Result of offer to qualifying shareholders and qualifying employees
London 29 January 2010. On 13 January 2010, Lombard Medical Technologies PLC announced a fund raising that included an offer to qualifying participants of up to 196,960,873 new ordinary shares of 1 pence each of the Company (“Shares”) at a price of 1 pence per Share (the “Offer”).
The Company is pleased to announce that, at the close of the Offer, qualifying participants had applied for 31,370,800 new ordinary shares of 1p each at a price of 1p per share raising £313,708.
The Offer was in addition to the placing and subscription, also announced on 13 January 2010, which conditionally raised £13 million (“Placing and Subscription”).
The Offer, together with the Placing and Subscription, are subject to the approval of shareholders of the Company at a general meeting to be held at 11.00 a.m on 1 February 2010.
Subject to such approval, it is expected that dealings in the 1,333,390,207 Shares issued pursuant to the Offer and the Placing and Subscription will commence on AIM market of the London Stock Exchange on 2 February 2010.
Details of the Offer, the Placing and Subscription were set out in the announcement published by the Company on 13 January 2010.
- Ends -
For further information:
Lombard Medical Technologies PLC
Simon Neathercoat, Non-executive Chairman
John Rush, Chief Executive Officer
Tim Hall, Finance Director Tel: 01235 750 800
Evolution Securities Limited
Barry Saint
Tim Redfern
Esther Lee Tel : 020 7071 4300
Financial Dynamics
Jonathan Birt
Susan Quigley Tel : 020 7831 3113
Notes to editors
About Lombard Medical
Lombard Medical Technologies PLC is a medical devices group developing stent grafts and other medical products for use in the treatment of vascular disease. The Company’s lead product, Aorfix™, is an endovascular stent graft for the treatment of abdominal aortic aneurysms (AAAs), a balloon-like enlargement of the aorta which, if untreated, may rupture and cause death.
Approximately 4.5 million people are living with AAA in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for the treatment of AAA is currently worth approximately $900 million and is expected to grow to around $1.6 billion by 2015. Aorfix™ is currently being commercialised in the EU, with a pivotal clinical trial ongoing in the USA.
The Company is headquartered in Oxfordshire, with operations in Ayrshire and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com.