Corporate lawyers advise on placing for Instem plcPrint news article
Walker Morris has advised N+1 Singer as the Nomad and Broker on a proposed placing for Instem plc to raise £5 million.
Instem is a leading provider of IT solutions to the global early development healthcare market and is proposing to use the funds for strategic acquisitions and enhance its organic growth.
The funds will be raised through the placing of 2,500,000 New Ordinary Shares at 200 pence per share. In addition to the placing of New Ordinary Shares, the DG 2008 Discretionary Settlement (of which David Gare, Chairman, is a trustee) and David Sherwin, Non-Executive Director, have agreed to sell 600,000 and 200,000 Existing Ordinary Shares, respectively, at the Placing Price.
Richard Naish from the Walker Morris Corporate Team advised.
Commenting, Phil Reason, Chief Executive Officer, said:
“This fundraising comes at the ideal time as both Instem and our life sciences clients enjoyed great success in 2015. With record levels of potential new drugs moving through the earlier stages of the research and development pipeline, the industry is keen to deploy proven and innovative technologies that can increase their efficiency and effectiveness while maximising patient safety.”
“Deploying the capital raised on acquisitions that complement our existing market leading software products and services will ensure that we will continue to help our clients bring life enhancing products to market faster.”
“We are delighted that the placing was oversubscribed, with demand from both existing shareholders and new institutional investors.”