Advanced Oncotherapy PLC Completion of the Subscription Agreement (0737F)
February 16 2018 - 1:00AM
UK Regulatory
TIDMAVO
RNS Number : 0737F
Advanced Oncotherapy PLC
16 February 2018
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Completion of the Subscription Agreement
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that in relation to the announcement dated 7 December
2017 and following the passing of the resolution proposed for the
vote of the Company' shareholders on 23 January 2018, the Company
has been informed by Yantai Cipu that the Chinese authorities have
authorised the transfer from China of the GBP13,500,000 payable by
Yantai Cipu for the subscription for 45,000,000 new ordinary shares
of GBP0.25 each to be issued by the Company to Yantai Cipu (the
"Subscription") at GBP0.30 per share (the "Subscription
Price").
As a consequence of the completion of the Subscription by Yantai
Cipu, and as detailed in the circular dated 22 December 2017 (the
"Circular"), the placing of 10,868,782 new ordinary shares with new
and existing investors at the Subscription Price (the "Placing"),
as well as the conversion of the loan made by Swedish Investors by
way of issue of 13,697,697 new ordinary shares (the "Conversion"),
have also been completed.
Application has been made for admission to trading on AIM
("Admission") of the 69,566,479 new ordinary shares deriving from
the Subscription, the Placing and the Conversion and it is expected
that Admission will occur on or around 22 February 2018. Following
Admission, the total number of ordinary shares in issue will be
150,501,673 and Yantai Cipu will hold 29.90% of the enlarged issued
share capital of the Company.
Yantai Cipu has also informed the Company that they are in
advanced negotiation with a major medical equipment and
pharmaceutical distribution company in China for a collaboration to
accelerate and strengthen their market access in the People's
Republic of China, Hong Kong, Macau, Taiwan and South Korea (the
"Territories"). The Company and Yantai Cipu have agreed that it is
in the best interest of the Company and its shareholders to extend
the Long Stop Date for the Distribution Agreement until 31 March
2018 to enable the satisfactory completion of the negotiations with
the new participant. The commitment of Yantai Cipu vis-à-vis the
Distribution Agreement is unchanged, and the receipt of the
GBP16,500,000 payment from Yantai Cipu relating to the commercial
agreement with Yantai Cipu also announced on 7 December 2017 is not
conditional on the completion of negotiations with the distribution
company. The receipt of funds in relation to the commercial
agreement is subject to approval from the Government of the
People's Republic of China for the transfer of monies to the United
Kingdom.
Lancea LLP advised the Company on the Subscription and
Distribution agreements made by Yantai Cipu.
For further information, please contact:
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 / Ed Thomas Tel: +44 20 7601 6100
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's compact configuration
delivers proton beams in a way that facilitates greater precision
and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with an innovative
technology as well as 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
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