AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Fundraising to generate approximately £6.27 million through Placing, Subscription, and Retail Offer.
- Funds to accelerate Bleepa’s expansion, particularly with NHS partners.
- Company targets EBITDA profitability by 2027, pending successful NHS contracts.
Feedback PLC (LSE:FDBK), a clinical infrastructure specialist, has announced a major fundraising initiative to support its strategic growth and product development. The company aims to raise approximately £6.27 million through a combination of a placing, subscription, and a retail offer.
Fundraising Structure and Details
The fundraising effort will consist of three key components:
-
Placing and Subscription: Feedback PLC plans to raise around £5.2 million through the issuance of New Ordinary Shares via an accelerated bookbuild, targeting both new and existing institutional investors. Additionally, a subscription will generate £70,500 from investors, including certain company directors, who will collectively subscribe for 152,500 New Ordinary Shares.
-
Retail Offer: A retail offer will raise up to £1 million, giving UK-based retail investors the opportunity to purchase up to 5,000,000 New Ordinary Shares at an issue price of 20 pence per share. The retail offer will be managed via the Winterflood Retail Access Platform and will run from November 4 to November 5, 2024.
The issue price of 20 pence per share represents a 55% discount to the closing mid-market price of 44.5 pence as of November 1, 2024. The success of the fundraising is contingent on shareholder approval at the annual general meeting scheduled for November 28, 2024.
Strategic Allocation of Funds
Feedback PLC intends to use the net proceeds from this fundraising primarily to enhance and expand its flagship product, Bleepa. The funds will be directed towards:
-
Product Development and NHS Collaboration: The company will leverage a recent partnership with a large UK primary care organization, announced in September 2024, to accelerate the rollout of Bleepa. This partnership aims to transform Bleepa into a comprehensive clinical service, making it eligible for substantial, recurring NHS funding streams. The development efforts will focus on deploying Bleepa as a Diagnostic Enhanced Advice and Guidance platform for Integrated Care Boards (ICBs) under the Elective Recovery Fund, enhancing patient referral pathways and user experience.
-
Operational Support and Capital: Part of the proceeds will be used for ongoing working capital and to cover transaction-related expenses. Feedback PLC emphasizes that these funds will sustain operations for at least 12 months following admission.
Capital Reorganization to Facilitate Fundraising
To accommodate the issue price of 20 pence, Feedback PLC is implementing a share capital reorganization. This will subdivide each existing ordinary share of 50 pence into one New Ordinary Share of one penny and one Deferred Share of 49 pence. The total number of ordinary shares in issue will remain unchanged.
Outlook and Profitability Goals
Feedback PLC is optimistic about its financial future, aiming for EBITDA profitability by 2027, provided NHS contracts are secured as planned. The fundraising marks a pivotal step in the company’s journey to scale Bleepa's impact within the UK healthcare system and meet the rising demand for efficient diagnostic and patient management solutions.
