Ghent, Belgium
February 15, 2007
Devgen NV
announces that it has raised € 31 million through a private
placement and that existing shareholders sold 2,258,443 shares
The private placement announced this morning has allowed Devgen
to place 1,505,829 new shares with institutional investors at a
price of € 20.75 per share. As a result Devgen has raised € 31
million.
Subject to certain conditions that are standard for this type of
transaction, the new shares will be issued and paid for on 20
February 2007. Devgen will apply for admission of the new shares
on Eurolist by Euronext Brussels.
Devgen was further informed that, subject to the settlement of
the capital increase, 2,258,443 existing shares were sold by
shareholders who invested in Devgen in several investment rounds
between 1997 and 2000, to institutional investors, at the same
price. Information on the selling shareholders and the number of
shares sold is available on the website of the Company
(www.devgen.com, section "Investor Relations", under "Share
Capital and Shares").
The demand for the combined offering of shares was more than 3
times the available number of shares due to the interest of a
large number of high quality Belgian and international
institutional investors. KBC Securities acted as Lead manager
and bookrunner of the offer and was assisted by Petercam and
Kempen & Co.
Settlement of the purchase price of the existing shares will
also take place on 20 February 2007.
Devgen NV (Euronext
Brussels: DEVG) has engaged in a private offering of new shares.
Devgen NV has instructed investment bankers to raise new funds
through a private placement for a targeted amount of
approximately € 20,000,000.00 or possibly more (but never more
than 10% of its presently outstanding shares). The funds will be
used to finance a number of investment programs in the framework
of the execution of its business plan, and in particular to
build its recently announced rice business.
Existing shareholders of Devgen who invested in Devgen prior to
its IPO and who were a party to the sales coordination syndicate
that was formed following Devgen's IPO, have informed the
company that, where possible and subject to the price that can
be obtained, they intend to sell up to 50% of their present
shareholding in the framework of the transaction.
The company will announce the results of the transaction as soon
as possible after closing of the book building.
Devgen is an innovator in biotechnology focused on discovering,
developing and commercializing:
- a novel generation of biotech products to protect a wide
spectrum of crops from damage incurred from pests;
- safer and more environmentally friendly agro-chemical products
to protect crops from damage inflicted by plant parasitic
nematodes;
- novel therapeutic concepts and preclinical drug candidates for
treatment of metabolic disease (diabetes, obesity, arrhythmia)
and inflammation.
Each of these solutions is developed on a platform of in-house
designed research, development programs and technologies. Devgen
has partnerships with industry leaders in biotechnology and agro
chemistry. Incorporated in 1997, Devgen has offices in Ghent
(Belgium) and Singapore, with a total work force of over 100
people.
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