07 July 2006
Placing and Directors' Share Dealing
Futura Medical plc (AIM: FUM), the AIM-quoted pharmaceutical and medical device group that develops innovative products for sexual health, is pleased to announce that all resolutions at its annual general meeting held at 4pm on 6 July 2006 were passed unanimously.
In addition, the Company has entered into a placing agreement pursuant to which Canaccord Adams Limited and Collins Stewart Limited have agreed to jointly place up to 3,400,000 new ordinary shares at 78 pence per share ("the Placing Shares") to raise £2.5 million after costs ("the Placing").
The Placing remains conditional, inter alia, on admission of the Placing Shares to AIM, which the Company expects will occur on 10 July 2006.
In addition, Futura announces that the Directors set out in the table below have now exercised options over 2,125,000 ordinary shares of 0.2 pence each in the capital of Futura ("Ordinary Shares") in aggregate, and have agreed subsequently to sell, conditional on Admission, at a price of 78 pence per share, 1,313,759 of the Ordinary Shares allotted in aggregate. In addition, certain staff have exercised and agreed to sell, conditional upon Admission, options over 110,000 Ordinary Shares in aggregate, also at 78 pence per share. Therefore, the total number of shares being sold on behalf of option holders will amount to 1,423,759 Ordinary Shares ("Sale Shares"). Full details of the arrangements are set out in the table below.
- JH Barder's holding includes shares beneficially owned and held by connected parties.
- The total proceeds to Futura from the intended exercise of the Directors and staff options will amount to £ 831,250. Together with the net proceeds of the Placing, Futura will receive £3.35 million.
James Barder, Futura's Chief Executive, said: "I am delighted that the directors' holding in Futura has more than doubled. This underlines the commitment we all have to the company and the prospects for future growth."