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Feedback plc: Placing to raise £5.05 million, Open Offer to raise up to £0.54 million and Notice of General Meeting

Feedback plc: Placing to raise £5.05 million, Open Offer to raise up to £0.54 million and Notice of General Meeting

London, 15 June 2020: Feedback plc (AIM: FDBK, "Feedback" or the "Company"), the specialist medical imaging technology company, announces that, it has conditionally raised £5.05 million, through the issue of 505,000,000 new ordinary shares of 0.25 pence each in the Company (the “Placing Shares”) at a price of 1 penny per share (“Issue Price”), the (“Placing”).

In addition to the Placing, the Company intends to provide all qualifying shareholders with the opportunity to subscribe for an aggregate of up to 53,994,991 new ordinary shares (the "Open Offer Shares") at the Issue Price, to raise up to approximately £0.54 million (before expenses), on the basis of 1 New Ordinary Share for every 10 Existing Ordinary Shares held on the Record Date (the "Open Offer" together with the Placing, the "Fundraising"). Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility, as detailed below. The Fundraising is conditional on shareholder approval at a general meeting of the Company (the “General Meeting”), further details of which are set out below.

Fundraising highlights

  • The Company today confirms it has conditionally raised £5.05 million (before expenses) through a conditional placing of 505,000,000 New Ordinary Shares at a price of 1 penny per share. An additional 53,994,991 New Ordinary Shares have been made available for subscription by qualifying shareholders, to raise a maximum of approximately £540,000, also at 1 penny per share.
  • An Open Offer to Qualifying Shareholders on the basis of 1 New Ordinary Share for every 10 Existing Ordinary Shares held on the Record Date.
  • Proceeds of the Placing and the Open Offer will be used to develop the Company’s flagship product, Bleepa®, an innovative app based on Feedback's Cadran technology, which allows medical staff to securely view and discuss high quality medical grade images on mobile devices. Funds will be applied to:
    • Direct sales – engaging and converting NHS trusts to paying customers of Bleepa®
    • Indirect sales - develop growth opportunities and ‘go to market’ strategies with key strategic partners
  • Product development - extend and develop the functionality of Bleepa®, including for non-healthcare applications
  • Territory expansion - to explore opportunities for international expansion, via direct and indirect sales
  • The Issue Price represents a discount of approximately 9.1 per cent. to the closing mid-market share price of an Existing Ordinary Share on 12 June 2020, the Business Day prior to this announcement.
  • The Fundraising is subject to shareholder approval at the General Meeting on 1 July 2020. If approved, the Placing Shares and Open Offer Shares are expected to be admitted to trading on AIM on 3 July 2020.
  • Stanford Capital Partners Limited acted as sole Bookrunner in respect of the Placing. Neither the Placing nor the Open Offer has been underwritten.
  • The Directors believe that the Placing Shares and the Open Offer Shares will rank as ‘eligible shares’ for the purposes of EIS and will be capable of being a ‘qualifying holding’ for the purposes of investment by VCTs.

Tom Oakley, Chief Executive Officer of Feedback, commented:

“At this key moment for our company we are delighted to have generated the support of some of London’s leading institutional investors for our vision of Bleepa®. Feedback is now a very different company to the one I joined just over a year ago; we now have a singular focus to deliver an exciting clinical product which leverages the best of our longstanding imaging heritage, repurposed to meet the future challenges of the clinical frontline.

We have taken Bleepa® from concept to fully certified medical device in less than a year and gained traction with two NHS sites. This is a remarkable achievement, but it is only the beginning. Having established Bleepa® we now have ambitious plans to scale Bleepa® and get it out to clinicians across the UK and internationally. This funding will enable us to take Bleepa® forward at the pace required and we are excited to get started.

This funding marks a new start for Feedback, as we pivot away from our heritage product lines towards Bleepa®, and at this time the Company wants to ensure that we reach out to our many loyal, longstanding shareholders, who have supported the Company throughout our journey so far. It is our desire to ensure that all shareholders have the opportunity to participate in this fundraise and buy in afresh to the Company’s new vision. The Board has sought to  recognise the extraordinary support and longstanding commitment of our shareholders through provision of an open offer.

Although this is a large raise relative to our current market capitalisation, the Board has worked closely with its broker, Stanford Capital, to minimise dilution for shareholders. A fundraise of this level is both essential to allow us to grow at the pace required but is also a validation and endorsement of the vision and opportunity before us. With the support of the City and our shareholders we look forward to taking the Company forward into a new phase of opportunity.”

Notice of General Meeting and Shareholder Circular

The Placing and the Open Offer are conditional, inter alia, on the approval by shareholders of resolutions to be proposed at the General Meeting to provide authority to the Directors to allot the New Ordinary Shares otherwise than on a pre-emptive basis.

The General Meeting will be held at the offices of Trowers & Hamlins LLP, 3 Bunhill Row London, EC1Y 8YZ at 10.00 a.m. on 1 July 2020. The Circular containing the Notice of General Meeting will be posted to shareholders later today and will be made available shortly on the Company's website at

In light of the COVID-19 pandemic Shareholders are urged to exercise their votes by submitting their Form of Proxy and appointing the Chairman of the General Meeting as their proxy. Shareholders and their proxies will not be allowed to attend the meeting in person, as to do so would be inconsistent with current government guidelines relating to COVID-19 (as published as at the date of this circular), in particular the advice for people to avoid public gatherings, all non-essential travel and social contact. Any Shareholder seeking to attend the General Meeting in person will be refused entry. The Company is actively following developments and will issue further information through a Regulatory Information Service and/or on its website ( if it becomes necessary or appropriate to make any alternative arrangements for the General Meeting. The General Meeting will be purely functional in format to comply with the relevant legal requirements.

For the full statement, see

About Bleepa®

Bleepa® provides instant and remote access to clinical grade medical images through a zero footprint application.  The majority of patient cases require medical imaging which can be seamlessly shared to the entire clinical team through Bleepa®.  Cases can be discussed through its secure instant messaging and image annotation, allowing comments and treatment decisions to be communicated instantly between team members.  Bleepa® can be accessed from any internet connected device including phones, tablets, laptops and desktops; clinicians can use their own devices and therefore no additional hardware is required.

About Feedback plc -

Feedback plc (AIM: FDBK) is a specialist medical imaging technology company providing innovative software and systems, through its wholly-owned trading subsidiary, Feedback Medical Limited.  Its products advance the work of radiologists, clinicians and medical researchers by improving workflows and giving unique insights into diseases, particularly cancer.

Feedback has launched Bleepa®, a new secure, encrypted medical communication app for clinicians accessible through smartphones, tablets and desktops that facilitates rapid clinical messaging and review of medical grade imaging for all members of a clinical team, directly from a hospital Picture Archiving and Communications System (PACS).  For more information on Bleepa®, see


Issued for and on behalf of Feedback plc by Instinctif Partners.
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Melanie Toyne-SewellManaging Partner