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Silence Therapeutics Announces Subscription and Open Offer to Raise up to £5.7 Million
Date:7/11/2012

Shares to Robert Keith which will represent approximately 13.18 per cent. of the Company's Enlarged Share Capital. In addition, the Directors propose to issue a £1 million Convertible Loan Note to Robert Keith which can be converted at any time into a further 200,000,000 Ordinary Shares at an issue price of 0.5 pence.

The proposed issue of the 200,000,000 Subscription Shares and the Convertible Loan Note will constitute a Related Party Transaction for the purpose of AIM Rule 13 as a result of Robert Keith being a "substantial shareholder" as defined by the AIM Rules for Companies.  As at the date of this announcement, Robert Keith holds 11.67 per cent. of the Company's issued share capital.

Board Changes

As part of the Fundraising, Jerry Randall has agreed to increase his roles and responsibilities from Non-executive Chairman to become Executive Chairman.  The transition to Executive Chairman will occur at Admission. At Admission, and subject to the transition to Executive Chairman, the Board intends to grant Mr Randall share options over 3 per cent. of the issued share capital.  

In addition, the Board has decided to appoint Ali Mortazavi as Director of Corporate Strategy for the Company. Mr Mortazavi's appointment as an Executive Director will commence from Admission.  At Admission, and subject to his appointment as a Director, the Board intends to grant Mr Mortazavi share options over 5 per cent. of the issued share capital of the Company.

In addition, Dr Tony Sedgwick and Max Herrmann have agreed to step down from the Company  at Admission. In order to enable a smooth and orderly transition, Mr Herrmann has agreed to provide consultancy services to the Company for 6 months during which time, the Company will look for an appropriate replacement. Dr Sedgwick has also agreed to provide consultancy services and act as an adviser to the Company for a period of eight and a half months following the comp
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SOURCE Silence Therapeutics Plc
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