Simon Moore
Good morning, everyone, and welcome to the presentation by Alexium International to discuss the acquisition of the Microencapsulation and PCM business of Microtek and the associated entitlement offer, which was announced yesterday.
Next page, please. Just to do a quick transaction overview. And on the call today with me is Billy Blackburn, the Chief Executive Officer of Alexium International and my name is Simon Moore, and I’m the Interim Chairman of Alexium International. Yesterday, Alexium International made 2 very important announcements of and what we think will be a very significant transaction in the development of the company. First, we were very pleased to announce the acquisition of the Microencapsulation and PCM businesses of Microtek. Microtek is an industry-leading company based in Dayton, Ohio. And our acquisition involves intellectual property, some of the manufacturing assets and key employees and customer relationships of Microtek.
Importantly, the transaction is funded through an equity issuance to the current owners of Microtek, who post the completion of both the acquisition and the associated entitlement offer will end up with about an 11.6% interest in the outstanding shares of Alexium International, and we welcome them on to the register as part of this transaction.
In conjunction with the acquisition, the company announced a non-renounceable entitlement offer. This offering is an important stage of continued development of the capital structure of the organization. The company will be raising $6.8 million, approximately USD 4.5 million. The entitlement is struck at [ 3.44 1/4 ] shares for every 5 shares held by the investors and at an issue price of [ $0.006 ], which constitutes approximately a 14.3% discount
