Advanced Oncotherapy PLC Issue of warrants and equity and Loan Extension (4092U)
December 02 2021 - 7:28AM
UK Regulatory
TIDMAVO
RNS Number : 4092U
Advanced Oncotherapy PLC
02 December 2021
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Issue of warrants re Loan extension, issue of equity re Advisory
Services Arrangement and Loan Extension
Change to Total Voting Rights
Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the
next-generation proton therapy system for cancer treatment,
announces the issue of 3,750,000 warrants in respect of its GBP10
million secured debt facility (the "Loan") with Credit Suisse AG.
Separately, in exchange for financial advisory services in relation
to the funding of future LIGHT systems (the "Advisory Services
Arrangement"), the Company will issue 477,435 new
ordinary shares of 25 pence in the Company to VanGuard Americas Corp. ("New Ordinary Shares").
Loan Extension and Issue of Warrants
As detailed in the Company's results for the Year Ended 31
December 2020, in May 2021 the Company extended the repayment date
of the full quantum of the Loan on a rolling quarterly basis
through to 11 May 2022. The repayment date of the Loan has now been
extended to 8 November 2022. The Loan is secured against an
aggregated amount of GBP10.5 million. Nerano Pharma Ltd(1) ("Nerano
Pharma") acting as Third Party Pledgor placed GBP10 million in a
pledged account, with the remaining GBP0.5 million placed in a
pledged account by the Company. Full details of the Loan are set
out in the Company's announcement published on 10 May 2019. It has
been agreed that, in relation to the extension of the repayment
date of the Loan from May 2021 to November 2022, warrants to
subscribe for 3,750,000 new ordinary shares will be issued to
Nerano Pharma with an exercise price of 60 pence per share,
exercisable up until 11 November 2024.The extension of the
repayment date of the Loan has allowed the Company to focus its
financial resources on existing projects and towards the
development of its LIGHT system.
Advisory Services Arrangement (Issue of Equity)
The New Ordinary Shares will be issued at a price of 37.7015
pence per share, being the weighted average closing middle market
price of an ordinary share over the preceding five trading
days.
Once issued, the New Ordinary Shares will rank pari passu in all
respects with the existing Ordinary Shares of the Company.
Application will be made for the 477,435 New Ordinary Shares to
be admitted to trading on AIM ("Admission") and it is expected that
Admission will occur on or around 8 December 2021.
Total voting rights
Following Admission, the Company's enlarged issued share capital
will comprise 451,612,211 Ordinary Shares of 25 pence each, with
one voting right per share ("Ordinary Shares"). The Company does
not hold any ordinary shares in treasury and therefore the total
number of Ordinary Shares with voting rights in the Company will be
451,612,211 .
The aforementioned figure may be used by shareholders as the
denominator for the calculations by which they will determine if
they are required to notify their interest in, or a change to their
interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.
(1) Nerano Pharma Ltd is a company owned and controlled by
Seamus Mulligan, a significant shareholder in the Company.
Notes for editors
Advanced Oncotherapy plc www.avoplc.com
Dr Michael Sinclair, Executive Chairman Tel: +44 (0) 20 3617 8728
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad and Joint Broker) Tel: +44 (0) 20 3328 5656
Nick Athanas / Liz Kirchner (Corporate Finance)
Amrit Nahal / Matt Butlin (Sales and Corporate Broking)
SI Capital Ltd (Joint Broker)
Nick Emerson Tel: +44 (0) 1483 413 500
Jon Levinson Tel: +44 (0) 20 3871 4066
FTI Consulting (Financial PR & IR) advancedoncotherapy@fticonsulting.com
Simon Conway / Rob Winder Tel: +44 (0) 20 3727 1000
About Advanced Oncotherapy Plc
Advanced Oncotherapy, a UK headquartered company with offices in
London, Geneva, The Netherlands and in the USA, 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 innovative
technology as well as expected 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.
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