I have been an investor, supporter and follower of ImmuPharma. So I was appalled to read that ImmuPharma (LSE:IMM) has raised £6.5 million, before expenses, via an oversubscribed placing of 59,090,909 new ordinary shares at a price of 11p per share. There was no Primary Bid offer and no notification to investors who hold their shares via nominee of this placing nor any invitation for them to share in the spoils. The placing was at 11p and the share price this morning is 13p. So not only do we have the expenses of the fund raise, but also the individual investors have to subsidise the purchase of 59Million shares by institutional investors and friends of the sponsors and joint brokers, Stanford Capital Partners and SI Capital. 59 million times 2p a share is a £1.2 million subsidy.
The shares appear to have been “ramped up” in the period before the placing,
Those investors who bought in at 14p to 16 p in recent days should be feeling pretty upset.
I shall be bringing this to the attention of the LSE and FCA of yet another example of placings which disadvantage individual investors and allow “mates” to profit unfairly.
Cliff Weight, Director, ShareSoc
Note: I own shares in ImmuPharma
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