17 May 2019

Proton Partners International Limited

Issue of Equity

Proton Partners International Limited (the "Company", "Proton" or "Group") has issued a notice under the Woodford Commitment, referred to in the Company's NEX Exchange Growth Market ("NEX") admission document, under which it has subscribed for 5,681,818 Proton ordinary shares of £0.001 each ("Ordinary Shares") at the maximum possible price under that agreement of £1.76 per Ordinary Share, in order to raise £10 million. The funds will be used to provide additional working capital for the Group.

Settlement and Dealings

Application has been made for the admission to trading on NEX of the 5,681,818 Ordinary Shares with admission expected to take place on 20 May 2019 ("Admission"). Following Admission, the Company will have 158,383,715 Ordinary Shares in issue. The total number of voting rights will differ from this number as described below.

Holdings in the Company

Following the issue of the new Ordinary Shares, the Concert Party, as defined in the Company's NEX admission document, will have the following holdings.


Number of Ordinary Shares

Percentage of issued Ordinary Shares

Adjusted percentage of total voting rights

LF Woodford Equity Income Fund 31,663,913 19.99% 19.50%
Woodford Patient Capital Trust plc 37,931,818 23.95% 24.10%
Ominis Income & Growth Fund 2,129,565 1.34% 1.35%
Wales Life Sciences Investment Fund 10,000,000 6.31% 6.35%
TOTAL 81,725,296 51.60% 51.30%

As LF Woodford Equity Income Fund is limited to 19.50 per cent. of the Company's voting rights, the voting rights of all other shareholders have been adjusted accordingly.

As stated in the Company's NEX admission document, the Concert Party can increase its holding through the acquisition of Ordinary Shares pursuant to the Woodford Commitment through a Rule 9 threshold without the requirement to make a mandatory offer pursuant to Rule 9 of the Takeover Code on the basis that the consequences of such increases have been disclosed in the NEX admission document.

Total Voting Rights

For the purposes of the Financial Conduct Authority's Disclosure Guidance and Transparency Rules ("DTRs"), following Admission, Proton will have 157,415,903 Ordinary Shares in issue with voting rights attached. Proton holds no shares in treasury. This figure of 157,415,903 may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the DTRs.

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

The directors of Proton Partners International Limited accept responsibility for this announcement.