Aqua Bounty Tech Inc (ABTX) - Change in shareholding and proposed offer
RNS Number : 0356Q
Aqua Bounty Technologies, Inc.
31 October 2012
31 October 2012
AquaBounty Technologies, Inc.
("AquaBounty" or "the Company")
Change in Shareholding and Proposed Offer
AquaBounty Technologies, Inc. (AIM: ABTX), a biotechnology company focused on
enhancing productivity in the aquaculture market, announces that Linnaeus
Capital Partners, B.V. ("Linnaeus") and its subsidiary Tethys Ocean, B.V.
("Tethys"), together the largest shareholders in the Company, have agreed to
sell their combined shareholdings to Intrexon Corporation ("Intrexon"), a
privately held biotechnology company.
Intrexon has agreed to purchase 48,631,444 common shares (47.65 % of the
current issued share capital of the Company), representing the entire
shareholding of Linnaeus and Tethys, for $6.0 million or 12.3 cents (7.64
pence) per share. The acquisition price represents a premium of 49% to the
closing price of 5.12 pence per AquaBounty common share on 31 October 2012,
being the last business day prior to the acquisition of the shares. Following
the close of this transaction, Linnaeus and Tethys will have no interest in
AquaBounty shares and their four Directors on the Company's Board will resign
AquaBounty's Certificate of Incorporation requires any person that acquires
securities representing 30% or more of its voting power to make a cash offer
for the remaining issued and outstanding capital stock of the Company at the
highest price that person has paid in the preceding 12 months. Therefore,
Intrexon has informed the Board that it will make an offer ("the Offer") to
all other shareholders at the same price per share for the issued and
outstanding share capital of the Company not owned by them.
The Company is in discussion with Intrexon about the next steps and
shareholders can expect to receive a circular from the Board with its
recommended course of action. A further announcement outlining the details of
the Offer will be made at the earliest available opportunity. Intrexon and
AquaBounty have executed an agreement restricting certain activities of the
Company prior to, and during, the tender offer.
Number of Relevant Securities in Issue: The Company's issued share capital
consists of 102,255,688 common shares with a nominal value per share of $0.001
with each share having equal voting rights.
David Frank, Chief Financial Officer +1 978 648
Nomura Code Securities
+44 (0)207 776 1200
Harry Chathli, Claire Norbury +44 (0)207
This information is provided by RNS
The company news service from the London Stock Exchange
MSCUAAWRUSAROAA -0- Oct/31/2012 18:18 GMT
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