Company's existing issued ordinary share capital (the Placing). The Placing is being conducted through an accelerated bookbuilding process (the Bookbuild) which will be launched immediately following this announcement. Deutsche Bank AG, London Branch (Deutsche Bank) and J.P. Morgan Securities plc, which conducts its UK investment banking activities as J.P. Morgan Cazenove (J.P. Morgan Cazenove), are acting as joint bookrunners in connection with the Placing. The net proceeds of the Placing are proposed to be used to fund part of the consideration for the Targeted Therapies Acquisition and the EKOS Acquisition, with the balance being funded through existing BTG cash resources. Following the completion of the two transactions, BTG's committed facilities and cash are expected to total approximately GBP80 million, including a GBP60 million bank facility available for general corporate purposes. The Placing has been fully underwritten by J.P. Morgan Cazenove and Deutsche Bank subject to the conditions and termination rights set out in the placing agreement between the Company, J.P. Morgan Cazenove and Deutsche Bank (the Placing Agreement). 

Company Quote

-3.5 -0.44%
30 Jan 2015