KMK Kromek Group Plc

TIDMKMK

RNS Number : 3817M

Kromek Group PLC

14 September 2023

14 September 2023

Kromek Group plc

("Kromek" or the "Company" or the "Group")

Partial Conversion of Convertible Loan Notes

Kromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has issued and allotted 7,830,628 new ordinary shares in the Company ("Shares") at a conversion price of 5.11 pence per Share in order to settle the exercise of convertible loan notes and repayment of interest to certain convertible loan note holders under an existing GBP 2.84 m convertible loan note agreement, the terms of which were announced on 5 and 23 August 2022 ("Partial Conversion"). The issue price of 5.11 pence per Share represents the volume-weighted average price of the Company's ordinary shares for the ten-day period up to and including 8 September 2023. The Partial Conversion reduces the amount owing on the convertible notes by GBP261,000, with GBP2,579,000 remaining.

Application has been made for the Shares to be admitted to trading on AIM and dealings are expected to commence on or around 8.00 a.m. on 19 September 2023 ("Admission").

The Shares will rank pari passu with the existing shares of the Company. Following Admission, the Company's issued share capital will consist of 600,246,820 ordinary shares, none of which are held in treasury. Accordingly, the figure of 600,246,820 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 Company under the FCA's Disclosure Guidance and Transparency Rules.

For further information, please contact:

 
Kromek Group plc 
Arnab Basu, CEO 
 Paul Farquhar, CFO                            +44 (0)1740 626 060 
 
Cavendish Capital Markets Limited (Nominated 
 Adviser and Broker) 
Geoff Nash/Giles Balleny/Seamus Fricker - 
 Corporate Finance 
 Tim Redfern/Charlotte Sutcliffe - ECM         +44 (0)20 7220 0500 
Michael Johnson/Tamar Cranford-Smith - Sales 
Gracechurch Group (Financial PR) 
Harry Chathli/Claire Norbury/Henry Gamble      +44 (0)20 4582 3500 
 

Kromek Group plc

Kromek Group plc is a leading developer of radiation detection and bio-detection technology solutions for the advanced imaging and CBRN detection segments. Headquartered in County Durham, UK, Kromek has manufacturing operations in the UK and US, delivering on the vision of enhancing the quality of life through innovative detection technology solutions.

The advanced imaging segment comprises the medical (including CT and SPECT), security and industrial markets. Kromek provides its OEM customers with detector components, based on its core cadmium zinc telluride (CZT) platform, to enable better detection of diseases such as cancer and Alzheimer's, contamination in industrial manufacture and explosives in aviation settings.

In CBRN detection, the Group provides nuclear radiation detection solutions to the global homeland defence and security market. Kromek's compact, handheld, high-performance radiation detectors, based on advanced scintillation and solid-state readout technology, are primarily used to protect critical infrastructure, events, personnel and urban environments from the threat of 'dirty bombs'.

The Group is also developing bio-security solutions in the CBRN detection segment. These consist of fully automated and autonomous systems to detect a wide range of airborne pathogens.

Kromek is listed on AIM, a market of the London Stock Exchange, under the trading symbol 'KMK'.

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCLJMBTMTJBTFJ

(END) Dow Jones Newswires

September 14, 2023 02:00 ET (06:00 GMT)

Kromek (LSE:KMK)
Historical Stock Chart
From Apr 2024 to May 2024

Kromek (LSE:KMK)
Historical Stock Chart
From May 2023 to May 2024