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Red X icon next to share position?


kevm

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I have an open position on a spreadbet. The icon has changed to a red x with Market closed whereas my other open positions have "open for orders only"

It obviously means that the market is indeed closed but what will happen with this. Doesn't look like I can edit or close the position. Will it magically reopen, close or will I get some sort of communication from IG? I believe there may be something going on with the share itself eg stock split or something similar?

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Further information below but I don't understand what this means so if any knowledgeable person on this forum can put it into layman's terms, I'd be grateful. There seems to be some sort of timetable and lockup period (mentioned below) but I'm not sure how this whole thing relates to a position in a spreadbet?

REG – OptiBiotix Health – Intention to list ProBiotix Health on AQSE

17 Mar 2022
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220317:nRSQ0559Fa&default-theme=true

RNS Number : 0559F  OptiBiotix Health PLC  17 March 2022

OptiBiotix Health plc

("OptiBiotix" or the "Company" or "Group")

Intention to list ProBiotix Health on the AQSE Growth Market and dividend in
specie timetable

OptiBiotix Health plc (AIM:
OPTI), a life sciences business developing compounds to tackle obesity,
high cholesterol, diabetes and skin care, announces that it intends to seek
admission (the "Proposed Admission") of its wholly owned subsidiary, ProBiotix
Health Limited ("ProBiotix Health"), onto the AQSE Growth Market with an
associated fund raise and distribution in specie ("Distribution").

Key points

•     Proposed £2.5m fundraise by ProBiotix Health by way of placing
and subscription.

•     EIS/VCT qualifying.

•     A distribution in specie of ProBiotix Health shares to OptiBiotix
Health plc shareholders on its register at the record date.

ProBiotix Health

ProBiotix was established by OptiBiotix to develop probiotics to tackle
cardiovascular disease and other lifestyle conditions which are affecting
growing numbers of people across the world. Since its creation, ProBiotix has
become a leader in microbiome modulating compounds for use in functional foods
and supplements.

Human volunteer studies have shown that ProBiotix's principal product,
LP-LDL®, can reduce key cardiovascular risk markers, such as total
cholesterol, LDL (bad) cholesterol, and Apolipo protein B, by up to 34.2 per
cent, 28.4 per cent and 28.6 per cent respectively (RNS 18:1:22). Structured
consumer studies have confirmed these findings in real-world use of products
with 95% of users stating that the product was effective, and 90% reporting
they would recommend the product to family and friends (RNS: 1:2:22).  Since
launching LP-LDL® in May 2017 ProBiotix has signed over 38 agreements
including a number of large pharmaceutical companies such as AlfaSigma and
Actial Pharma as a product line extension of its VSL(#)3® brand, one of the
world's best known probiotic brands.

LP-LDL® was designated Generally Recognized As Safe ("GRAS") by an
independent Expert GRAS Panel in the United States in February 2019, which
extends its applications from use as a supplement to use as a functional
ingredient in a wide range of food, dairy, and beverage products in the USA.

The global probiotics market is estimated to be valued at USD 61.1 billion in
2021 (Research and Markets, 2021) and is projected to reach USD 91.1 billion
by 2026, at a CAGR of 8.3% during the forecast period. Factors affecting the
growth of the probiotics market are health benefits associated with
probiotic-fortified foods, technological advancements in probiotic products,
and technological advancements in probiotic products driving consumer demand
for science-based products.

In OptiBiotix's most recent trading statement to 31 December 2021 (notified 28
February 2022), ProBiotix Health Ltd reported unaudited EBITDA of £195k,
(2020: £88k) with total sales of £1.1m (2020: £821k).

Reason for the listing

OptiBiotix believes that the best way to exploit the multiple opportunities
offered by the microbiome is to structure the business across prebiotic and
probiotic technology platforms as wholly owned subsidiaries, each containing
its own technology, IP portfolio and partner agreements, with potential for a
separate exit. OptiBiotix's Probiotic subsidiary containing its cholesterol
and blood pressure reducing strain LP(LDL)(®) has made strong scientific and
commercial progress. The business uses its high throughput OptiScreen®
technology for the identification of probiotics with specific health benefits
as supplements or therapeutic products creating the potential for a pipeline
of future products.

Whilst this strategy creates multiple opportunities it can lead to group
funding being shared across a number of platforms which may limit the
opportunities which could be better exploited if separately funded.

The Company believes that ProBiotix has established a strong position with its
products nominated for multiple awards, excellent results from clinical
studies, five-star customer reviews and growing sales delivering early profit.
The Board believe the scale of the opportunities offered by its LPLDL are
beyond those currently being exploited and may be best realised by a separate
listing and fundraise.

The planned Admission of ProBiotix Health allows the business to extend
territories, grow direct to consumer product sales, expand into the dairy
market, and further explore the potential of LPLDL as a live biotherapeutic or
OTC product with consumer health pharma companies. These developments have the
potential for substantial future value enhancement.

Fundraise and listing

As part of the Proposed Admission, ProBiotix Health is seeking to raise
approximately £2.5m through a placing and subscription at an indicative
premoney valuation of £22.5m. Peterhouse Capital Limited ("Peterhouse") is
acting as AQSE Corporate Adviser and broker to ProBiotix Health.

ProBiotix Health has received advanced assurance from HMRC that the shares to
be issued pursuant to the Fundraise will rank as "eligible shares" for the
purposes of the Enterprise Investment Scheme.

In order to provide OptiBiotix shareholders with the opportunity to invest
directly in ProBiotix Health, the Company has agreed with Peterhouse that
applications may be made on behalf of existing OptiBiotix shareholders to
acquire Shares in ProBiotix Health by subscription ("Subscription").

Peterhouse cannot take direct orders from individual private investors.
Accordingly, independent financial advisers, stockbrokers, or other firms
authorised by the Financial Conduct Authority, should communicate their
clients' interest in the Subscription by contacting Peterhouse on 020 7220
9797 or 020 7469 0936. Each application should state the number of Shares that
the interested party wishes to acquire and should be submitted to
Peterhouse no later than 4.30 pm on 23 March 2022.

As far as is practical, participation in the Subscription will be prioritised
for shareholders in OptiBiotix. Peterhouse may choose not to accept
applications and/or to accept applications, either in whole or in part, on the
basis of allocations determined at their sole discretion (after consultation
with the Company) and may scale down any applications for this purpose on such
basis as Peterhouse may determine.

Distribution

In connection with the Fundraise and Proposed Admission, the Company is
proposing to declare a 'dividend in specie' of ordinary shares of ProBiotix
Health ("Dividend Shares") to shareholders who are on the Company's register
of members at the close of business on Friday 25 March 2022 ("Record Date"),
such shareholders being referred to as "Qualifying Shareholders". The Dividend
Shares will be allocated on a pro rata basis. The final number of Dividend
Shares to be distributed will be determined by the amount of funds raised
through the placing and subscription and the need for OptiBiotix's
shareholding in ProBiotix Health to be reduced below 50% to meet the HMRC EIS
requirements.

The Dividend Shares are expected to represent between 35% and 37% of the
issued share capital of ProBiotix Health admitted to trading on the AQSE
Growth market. Following the Distribution, the Company will hold between
46-48%, with the remaining 13- 18% held by new shareholders.

The legal title to the Dividend Shares will be held by Global Prime Partners
Ltd acting as nominee on behalf of each of the Qualifying Shareholders
("Nominee") and an 'omnibus' share certificate in respect of the Dividend
Shares will be issued and held by the Nominee. The Nominee will hold the
Dividend Shares on trust for each of the Qualifying Shareholders for a minimum
period of 9 months following admission to trading on AQSE of the issued share
capital of ProBiotix Health ("Lock-up Period"). The Lock-up Period is intended
to contribute to the creation of an orderly market in ProBiotix Health's
shares for a period after admission to trading.

The legal title to the Dividend Shares will be held by the Nominee under a
declaration of trust on terms that, in relation to any shareholder resolution
of ProBiotix Health, the Nominee will request that ProBiotix Health's
registrar seeks the voting instructions of each Qualifying Shareholder in
relation to the Dividend Shares it is holding on that Qualifying Shareholder's
behalf. The Nominee will vote those Dividend Shares in accordance with such
instructions as it receives. At the end of the Lock-up Period, the Nominee
will be entitled to execute stock transfer forms to transfer the legal title
to the Dividend Shares to each Qualifying Shareholder (as appropriate).

Qualifying Shareholders will receive a letter informing them of their
beneficial holdings of Dividend Shares shortly after the transfer of the
Dividend Shares to the Nominee.

Following the Lock-up Period, and upon transfer of the legal title in the
Dividend Shares by the Nominee, Qualifying Shareholders will receive
individual share certificates in respect of their Dividend Shares. The
Company's articles of association permit such a Distribution without specific
consent of the Company's shareholders.

CREST shareholders should note that pursuant to the Dividend the ProBiotix
shares will be transferred to the Nominee to be held on trust for the benefit
of the OptiBiotix shareholders.

CREST will not therefore be raising market claims in respect of the
entitlements to ProBiotix shares and as a result this event will deviate from
the normal dividend in specie procedures.  Any market claims will therefore
need to be agreed bi-laterally between affected participants following the
transfer of the ProBiotix shares from the Nominee to the entitled OptiBiotix
shareholders in January 2023.

The anticipated timetable is:

 OptiBiotix announces ProBiotix Health (PBX) IPO and intended dividend in  Thursday 17 March 2022
 specie
 Ex-dividend date for the distribution in specie                           Thursday 24 March 2022
 Record date for the distribution in specie                                Friday 25 March 2022
 PBX shares admitted to AQSE                                               Friday 31 March 2022

 PBX Shares allotted to Nominee

Each of the dates set out above may be subject to change at the absolute
discretion of the Company.

Stephen O'Hara, CEO of OptiBiotix, commented: "OptiBiotix has followed a
strategy of developing multiple technology platforms in the microbiome space
which can be developed as separate legal entities with the potential for exit
by trade sale or IPO. OptiBiotix shareholders benefit by having a position in
multiple companies, and with it the prospect of multiple returns, as a mix of
dividends and asset value enhancement using non-dilutive funding.

"ProBiotix has now reached a stage of scientific and commercial maturity with
strong IP, growing sales, and a profitable business. It now wants to
accelerate commercial progress by securing funding to extend territories, grow
direct to consumer product sales, and expand into key markets like dairy and
pharma. The planned Admission to AQSE and fundraise creates the opportunity
for ProBiotix to focus its activities on driving the development and
commercialisation of LP-LDL® into key markets, like dairy and pharma, and
create the potential for substantial future value enhancement."

This announcement contains inside information for the purposes of the UK
Market Abuse Regulation and the Directors of the Company are responsible for
the release of this announcement.

For further information, please contact:

 OptiBiotix Health plc                                     www.optibiotix.com (http://www.optibiotix.com/)
 Stephen O'Hara, Chief Executive  Contact via Walbrook below

 Cairn Financial Advisers LLP (NOMAD)                      Tel: 020 7213 0880
 Liam Murray / Jo Turner / Ludovico Lazzaretti

 Cenkos Securities plc (Broker)                            Tel: 020 7397 8900
 Callum Davidson / Neil McDonald
 Michael Johnson / Russell Kerr (Sales)

 Walbrook PR Ltd                                           Mob: 07876 741 001
 Anna Dunphy

 

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