Advanced Oncotherapy PLC Update on financing (7504P)
May 31 2018 - 1:00AM
UK Regulatory
TIDMAVO
RNS Number : 7504P
Advanced Oncotherapy PLC
31 May 2018
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Update on Financing
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment,
announces that the Company has received GBP10 million from Yantai
Cipu, through its affiliated entity Liquid Harmony, in relation to
the balance of payments due under the Distribution Agreement
announced on 7 December 2017. This completes the GBP30 million
investment from Yantai Cipu.
In addition, the Company announces that further to previous
announcements regarding the Bracknor funding facility, all
outstanding Convertible Loan Notes ("CLN") owned by Bracknor are
being converted into new ordinary shares of 25p issued ("Ordinary
Shares") at a price of 46p. As part of this transaction, 5,127,560
Ordinary Shares are being issued as a result of the conversion and
the satisfaction of the payment of conversion fee and commitment
fees (the "Conversion"). The new Ordinary Shares will be
immediately transferred to a third party investor called M3T PTE
Ltd. M3T PTE Ltd is a Special Purpose Vehicle created by a
Singaporean Family Office to hold these Ordinary Shares. As a
result, Bracknor no longer holds CLN relating to the Company.
Application will be made for admission to trading on AIM
("Admission") of the 5,127,560 new Ordinary Shares deriving from
the Conversion and it is expected that Admission will occur on or
around 5 June 2018.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 155,629,233 Ordinary Shares, with voting rights. The
Company does not hold any Ordinary Shares in treasury. Therefore,
the total number of Ordinary Shares in the Company with voting
rights will be 155,629,233. This figure 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 in their interest in, the share capital of the
Company under the FCA's Disclosure Guidance and Transparency
Rules.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy,
said: "Today's announcement is a further important step forward in
strengthening our balance sheet position. With the completion of
our financing arrangement with Yantai Cipu and the placing of the
remaining shares due to Bracknor in the hand of a long-term
shareholder, we are progressing steadily with our plans of setting
our business onto a sustainable path for profitable growth. I want
to thank Bracknor for their support since last summer and welcome
M3T PTE Ltd as a new shareholder of the Company."
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 Tel: +44 20 7710 7600
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 news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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