AorTech raises £0.5m in oversubscribed open offer

Biomaterials and medical device intellectual property company AorTech International released the results of its open offer on Friday, after the offer closed for applications at 1100 BST on Thursday.

The AIM-traded firm said the offer, initially announced on 21 May, was “heavily” oversubscribed.

It said it received valid acceptances from qualifying shareholders in respect of 1,050,543 open offer shares, including applications for 1,605,925 shares under the excess application facility.

That represented approximately 159% of the maximum number of 1,667,309 open offer shares available.

Qualifying Shareholders who had validly applied for open offer shares would receive their full entitlement, the board confirmed.

Applications for new ordinary shares under the excess application facility would be scaled back pro rata to the number of excess shares applied for by qualifying shareholders under the facility, it explained.

AorTech said it had therefore raised gross proceeds of around £0.5m through the offer, which was in addition to approximately £2.1m before expenses raised pursuant to its placing and subscription.

“We are delighted with the level of support demonstrated by shareholders in the heavily oversubscribed open offer,” said chairman Bill Brown.

“The strength of demand for new shares from shareholders is a pleasing endorsement of our future strategy to maximise value from the company's existing IP and the development of new products.”