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Highlights
- Animalcare Group Plc is raising £20 million through a non-pre-emptive placing of shares at 232.5 pence, a 5.1% discount on the December 2 market price.
- The funds will partly finance the acquisition of Randlab, an Australian-based equine veterinary business, while supporting future growth and corporate investments.
- Alychlo NV, the largest shareholder, and company directors are participating in the fundraise, underscoring stakeholder confidence.
Animalcare Group Plc (LSE:ANCR), a global leader in animal health, has unveiled a £20 million fundraising initiative through a non-pre-emptive placing of 8,559,892 new ordinary shares priced at 232.5 pence each. This Issue Price represents a 5.1% discount to the mid-market price as of December 2, 2024. The proceeds will support the company’s strategic acquisition of Randlab, a privately owned equine veterinary business based in Australia, and bolster its financial position for future growth opportunities.
The directors of Animalcare, including Jennifer Winter, Christopher Brewster, and Dr. Douglas Hutchens, have committed to subscribing for 42,258 new ordinary shares each at the Issue Price. Their collective contribution of £98,250 reflects the leadership's confidence in the company’s strategy. Additionally, Alychlo NV, the company’s largest shareholder, has confirmed its intention to participate in 10% of the fundraising effort. Alychlo NV is wholly owned by Marc Coucke, a non-independent non-executive director of Animalcare.
The net proceeds from this fundraise will largely go toward funding the acquisition of Randlab Pty Ltd and its subsidiaries, including operations in New Zealand and the Middle East. The acquisition aligns with Animalcare's strategy of expanding its portfolio in the equine veterinary sector and enhancing its international footprint. According to a separate announcement, the acquisition is conditional but not dependent on the completion of the fundraising process. Should the acquisition fail to proceed, the company plans to allocate funds to other strategic investments or general corporate purposes.
Animalcare will conduct the fundraising through an accelerated bookbuild process managed by Stifel Nicolaus Europe Limited. Acting as the sole bookrunner, Stifel is also serving as the exclusive M&A adviser for the Randlab acquisition. The timing of the bookbuild’s closure and share allocation will be determined by the bookrunner in consultation with the company, and the results will be announced promptly.
The newly issued shares will constitute approximately 14.2% of Animalcare's existing ordinary share capital. The fundraising is being carried out under existing shareholder authorities, with supportive feedback received during pre-launch consultations. The board believes the initiative is vital to driving long-term success for both shareholders and broader stakeholders.
As part of its broader governance updates, Animalcare also announced the appointment of Els Degroote as an alternate non-executive director for Marc Coucke, pending finalization of the notice of appointment. This addition strengthens the governance framework amid the company's strategic expansion.
