TIDMAFN
RNS Number : 9350S
ADVFN PLC
14 March 2023
For immediate release
14 March 2023
ADVFN plc
("ADVFN" or the "Company")
Further equity issue under the Open Offer
The Board of ADVFN is pleased to announce that further to the
announcement on 6 January 2023 of the results of the Open Offer,
the Company has today conditionally raised further gross proceeds
of approximately GBP1.97 million before expenses through the issue
of a further 5,981,059 new Open Offer Shares and 1,993,686 Open
Offer Warrants at an Issue Price of 33 pence per Open Offer Share
("Subscription"). Of the total GBP1.97 million raised,
approximately GBP1.42 million has been raised from new investors
with the balance from Amit Tauman and Yair Tauman.
Amit Tauman, Chief Executive, said:
"On behalf of the board of Directors, I am delighted to report
this additional fundraising which will provide us with additional
resources to pursue our strategic objectives and drive growth. In
aggregate, through the Open Offer and the Subscription announced
today, the Company has now raised a total of GBP6.49 million and we
are very grateful to our investors for their confidence in our
ability to execute on our mission and deliver value to our
customers. We look forward to updating shareholders in due
course."
Background
On 6 December 2022, ADVFN announced a proposed equity fundraise
of up to approximately GBP6.82 million, before expenses, through an
Open Offer pursuant to which Qualifying Shareholders were able to
subscribe at an Issue Price of 33 pence per Open Offer Share for an
aggregate of up to 20,676,322 Open Offer Shares.
On 6 January 2023, ADVFN announced that, following the scaling
back of applications to comply with the provisions of sections 181
and 182 of FSMA, a total of 13,708,380 new Ordinary Shares and
4,569,437 Open Offer Warrants were issued in connection with the
Open Offer, raising a total of GBP4.52 million. Amit Tauman and
Yair Tauman's applications for Open Offer Shares had been scaled
back pending FCA Approval with the issue of the balance of their
applications conditional upon the Financial Conduct Authority
("FCA") approving that Amit Tauman, together with his father Yair
Tauman, could hold up to 29.9 per cent. of the Company's issued
share capital (the "FCA Approval").
The Company announced on 10 January 2023 that FCA Approval had
been received and the outstanding Open Offer Shares could now be
issued to Amit Tauman and Yair Tauman pursuant to their
applications under the Open Offer, and that the Company was also in
discussions with new investors who had indicated an interest in
subscribing on the same terms as the Open Offer for the balance of
the Open Offer Shares.
Further equity issue under the Open Offer
Following receipt of FCA Approval, the Company has therefore
today issued to Amit Tauman the balance of 1,057,576 Open Offer
Shares (together with 352,525 Open Offer Warrants) subscribed by
him under the Open Offer at the Issue price of 33 pence per Open
Offer Share.
The Company has also today issued 606,061 Open Offer Shares
(together with 202,020 Open Offer Warrants) to Yair Tauman (whose
application has been reduced by 451,515 Open Offer Shares), and a
further 4,317,422 Open Offer Shares (together with 1,439,141 Open
Offer Warrants) to new investors, all at the Issue price of 33
pence per Open Offer Share.
Accordingly, the Company has issued today a total of 5,981,058
new Ordinary Shares and 1,993,686 Open Offer Warrants , raising a
further GBP1.97 million before expenses. A balance of 986,884 Open
Offer Shares remains available to be issued.
The proceeds of the Subscription will be used by the Company as
set out in the circular issued on 6 December 2022 ("Circular") and
in particular, to develop a more comprehensive offering of
products, content, marketing and international expansion to new
strategic territories as well as to provide additional general
working capital.
AIM application
Application is being made to the London Stock Exchange for
5,981,058 new Ordinary Shares to be admitted to trading on AIM and
it is expected that Admission will become effective and dealings
will commence in the New Ordinary Shares at 8.00 a.m. on or around
21 March 2023. The new Ordinary Shares shall rank pari passu in all
respects with all other Ordinary Shares then in issue.
Following Admission, the Company will have 46,004,757 Ordinary
Shares in issue and admitted to trading on AIM.
This announcement should be read in conjunction with the full
text of the Circular. All capitalised/defined terms used in this
announcement and not otherwise defined shall have the meanings
given to them in the Circular.
A copy of this announcement is available on the Company's
website, www.advfnplc.com.
For further information please contact:
ADVFN plc
Amit Tauman (CEO) +44 (0) 203 8794 460
Beaumont Cornish Limited
(Nominated Adviser)
Michael Cornish
Roland Cornish +44 (0) 207 628 3396
Peterhouse Capital Limited
(Broker)
Eran Zucker / Lucy Williams
/ Rose Greensmith +44 (0) 207 469 0930
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 as it forms part of
UK Domestic Law by virtue of the European Union (Withdrawal) Act
2018. The person who arranged for the release of this announcement
on behalf of the Company was Amit Tauman, Director.
IMPORTANT NOTICES
Beaumont Cornish Limited ("Beaumont Cornish"), which is
authorised and regulated in the United Kingdom by the FCA and is a
member of the London Stock Exchange, is the Company's nominated
adviser for the purposes of the AIM Rules. Beaumont Cornish is
acting exclusively for the Company and will not regard any other
person (whether or not a recipient of this announcement) as a
client and will not be responsible to anyone other than the Company
for providing the protections afforded to its clients nor for
providing advice in relation to the contents of this document or
any other matter referred to herein. Beaumont Cornish's
responsibilities as the Company's nominated adviser under the AIM
Rules for Nominated Advisers are owed to the London Stock Exchange
and not to any other person and in particular, but without
limitation, in respect of their decision to acquire Open Offer
Shares or Open Offer Warrants in reliance on any part of this
announcement. Beaumont Cornish has not authorised the contents of
this announcement for any purpose and no liability whatsoever is
accepted by Beaumont Cornish nor does it make any representation or
warranty, express or implied, as to the accuracy of any information
or opinion contained in this announcement or for the omission of
any information. Beaumont Cornish expressly disclaims all and any
responsibility or liability whether arising in tort, contract or
otherwise which it might otherwise have in respect of this
announcement.
Peterhouse House Capital Limited ("Peterhouse"), which is
authorised and regulated in the United Kingdom by the FCA and is a
member of the London Stock Exchange, is the Company's broker for
the purposes of the AIM Rules. Peterhouse is acting exclusively for
the Company and will not regard any other person (whether or not a
recipient of this announcement) as a client and will not be
responsible to anyone other than the Company for providing the
protections afforded to its clients nor for providing advice in
relation to the contents of this announcement or any other matter
referred to herein. Peterhouse has not authorised the contents of
this announcement for any purpose and no liability whatsoever is
accepted by Peterhouse nor does it make any representation or
warranty, express or implied, as to the accuracy of any information
or opinion contained in this announcement or for the omission of
any information. Peterhouse expressly disclaims all and any
responsibility or liability whether arising in tort, contract or
otherwise which it might otherwise have in respect of this
announcement.
No representation, responsibility or warranty, expressed or
implied, is made by ADVFN plc, Beaumont Cornish, Peterhouse or any
of their respective directors, officers, employees or agents as to
any of the contents of this announcement in connection with the
Open Offer or any other matter referred to in this
announcement.
ENDS
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END
MSCJIMBTMTABBFJ
(END) Dow Jones Newswires
March 14, 2023 08:05 ET (12:05 GMT)
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