Issue of Equity

Pensana Plc has agreed with long-term major shareholder M&G Investment Management to place 6,250,000 new ordinary shares at £0.80 each, raising £5.0m, following the US$100m strategic investor announcement on 9 December 2025. The new shares, which rank pari passu with existing stock, are expected to be admitted to trading on the LSE main market on or about 19 December 2025 and increase the company's issued share capital to 314,966,435 (the total voting rights). The placement delivers immediate capital support from an existing strategic investor and has been disclosed as inside information under market abuse regulations.

Analysis

Pensana Plc (LSE: PRE) has agreed a subscription with long-term major shareholder M&G Investment Management for the placing of 6,250,000 new ordinary shares at £0.80 each, raising £5.0m, following the US$100m Strategic Investor announcement dated 9 December 2025. Admission of the new shares, which rank pari passu with existing stock, is expected on or about 08:00 on 19 December 2025 and the company has notified that this constitutes inside information under the Market Abuse Regulations.

Following the issue, Pensana’s issued share capital will be 314,966,435 ordinary shares and the same figure will serve as the total voting rights denominator for regulatory disclosure thresholds. The participation of M&G, identified as a long-term major shareholder, signals continued shareholder support but the placement is modest relative to the previously announced US$100m strategic investor commitment.

The £5.0m proceeds provide immediate incremental capital but are dilutive to existing holders and could compress per-share metrics until deployed; the announcement does not specify use of proceeds. Market signals classify the news as mildly positive and stable, so near-term price reaction may be limited; investors should watch admission, disclosure of proceeds usage, and any further capital-raising activity.

Key Decisions for Investors

• Recalculate ownership percentages and per-share metrics using the updated total share count of 314,966,435 to quantify dilution impact
• Monitor LSE admission on or about 19 December 2025 and short-term price reaction given the mildly positive market sentiment
• Treat M&G’s participation as a governance/credit signal but await explicit disclosure of how the £5.0m will be deployed before increasing exposure
• Consider hedging or deferring material position increases until the company provides use-of-proceeds details or clarity on any additional fundraising plans