23/03/2000
ReGen Therapeutics Plc’s public offer for subscription that closed at 3pm on the 21st March has been ten times oversubscribed. Existing shareholders who applied for 7,000 shares or less will receive the minimum allocation of 3,500 shares. All other existing shareholders that applied for shares in excess of this amount (ie 7,000 shares) will receive 50% of their application. A ballot is being held for all other applications with approximately one in ten applicants receiving minimum allocations of 3,500 shares.
A total of 4,287 applications were received under the public offer for subscription representing a total of 27,386,215 shares.
ReGen Therapeutics, which is developing a therapy for Alzheimer’s disease, raised £4.25 million via an institutional placing of 15,178,571 new shares at 28 pence. A further 2,678,571 ordinary shares were offered to the public, also at 28 pence, to raise £750,000.
Trading in the shares starts on AIM at 8 am on the 24th March.