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

.m. on 1 August 2012, (or such later date as agreed by the Company).

Convertible Loan Note

The Company also announces today the conditional issue of a £1 million Convertible Loan Note to Robert Keith.  The principal terms of the Convertible Loan Note are:

  • repayment on 1 August 2019, seven years after issue, if not previously converted into Ordinary Shares;
  • convertible into newly issued Ordinary Shares at the Issue Price;
  • convertible at any time from issue to maturity.

The price at which the Convertible Loan Note will convert into Ordinary Shares is subject to adjustment in certain circumstances.  The Convertible Loan Note is secured by way of a pledge by the Company over the entire issued share capital of Silence AG and by a pledge by Silence AG of certain intellectual property rights owned by Silence AG.

In addition to the Convertible Loan Note, the Company has conditionally granted warrants over 7,500,000 Ordinary Shares, to ISM Capital pursuant to the CL Warrant.  The warrants will be exercisable at a price of 1 pence at any time prior to the expiry of 36 months from the date of the CL Warrant.

The Convertible Loan Note and the CL Warrant are conditional, inter alia, upon the passing of Resolutions 1 to 3 and 8 and 9 (as set out in the Notice of General Meeting), the Share Capital Reorganisation occurring  and Admission of the New Ordinary Shares.

Establishment of an Equity Finance Facility

The EFF provides Silence with a £10 million facility which (subject to certain limited restrictions) can be drawn down at any time over the next three years. The timing and value of any draw down is at the sole discretion of the Company.

Silence is under no obligation to make a draw down.  The Company may make draw downs up to the total value of the EFF by way of issuing subscription notices to
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SOURCE Silence Therapeutics Plc
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