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AFT Pharmaceuticals announces successful completion of Placement

Thursday 11th June 2020

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AFT Pharmaceuticals Limited (NZX: AFT /ASX:AFP) (AFT) is pleased to announce the successful completion of its NZ$73.8 million Placement (Placement), comprising a NZ$10 million primary issuance and a sell down by certain major shareholders of NZ$63.8 million of existing shares.

Approximately 19.7 million shares were sold to existing shareholders and new investors across the Placement, including approximately 2.7 million new shares under the primary issuance, at a price of NZ$3.75 per share. The Placement price represents a discount of 11.1% to the 30-day VWAP up to 9 June of NZ$4.22 and a discount of 20.2% to the last close price of NZ$4.70 on 9 June 2020.

AFT Founder and Chief Executive Hartley Atkinson said: “We are pleased with the response we have had to the Placement and look forward to offering shares to our existing retail investors with the upcoming Share Purchase Plan (SPP).

“In addition to the strong takeup of the Placement from New Zealand investors, we are delighted to be welcoming a broad swathe of Australian institutional and retail investors onto our share register. Through the placement, sell downs and SPP the free float of the company is expanding from 11% to up to 31% of the shares on issue.

“We are hopeful the addition of these new investors - coupled with our record of strong growth and consistently delivering on market expectations – will help to build AFT’s profile and a deeper appreciation for the significant opportunities we enjoy in Australasia and further afield.”

Settlement of the Placement is expected to occur on 15th June 2020. The new shares issued under the Placement are expected to be allotted and commence trading on the NZX and ASX on 15th June 2020, and will rank equally in all respects with AFT’s existing ordinary shares.

Share Puchase Plan

As announced on 10th June 2020, AFT is also undertaking a NZ$2 million share purchase plan (SPP). Full details of the SPP will be set out in the SPP offer document, which is expected to be released to NZX and ASX and dispatched to eligible shareholders on 15th June 2020. Key dates relating to the SPP are set out below.

Additional information

Further details about the Placement and the SPP are set out in the announcment and investor presentation released to the NZX and ASX on 10th June 2020.



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