TIDMAVO
RNS Number : 1295D
Advanced Oncotherapy PLC
26 October 2020
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014 ("MAR"). With the
publication of this announcement via a Regulatory Information
Service, this inside information is now considered to be in the
public domain.
26 October 2020
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Equity fundraise of c.GBP7.7m
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment, is
pleased to announce an equity fundraise of GBP7,720,500 before
expenses. The fundraise has been effected through a direct
subscription with the Company (the "Subscription") for a total of
25,735,000 new ordinary shares (the "Subscription Shares") by
certain clients of SI Capital and other investors at a price of 30
pence per ordinary share (the "Issue Price").
The funds raised from the Subscription will further strengthen
the Company's balance sheet and contribute to the funding for
progressing the assembly, documentation, verification and
validation activities in order to ensure Advanced Oncotherapy's
first LIGHT system is fully operational with a 230MeV beam in
2021.
The Issue Price represents a discount of 13 per cent. to the
average closing middle market price of an Ordinary Share over the
past 30-day period. The Subscription Shares will represent, in
aggregate, approximately 7.7 per cent. of the Company's enlarged
issued share capital on Admission (as defined below). The
Subscription Shares will be fully paid and rank pari passu in all
respects with the Company's existing Ordinary Shares.
In addition to the Subscription Shares, the Company has agreed
to issue a total of 1,000,000 new ordinary shares at the Issue
Price (the "Director Fee Shares") to certain of the Company's
Non-Executive Directors in lieu of additional fees to be paid
reflecting additional work that has been undertaken by these
directors since they respectively joined the Board of Advanced
Oncotherapy. This includes additional responsibilities undertaken
by each director on the respective board committees.
The issue of Director Fee Shares is set out in the table
below:
Director Director Fee Number of Ordinary % of enlarged
Shares Shares held issued share
on Admission capital on Admission
Enrico Vanni
(Non-Executive Director) 250,000 2,796,361 0.8%
------------- ------------------- ----------------------
Michael Bradfield
(Non-Executive Director) 250,000 7,443,240 2.2%
------------- ------------------- ----------------------
Nick Plowman
(Non-Executive Director) 250,000 4,412,804 1.3%
------------- ------------------- ----------------------
Hans Von Celsing
(Non-Executive Director) 250,000 512,500 0.2%
------------- ------------------- ----------------------
In addition, a total of 333,333 new ordinary shares (the
"Adviser Fee Shares") will be issued as non-cash consideration at
the Issue Price in lieu of fees due to certain financial advisers
in connection with the Subscription.
The Subscription Shares, the Director Fee Shares and Adviser Fee
Shares are being issued under the Company's existing share
authorities.
Application will be made for the Subscription Shares, the
Director Fee Shares and the Adviser Fee Shares to be admitted to
trading on AIM and it is expected that admission will take place on
or around 30 October 2020 ("Admission").
Upon Admission, the Company's enlarged issued share capital will
comprise 333,439,574 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 333,439,574. The aforementioned 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.
Nicolas Serandour, CEO of Advanced Oncotherapy, commented:
"We are pleased to announce this additional fundraising, which
brings the total we have raised this year to GBP22.6 million, and
we thank our new and existing shareholders for their support of the
company. As we highlighted at our recent investor day, despite the
delays caused by the Covid-19 pandemic we have made strong progress
with construction in Daresbury and remain on track to have a fully
operational LIGHT system with a 230MeV beam, which is required to
treat patients, in 2021."
Market Abuse Regulation (MAR)
MAR came into effect from 3 July 2016. Market soundings, as
defined in MAR, were taken in respect of the Subscription with the
result that certain persons became aware of inside information, as
permitted by MAR. That inside information is set out in this
announcement has been disclosed as soon as possible in accordance
with paragraph 7 of article 17 of MAR. Therefore, those persons
that received inside information in a market sounding are no longer
in possession of inside information relating to the Company and its
securities.
Further details and the information required in accordance with
the requirements of Article 19(3) of the EU Market Abuse Regulation
No 596/2014 are set out at the end of this announcement.
-S -
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)
Nick Athanas / Liz Kirchner (Corporate Finance) Tel: +44 (0) 20 3328 5656
Amrit Nahal / Matt Butlin (Sales & 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
Notes for Editors
About Advanced Oncotherapy Plc www.avoplc.com
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.
Information to Distributors
Solely for the purposes of the product governance requirements
contained within: (a) EU Directive 2014/65/EU on markets in
financial instruments, as amended ("MiFID II"); (b) Articles 9 and
10 of Commission Delegated Directive (EU) 2017/593 supplementing
MiFID II; and (c) local implementing measures (together, the
"Product Governance Requirements"), and disclaiming all and any
liability, whether arising in tort, contract or otherwise, which
any "manufacturer" (for the purposes of the Product Governance
Requirements) may otherwise have with respect thereto, the
Subscription Shares have been subject to a product approval
process, which has determined that the Subscription Shares are: (i)
compatible with an end target market of retail investors and
investors who meet the criteria of professional clients and
eligible counterparties, each as defined in MiFID II; and (ii)
eligible for distribution through all distribution channels as are
permitted by MiFID II (the "Target Market Assessment").
Notwithstanding the Target Market Assessment, investors should note
that: the price of the Subscription Shares may decline and
investors could lose all or part of their investment; Subscription
Shares offer no guaranteed income and no capital protection; and an
investment in the Subscription Shares is compatible only with
investors who do not need a guaranteed income or capital
protection, who (either alone or in conjunction with an appropriate
financial or other adviser) are capable of evaluating the merits
and risks of such an investment and who have sufficient resources
to be able to bear any losses that may result therefrom. The Target
Market Assessment is without prejudice to the requirements of any
contractual, legal or regulatory selling restrictions in relation
to the Subscription. Furthermore, it is noted that, notwithstanding
the Target Market Assessment, only investors who have met the
criteria of professional clients and eligible counterparties have
been procured. For the avoidance of doubt, the Target Market
Assessment does not constitute: (a) an assessment of suitability or
appropriateness for the purposes of MiFID II; or (b) a
recommendation to any investor or group of investors to invest in,
or purchase, or take any other action whatsoever with respect to
the Subscription
Shares.
1 Details of the person discharging managerial responsibilities
a) Name PDMRs: Michael Bradfield Non-Executive Director
Enrico Vanni Non-Executive Director
-----------------------
Nick Plowman Non-Executive Director
-----------------------
Hans Von Celsing Non-Executive Director
-----------------------
----------------------------- --------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------
a) Position/status See 1a) above
----------------------------- --------------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------------------
a) Name Advanced Oncotherapy plc
----------------------------- --------------------------------------------------
b) LEI 213800LUDHZOG3YT6C82
----------------------------- --------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
---------------------------------------------------------------------------------
a) Description of the financial Ordinary shares of 25p each in
instrument, type of Advanced Oncotherapy plc
instrument Identification code (ISIN) for
Identification code Advanced Oncotherapy plc ordinary
shares: GB00BD6SX109
----------------------------- --------------------------------------------------
b) Nature of the transaction Issue of ordinary shares in consideration
of payment of fees
----------------------------- --------------------------------------------------
c) Price(s) and volume(s) Price: 30p
Volumes:
Michael Bradfield 250,000
Enrico Vanni 250,000
--------
Nick Plowman 250,000
--------
Hans Von Celsing 250,000
--------
----------------------------- --------------------------------------------------
d) Aggregated information n/a
- Aggregated volume
- Price
----------------------------- --------------------------------------------------
e) Date of the transaction 26 October 2020
----------------------------- --------------------------------------------------
f) Place of the transaction Outside a Trading Venue
----------------------------- --------------------------------------------------
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