Result of Lombard EGM and Company Strategy Update
London, 14 January 2008 – Lombard Medical Technologies PLC (AIM: LMT), the specialist medical device company, announced on 20 December 2007 that it proposed to raise approximately GBP7.6 million, before expenses, by way of a subscription for new ordinary shares and a placing of new ordinary shares. The subscription and the placing were conditional on, amongst other things, the approval of the shareholders to disapply pre-emption rights.
The Board of Lombard Medical announces that, at the Extraordinary General Meeting held earlier today, all Resolutions which were set out in the Notice of Extraordinary General Meeting included in the circular to shareholders dated 20 December 2007, were duly passed including the disapplication of pre-emption rights in relation to the subscription and the placing.
A total of 54,191,425 new ordinary shares are being issued pursuant to the subscription and the placing, representing approximately 40.4 per cent of the enlarged issued share capital of the Company. These shares will be allotted today, conditional on admission to trading on AIM. It is expected that settlement will occur, admission to trading on AIM will become effective and dealings in 5,892,856 new ordinary shares will commence tomorrow, 15 January 2008. It is expected that settlement will occur, admission to trading on AIM will become effective and dealings in the remaining 48,298,569 new ordinary shares will commence on 16 January 2008.
Lombard Medical also announced on 20 December 2007 that, during 2008, the Company will pursue a number of strategies which will include the disposal of non-core assets, further financing from strategic investors and discussions with potential partners or potential acquirers of the Company or the business. These strategies aim to enhance value for shareholders and it is the Directors’ belief that greater value will be created once recruitment into the US clinical trial of the Company’s Aorfix™ device to treat abdominal aortic aneurysms has achieved greater penetration. As a consequence, it is the Company’s intention not to seek acquirers for the Company or its core business in the near term. The Company is no longer regarded by the Panel on Takeovers and Mergers as being in an “offer period” under the Takeover Code.
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Enquiries:
Lombard Medical Technologies PLC Tel: +44 (0) 1235 750 800
Simon Neathercoat, Non-Executive Chairman
Brian Howlett, Chief Executive Officer
Tim Hall, Finance Director
Financial Dynamics Tel: +44 (0) 20 7831 3113
David Yates / Susan Quigley
Nomura Code Securities Limited Tel: +44 (0) 20 7776 1200
Juliet Thompson / Richard Potts
About Lombard Medical
Lombard Medical is a medical devices company developing stent grafts and other medical products for use in the treatment of vascular disease. The Company’s lead product, Aorfix™, is a stent graft for the treatment of aortic aneurysms, a balloon-like enlargement of the aorta, which, if untreated, may rupture, and cause death. Abdominal and thoracic aortic aneurysms are the 13th largest cause of death in the US and the market is estimated to be worth approximately US$2 billion by 2010. Aorfix™ is currently being commercialised in the EU and US clinical trials are ongoing. The Company’s Polymer Coatings Division primarily develops polymer coatings for use in drug-eluting stents and has a number of research collaborations developing novel products for this US$6 billion market.
The Company, headquartered in Oxfordshire, with operations in Yorkshire, Ayrshire and Boston, USA, employs over 100 people.
Further background on the Company can be found at www.lombardmedical.com.