PR Newswire
LONDON, March 28, 2022
LONDON, March 28, 2022 /PRNewswire/ -- Following completion of the acquisition of Vertigrow Technology Ltd, Summerway Capital Plc (AIM: SWC) (renamed as Celadon Pharmaceuticals Plc), now a UK-based pharmaceutical company targeting the research, cultivation, manufacturing and supply of cannabinoid-based medicines, announces the admission of its enlarged issued ordinary share capital to trading on AIM, a market operated by the London Stock Exchange plc at 8.00am today ("Admission"). The change of name on the London Stock Exchange from Summerway Capital Plc to Celadon Pharmaceuticals Plc and a new ticker code is expected to take effect on 29 March 2022.
Highlights
As set out in the Admission Document, James Short, Alexander Anton, Kathleen Long, Robert Barr and Dr Steven Hajioff have today been appointed to the board of directors of the Company, and Benjamin Shaw has stepped down. The change of name on the London Stock Exchange from Summerway Capital Plc to Celadon Pharmaceuticals Plc and a new ticker code is expected to take effect on 29 March 2022.
Admission follows a placing by Canaccord Genuity and a subscription to certain investors for a total of 5,151,516 ordinary shares at 165 pence per ordinary share, raising gross proceeds of £8.5 million, before expenses. Based on the closing share price on 25 March 2022, being 158 pence, the Group will have a market capitalisation on Admission of £97.4 million.
Following Admission, the number of Ordinary Shares in issue and admitted to trading on AIM will be 61,669,773.
This figure of 61,669,773 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Canaccord Genuity acted as Nominated Adviser, Broker and Bookrunner in relation to the Fundraising and Admission.
James Short, Chief Executive Officer, commented: "Today marks a huge milestone for Celadon, following our successful equity fundraise. Celadon is focused on putting the patient first. I frequently talk to patients who have used cannabinoid-based products for chronic pain, and other illnesses; I know how life-changing this can be for patients who are most in need in society. Celadon is excited to be at the forefront of the sector and has huge ambitions to take the business forward. I would like to personally welcome our new investors and thank them, and the original investors, for their trust in me and our incredible team. I look forward to updating the market with further developments in due course."
For the purposes of UK MAR, the person responsible for arranging for the release of this announcement on behalf of the Company is James Short, Chief Executive Officer of the Company.
The Company's Admission Document, as well as other information required pursuant to AIM Rule 26, is available on the Company's website at www.celadonpharma.com. Defined terms have the same meaning as set out in the Company's Admission Document.
The Company's ISIN is GB00BDQYGP38, SEDOL is BDQYGP3 and AIM TIDM is SWC.
Enquiries: | |
Summerway Capital Plc (renamed as Celadon Pharmaceuticals Plc) | |
Mo Noonan | 07876444977 |
| |
Canaccord Genuity Limited (Nominated Adviser and Broker) | |
Andrew Potts / Patrick Dolaghan | 020 7523 8000 |
About Summerway Capital Plc (renamed as Celadon Pharmaceuticals Plc)
Following completion of the acquisition of Vertigrow Technology Ltd ("Celadon"), Summerway Capital Plc (renamed as Celadon Pharmaceuticals Plc) is a UK based pharmaceutical company targeting the research, cultivation, manufacturing and supply of cannabinoid-based medicines. Its primary focus is on improving quality of life for chronic pain sufferers, as well as exploring the potential of cannabinoid-based medicines for other conditions such as autism. Its UK facility comprises a laboratory designed to meet UK-GMP standards, and capacity for a large indoor hydroponic growing facility that has received a Home Office Licence to legally grow high THC medicinal cannabis for the purpose of producing test batches of cannabis oil to support its application to the MHRA. The Company's subsidiary, LVL, owns a MHRA conditionally approved cannabis trial using cannabis based medicinal products to treat chronic pain in the UK.
For further information please visit our website www.celadonpharma.com
[1] The UK Review of Medicinal Cannabis. April 2020
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