Allied Healthcare’s (ASX: AHZ) successful rights offer has seen Andrew Forrest’s Minderoo Group, formerly The Metal Group, increase its stake to 17.75% from 17.05%.
Company chairman Christopher Catlow also acquired a further 2,927,095 shares for a total consideration of $146,354.75.
Minderoo had acquired 45,867,867 shares under the offer for $2,293,393.35, increasing its total stake up to 222,438,937 shares while Catlow now holds 17,562,572 shares and 16 million unlisted options exercisable at $0.06 on or before 10 July 2016.
Investors had demonstrated their confidence in the company by oversubscribing for its fully underwritten offer of 1 new share at $0.05 for every 5 shares to raise $10.4 million.
Proceeds from the rights offers will be used over the coming 12 months for an ambitious program which see completion of a number of major milestones including:
- Launch and initial sales of CardioCel® in Europe
- Full results for the Phase I Herpes clinical study
- US marketing approval for CardioCel®
- Preparation for Ian Frazer’s next HPV vaccine as a therapeutic treatment against Cervical Cancer
- Increase in revenue across the Company from our existing product portfolio including CardioCel® sales.
The strong support of notables such as the Minderoo Group highlights the confidence that investors have in the direction that the company is travelling in and the progress being made.
This includes early success of the herpes therapeutic vaccine trial as well as the growing reach of its CardioCel® cardiovascular tissue patch.
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