Sinclair Pharma directors increase shareholdings in recent fundraising

Sinclair Pharma (AIM: SPH) informed the market that three of its directors participated in its recent fundraising, increasing their holdings in the company.

The fundraising was first announced in mid-October, to facilitate the purchase of two major revenue-generating dermatology products from Belgian group Solvay Pharmaceuticals for €17.5 million. Sinclair Pharma raised £18.2 million before expenses with the issue of 56,731,322 shares at 32 pence each. The firm placing to new and existing shareholders was completed last month.

Group chief executive Chris Spooner bought 2.569 million shares at a price of 32 pence per share. As a result of the transaction, Spooner now owns 6.418 million shares equating to 4% of the company’s issued share capital.

Sinclair chairman Grahame Cook and non-executive director Jean Charles Tschudin also participated in the fundraising. They bought 100,000 and approximately 189.997 shares respectively. Each director subsequently holds 0.4% of the capital.

UK hedge fund manager Lansdowne Partners increasing its holding from below 5% to 14.6% in the fundraising. Lansdowne held approximately 23,524,889 Sinclair Pharma shares following the placing.  http://www.proactiveinvestors.com.au/companies/news/4236/sinclair-pharma-directors-increase-shareholdings-in-recent-fundraising-4236.html