Living Cell Technologies; Share Purchase Plan
Living Cell Technologies Announces Share Purchase Plan
16 November 2009: Sydney, Australia, Auckland, New Zealand – Living Cell Technologies Limited (ASX: LCT; OTCQX: LVCLY) announced today a Share Purchase Plan (SPP) that would remain open until 11 December 2009.
Under the SPP, holders of fully paid ordinary LCT shares on the share register at the record date of 18 November 2009 with an address in Australia or New Zealand may purchase up to $15,000 worth of new shares (subject to a minimum application of $500) regardless of the number of LCT shares they currently hold. Custodians will be able to apply on behalf of nominees pursuant to ASIC Class Order CO 09/425)
The issue price for shares offered under the SPP will be 25 cents per share. This issue price represents a 16% discount to the volume weighted average closing market price of the Company’s shares traded over the 5 trading days during the period 9 November to 13 November.
Eligible shareholders may apply for parcels of fully paid ordinary shares in $500 increments from $500. The following is a guide only:
A$500 being 2,000 shares at A$0.25 per share
A$1,000 being 4,000 shares at A$0.25 per share
A$2,500 being 10,000 shares at A$0.25 per share
A$5,000 being 20,000 shares at A$0.25 per share
A$10,000 being 40,000 shares at A$0.25 per share
A$15,000 being 60,000 shares at A$0.25 per share
Participation in the SPP is entirely voluntary. The SPP opens on 19 November 2009 and closes at 5.00pm Sydney, Australia time, on 11 December 2009.
Dr Paul Tan, Chief Executive Officer LCT said, “Following our placement earlier this year a number of shareholders expressed an interest in participating in a SPP at a discount to market. This share offer gives our existing shareholders the opportunity to further participate in LCT’s progress. We regret that regulations prevent this offer from being available to shareholders resident outside Australia and New Zealand. The funds from the share purchase plan will assist in financing LCT’s operations for the clinical trials of DIABECELL®. The company’s priority is to progress our exciting treatment for Type 1 diabetes and we are pleased with the progress of the New Zealand clinical trial to date.”
DIABECELL® is designed to normalize blood glucose levels in type 1 diabetes sufferers. DIABECELL® comprises encapsulated porcine insulin-producing cells which can be administered without the need to use immunosuppressive drugs.
Type 1 diabetes occurs when the
body's own immune system destroys the insulin-producing
cells of the pancreas (called beta cells). Five to 10
percent of the more than 200 million diabetics worldwide
have insulin dependent type 1 diabetes. Type 1 diabetes is
associated with kidney failure, blindness, nerve damage,
cardiovascular disease and limb amputations. Current treatment options include multiple daily injections of insulin.