5 February 2004
Futura Medical exercises Second Call Option
Futura Medical plc ("Futura"), the AIM-listed pharmaceutical and medical device group that develops innovative products for the sexual healthcare market, has exercised the second of three call options under the subscription agreement with Long Fleet Systems Inc signed in June 2003.
The exercise terms have been varied slightly and settlement will be in several tranches during February 2004.
Under this second option, the sum of £800,000 (£780,000 net of costs) will be raised by the issue of 1,125,175 new ordinary shares of 0.2 pence each at a price of 71.10 pence per share. This is at the agreed 10 per cent discount to the recent average share price in accordance with the terms of the subscription agreement.
As part of this, today the sum of £263,070 has been raised by the issue of 370,000 shares and Application has been made for the new shares being issued to be admitted to trading on AIM. The new shares will rank pari passu with existing ordinary shares and dealings are expected to commence at 8.00am on 10 February 2004.
A further 755,175 shares remain to be issued under this second option in accordance with the varied settlement terms.
Upon completion of all tranches, warrants will be issued over 250,000 ordinary shares exercisable at any time over the next 12 months at an exercise price of 71.10 pence per ordinary share in accordance with the subscription agreement with Long Fleet Systems Inc.