Advanced Oncotherapy PLC Financing facility by significant shareholders (4877L)
July 19 2017 - 4:16AM
UK Regulatory
TIDMAVO
RNS Number : 4877L
Advanced Oncotherapy PLC
19 July 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Financing Facility provided by significant shareholders
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that a consortium formed by AB Segulah and other
investors (together "Segulah") has made available a GBP3.9m loan to
the Company. The loan will have a two year maturity and a 12% per
annum rolled up interest rate. The Segulah group includes AB
Segulah, a significant shareholder of the Company, and a group of
Swedish investors, including AFMS Radgivning Och Invest AB, Peter
Gyllenhammar AB, Mijesi AB and Emendum AB. Segulah will be issued
15.6 million warrants with a strike price of 25p exercisable at any
time over the next five years. Part or all of the loan can be
redeemed at any time by the Company at 105% of par value. If an
equity financing is carried out by the Company at or above 25p
before the end of 2017 the loan can be converted into equity at 25p
per share.
Agreement with Bracknor
Bracknor has agreed to waive the requirement for the Company to
drawdown the minimum of 10 tranches. The Segulah loan, which is
equivalent to three tranches, will entitle Bracknor to receive
commitment fees on this amount only at a reduced rate of 2.5%. No
further fees are owed to Bracknor.
The Company does not intend to use the Bracknor facility in the
future. As part of these arrangements the Company will issue 7
million warrants to Bracknor. These warrants are exercisable at 25p
and may be exercised at any time over the next five years.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy,
said: "The Bracknor financing has been valuable to the Company. I
would like to thank them for their flexibility in renegotiating its
terms. I am particularly pleased to welcome the support shown by
our highly valued Swedish investors and in particular the role that
Segulah has played in arranging this new facility. Segulah was our
first institutional investor and has participated in every
financing since that date. The Company has benefitted not only from
their financial support but also from advice grounded in their
extensive international Med-Tech expertise."
Advanced Oncotherapy Plc www.avoplc.com
Dr. Michael Sinclair, Tel: +44 20 3617 8728
Executive Chairman
Nicolas Serandour, CEO
Stockdale Securities (Nomad
& Joint Broker)
Antonio Bossi / David Tel: +44 20 7601 6100
Coaten
Stifel Nicolaus Europe
(Joint Broker)
Jonathan Senior / Ben Tel: +44 20 7710 7600
Maddison
Walbrook PR (Financial Tel: +44 20 7933 8780 or
PR & IR) avo@walbrookpr.com
Paul McManus / Anna Dunphy Mob: +44 7980 541 893 /
Mob: +44 7876 741 001
About Advanced Oncotherapy plc www.avoplc.com
Advanced Oncotherapy is a provider of particle therapy with
protons that harnesses the best in modern technology. Advanced
Oncotherapy's team "ADAM", based in Geneva, focuses on the
development of a proprietary proton accelerator called Linac Image
Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the
energy levels achieved in legacy machines but in a unit that is a
quarter of the size and between a quarter and a fifth of the cost.
This compact configuration delivers proton beams in a way that
facilitates greater precision and electronic control which is not
achievable with older technologies.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with an innovative
technology as well as better health outcomes and lower treatment
related side effects.
Advanced Oncotherapy continually monitors the market for any
emerging improvements in delivering proton therapy and actively
seeks working relationships with providers of these innovative
technologies. Through these relationships, the Company will remain
the prime provider of an innovative and cost-effective system for
particle therapy with protons.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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