Services

XCounter AB: Proposed Fundraising by way of a Cash Placing and Placing and Open Offer to raise £15.0 million

3 May 2007

XCounter AB (publ) (AIM: XCT), is pleased to announce that it intends to raise £15.0 million (SEK201.3 million) by way of a Cash Placing and Placing and Open Offer. The Fundraising has been fully underwritten by Nomura Code Securities Limited.

Highlights:

  • Cash Placing and Placing and Open Offer to raise £15.0 million (£13.8 million net of expenses).
  • Issue Price of 190p per Cash Placing Share and Open Offer Share.
  • The net proceeds of the Fundraising will be used to:
    • co-fund the development of a product with a commercial partner or fund development and regulatory approval prior to partnering a product, where the Directors believe that by doing so, more favourable commercial terms will be reached;
    • to build capacity in the manufacturing of beta units of the XCT cameras, ensuring the Company's ability to manufacture initial units of novel systems thereby minimising the time-to-market of each new application; and
    • to enable the Company to develop additional specialised products with prospective commercial partners similar to the commercialisation agreement with Nucletron.
  • Cash Placing will raise £6.54 million by the issue of 3,442,755 Ordinary Shares which have been conditionally placed on a non pre-emptive basis of which 1,664,762 Ordinary Shares have been placed conditionally upon approval of the Resolution at the AGM. If the Resolution is not passed at the AGM, the net proceeds of the Cash Placing available for the Company would be reduced to £3.38 million.
  • Placing and Open Offer will raise £8.46 million on the basis of 1 Open Offer Share for every 8 Existing Ordinary Shares. The Company has received irrevocable undertakings from Existing Shareholders not to transfer or take up their Open Offer Entitlements for 39.45% of the Existing Issued Share Capital.
  • Application will be made for the New Ordinary Shares to be admitted to trading on AIM on 19 June 2007.
  • Nomura Code Securities is acting as Nominated Adviser and Broker to the Company.


Tom Francke, CEO of XCounter said:
"I am delighted to have received such strong support from new and existing investors in completing this over-subscribed Fundraising. These funds will increase our flexibility in the delivery of our strategy to commercialise our products, particularly in terms of strengthening our negotiating position with potential partners with the objective of maximising value for the Company's Shareholders."

A prospectus setting out further details of the Fundraising is expected to be posted to Shareholders and CDI Holders on 14 May 2007. Copies of the prospectus will be available on the Company's website www.xcounter.se, at the registered office of the Company at Svardvagen 11, SE-182 33, Danderyd, Sweden and at the offices of Nomura Code Securities Limited, 1 Carey Lane, London EC2V 8AE.

For further information:
XCounter AB (publ.)+46 8 622 23 00
Dr Tom Francke, Chief Executive Officer 
Buchanan Communications+44 (0) 20 7466 5000
Mark Court 
Rebecca Skye Dietrich 
Nomura Code Securities Limited+44 (0) 20 7776 1200
Phil Walker 
Clare Terlouw 


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