Tuesday 28 April 2020
Here is our summary of the day's hottest RNS alerts from across London's Alternative Investments Market (AIM).
88 Energy Limited (88E.L)
Pre-bid Acceptance Deeds re: Offer for XCD Energy
On 27 April 2020, 88 Energy Limited announced its intention to make an off-market takeover offer to acquire all of the fully paid ordinary shares and listed options on issue in XCD Energy Limited, an oil exploration and appraisal company in the USA with a 100% working interest in 195,373 acres in the highly prospective Alaskan North Slope.
Further to the announcement of the Offer, the Company confirms that it has entered into pre-bid acceptance deeds with certain shareholders of XCD Energy with respect to 129,416,142 shares held by those XCD Energy shareholders, representing 18.50 per cent. of the total voting rights of XCD Energy.
Omega Diagnostics (ODX.L)
VISITECT® CD4 Advanced Disease - supply agreement
Omega, the medical diagnostics company focused on CD4, infectious diseases, food intolerance and allergy testing, announced that it has signed a supply agreement with Clinton Health Access Initiative, Inc.
The objective of the Agreement is to accelerate access to Omega's VISITECT® CD4 Advanced Disease rapid test2 in low-income countries, lower-middle income countries and upper-middle income countries as classified by the World Bank. The VISITECT® CD4 Advanced Disease Test is the only currently available handheld lateral flow point of care test for identifying patients with advanced HIV who are at risk of potentially life-threatening opportunistic infections.
The Agreement runs until 31 December 2021, during which time CHAI, with support from Unitaid3, will procure up to a maximum of 500,000 VISITECT® CD4 Advanced Disease tests. Within 14 days of signing the Agreement, CHAI will place an initial purchase order for 100,000 tests with delivery dependent upon demand being confirmed by certain Eligible Countries. We expect demand to be confirmed by Eligible Countries later this quarter with shipment to follow thereafter.
The supply of VISITECT® CD4 Advanced Disease tests under the Agreement will help to inform Eligible Countries with national implementation planning to support routine use of the test.
Fusion Antibodies (FAB.L)
Placing to raise £3m, trading update, notice of GM
Fusion Antibodies plc, specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces the placing of 3,333,333 new ordinary shares of 4p each in the Company at a price of 90p per share to raise £3.0 million, before expenses, to be undertaken in two tranches. In addition, a further £492,511.50 has been raised for selling shareholders through the sale of 547,235 existing ordinary shares.
Placing substantially oversubscribed following demand from existing and new investors
To satisfy excess demand, a further 547,235 existing ordinary shares that were subject to lock-in and orderly market agreements which expired in December 2019 sold on behalf of Selling Shareholders to new and existing investors at the Placing Price
Funds will be used to expand the existing proof-of-concept work on the Mammalian Antibody Library to include COVID-19, the existing oncology targets and for general working capital purposes
The Placing Shares will represent approximately 13 per cent. of the issued share capital of the Company, as enlarged by the issue of the Placing Shares
Of the funds raised pursuant to the Placing, £1.0 million is conditional on, inter alia, the approval of Shareholders at a general meeting of the Company to be held on 15 May 2020 of resolutions to provide authority to the Directors to issue and allot further new ordinary shares otherwise than on a pre-emptive basis, further details of which are set out below
Placing Shares are being subscribed for at a price of 90p per share, representing a 27 per cent. discount to the Company's closing mid-market share price on 27 April 2020.