FINPROM Findings
4“"Adonis Pouroulis intends to subscribe for approximately US$0.9 million (£0.7 million)" out of total US$1m Director/senior manager Subscription. Single director taking ~90% of the Subscription tranche.”
One director (Pouroulis) is taking the vast majority of the subscription tranche, which concentrates influence. However, this is properly disclosed and the Open Offer gives retail shareholders pro-rata access, mitigating the concern.
“our electricity trading business in South Africa has transformed from just a concept in 2022 to a fully-funded, bankable and creditworthy entity...there is now tangible value attributed to it...scalable growth potential”
CEO quote uses promotional language to describe the power division's trajectory. While factual context is provided, terms like 'transformed', 'bankable' and 'scalable growth potential' in a fundraise announcement serve a promotional function.
“We are very pleased to have successfully completed our significantly oversubscribed Placing and Subscription...we of course welcome the participation of our retail investors through the Open Offer...unlock the value that is currently unrecognised within the Group”
CEO quote in result announcement emphasises oversubscription and 'unrecognised value' while the Open Offer to retail shareholders remains ahead, potentially influencing retail take-up.
“"we of course welcome the participation of our retail investors through the Open Offer". Oversubscribed placing at 1.40p, only 3.6% discount to closing price. Open Offer on 1-for-23 basis with Excess Application Facility.”
Result announcement with modest discount, oversubscribed placing, and proper Open Offer structure giving existing shareholders pro-rata participation. Balanced language and proper market soundings disclosure.
RNS Announcements
2Proposed Placing, Subscription and Open Offer
THIS ANNOUNCEMENT, INCLUDING THE APPENDIX (THE "ANNOUNCEMENT") AND THE INFORMATION CONTAINED HEREIN, IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABU…
Result of Oversubscribed Placing and Subscription
THIS ANNOUNCEMENT AND THE INFORMATION CONTAINED HEREIN, ARE RESTRICTED AND NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES, CANADA, JAPAN, AUSTRALIA, THE REPUBLIC OF SOUTH AFRICA, OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION. PLEASE SEE THE IMPORTANT NOTICES AT THE END OF THIS ANNOUNCEMENT. THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS DEFINED IN ARTICLE 7 OF THE MARKET ABUSE REGULATION EU NO. 596/2014, AS RETAINED AND APPLICABLE IN THE …
LinkedIn Activity
2Delighted to have advised Andrew Webb et al on this latest raise. 2026 will be a very exciting year for CRISM Therapeutics as it kicks off Phase 2 trial. Retail offer now live on BookBuild.
Broker personnel promoting active retail offer on personal LinkedIn
CEO/Chair personal LinkedIn post about J&J partnership for POLB 001 clinical trial. Describes 'exciting update' and 'good news'. Johnson & Johnson providing multi-million euro drug supply free of charge. 126 reactions on company repost.
Cathal Friel uses personal LinkedIn to promote clinical developments during fundraise period. While this specific post is about a clinical partnership rather than the fundraise itself, it creates positive sentiment during an active BookBuild retail offer window. No risk warnings. Friel is a serial AIM entrepreneur (Open Orphan/hVIVO, Amryt).