Uniphar PLC – Placing and Admission to Trading

Uniphar PLC – Placing and Admission to Trading

Uniphar plc ("Uniphar" or the "Company"), a diversified healthcare services business, headquartered in Ireland, today announces its successful flotation at a price of €1.15 per Ordinary Share (the "Placing"). Pursuant to the Placing the Company is raising gross proceeds of €150 million (assuming full exercise of the Over-allotment Option referred to below).


Application has been made for 269,197,250 Ordinary Shares to be admitted to trading on AIM, a market operated by the London Stock Exchange, and Euronext Growth, a market operated by Euronext Dublin ("Admission"). Admission is expected to become effective on 17 July 2019.





·      The Placing Price has been set at €1.15 per Ordinary Share (the "Placing Price").


·      117,391,304 new Ordinary Shares are to be issued by the Company pursuant to the Placing to raise gross proceeds of €135 million (assuming no exercise of the Over-allotment Option).


·      The Placing includes an Over-allotment Option of 13,043,478 Ordinary Shares granted to J&E Davy (as "Stabilisation Manager") which, if exercised in full raises the gross proceeds to €150 million.


·      Uniphar's market capitalisation on Admission will be approximately €310 million based on the Placing Price (assuming no exercise of the Over-allotment Option).


·      A further 1,104,734 Sale Shares are being sold on behalf of certain existing Uniphar shareholders at the Placing Price.


·      The Non-executive Directors have agreed to subscribe for 913,042 Ordinary Shares in aggregate in the Placing at the Placing Price.


·      It is expected that Admission will become effective, and that dealings will commence in the Ordinary Shares on AIM and Euronext Growth, at 8.00 a.m. (Dublin time) on 17 July 2019 (Ticker: UPR and ISIN: IE00BJ5FQX74). 


·      J&E Davy and RBC Capital Markets are Joint Bookrunners in connection with the Placing.


·      Immediately following Admission, the Company's issued share capital will be 269,197,250 Ordinary Shares. If the Over-allotment Option is exercised, up to a further 13,043,478 Ordinary Shares may be issued within a 30 day period of Admission, which, if exercised in full, would increase the Company's issued share capital to 282,240,728 Ordinary Shares in total.


·      The Company intends to use the proceeds from the Placing to: pay the upfront consideration and related costs to complete the acquisition of Durbin; to execute near term bolt-on acquisition opportunities; to fund additional capital expenditure and working capital for growth of the enlarged Group; to reduce Group net leverage; and to pay fees, expenses and commissions relating to the Placing and Admission.


Commenting on today's announcement,

Maurice Pratt, Chairman of Uniphar said:


"Today marks a major milestone in the 50-year history of Uniphar and cements our transformation from a pharmaceutical wholesaler focused on the Irish market to an international healthcare services business focused on growth markets. We would like to thank our existing shareholders for their patience and support as the board and management have sought to refocus the business over the past 8 years and build our team and platform for growth. The level of interest generated from institutional investors in support of our IPO gives us great confidence as we embark on the next phase of Uniphar's growth as a public company."


Ger Rabbette, CEO of Uniphar said:


"On behalf of all the team at Uniphar, I look forward to welcoming our new shareholders to the business and to working with them in the coming years to continue to deliver on our growth strategy. I am delighted by the response we have received from the market to our business and the support shown for the significant opportunities that lie ahead. It is a privilege to work with great people, particularly with the strength and depth of the Uniphar team and I want to recognise the efforts of our people, all of whom have worked tirelessly to deliver our transformation and IPO. We have an ambitious strategy for expansion and growth in the coming years and we are now very well placed to progress to the next exciting development phase."

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