£40.75 million Facility with associated Equity Financing

Key Highlights

• £40.75 million Facility provided by ZQ Capital and Southern Fox.
• The Facility will be partly used to refinance the existing £10 million loan notes issued to ZQ Capital and Southern Fox on 28 February 2023.
• The Facility will also provide immediate funds to address the Company’s near-term requirement for significant additional funding to enable the Company to continue its pivotal Phase III G306 trial for Grass MATA MPL and other key clinical trials including the Phase I study for Peanut allergy.
• Equity Financing at an issue price of 1 pence per share comprised of the Subscription by ZQ Capital and Southern Fox and the Open Offer expected to be made to all qualifying shareholders (and underwritten by ZQ Capital), to raise gross proceeds of £40.75 million.
• Equity Financing is conditional upon, inter alia, shareholder approval and FDI clearances.
• Proceeds of the Equity Financing will be used to repay the principal amounts outstanding and accrued interest thereon under the Facility Agreement.
• Substantial finance premium payable by the Company (associated with the Facility) in the event that Equity Conditions are not met and the Group’s pivotal Phase III G306 trial for Grass MATA MPL is successful.
• Circular convening the General Meeting to be published shortly.
• Board unanimously recommends that shareholders vote in favour of the Resolutions at the General Meeting.
• Publication of the 2022 Accounts, as well as the unaudited interim accounts for the six-month period ended 31 December 2022, by 30 June 2023, will facilitate restoration of trading in the Company’s shares on AIM.
• Pursuant to the Takeover Code, completion of the Equity Financing will trigger a mandatory offer to be made by ZQ Capital for the entire issued and to be issued share capital of the Company that it does not already own at 1 pence per Ordinary Share.

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