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

o conduct a small Phase Ib trial and a subsequent small Phase IIa trial of Atu027, as described below.  It would also enable the Company, and its Shareholders, to benefit from potential milestone payments which may arise from existing licensing agreements and licences which may arise from recently announced research collaborations including those with InteRNA Technologies BV and miRagen Inc.

If the Resolutions are not passed by Shareholders at the General Meeting, the Fundraising would be unable to proceed. In this situation, the Company would not have cash resources to maintain current operations beyond the second half of 2012 and would need to consider alternative strategic options that the Directors believe would not be in the best interests of Shareholders. These actions could include the sale of the business at a price which Directors believe would not recognise the potential long-term value of the business or possible insolvency.

It is the view of the Board that sale of the business in this circumstance would not enable Shareholders to benefit from the significant investment already made in developing the RNAi platform and Atu027 or the potentially significant value creation opportunity in RNAi therapeutics and in particular in Atu027 that would be afforded if sufficient finances were available.

Share Capital Reorganisation

Subject to the passing of Resolution 1 at the General Meeting, the Directors propose to sub-divide each Existing Ordinary Share of 1 pence in nominal value into one Sub-divided Share of 0.1 pence in nominal value and one Deferred Share of 0.9 pence in nominal value.  The Sub-divided Shares of 0.1 pence each so created will continue to carry the same rights as attach to the Existing Ordinary Shares of 1 pence each (save for the reduction in nominal value).  The Deferred Shares will be transferable only with the consent of the Company and will not be admitted to trading on AIM and will have the right
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SOURCE Silence Therapeutics Plc
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