Byotrol PLC Result of Proposed Fundraising (0463N)
August 03 2017 - 7:00AM
UK Regulatory
TIDMBYOT
RNS Number : 0463N
Byotrol PLC
03 August 2017
THIS ANNOUNCEMENT (INCLUDING THE APPENDIX) AND THE INFORMATION
CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR RELEASE, PUBLICATION
OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN,
INTO OR FROM THE UNITED STATES, AUSTRALIA, CANADA, JAPAN, THE
REPUBLIC OF SOUTH AFRICA, THE REPUBLIC OF IRELAND OR ANY OTHER
JURISDICTION IN WHICH SUCH RELEASE, PUBLICATION OR DISTRIBUTION
WOULD BE UNLAWFUL ("RESTRICTED JURISDICTION"). THIS ANNOUNCEMENT IS
NOT AN OFFER OF SECURITIES FOR SALE IN THE UNITED STATES. THE
SECURITIES DISCUSSED HEREIN HAVE NOT BEEN AND WILL NOT BE
REGISTERED UNDER THE US SECURITIES ACT OF 1933, AS AMENDED (THE "US
SECURITIES ACT") AND MAY NOT BE OFFERED OR SOLD IN THE UNITED
STATES ABSENT REGISTRATION OR AN EXEMPTION FROM REGISTRATION UNDER
THE US SECURITIES ACT. NO PUBLIC OFFERING OF THE SECURITIES
DISCUSSED HEREIN IS BEING MADE IN THE UNITED STATES AND THE
INFORMATION CONTAINED HEREIN DOES NOT CONSTITUTE AN OFFERING OF
SECURITIES FOR SALE IN THE UNITED STATES, AUSTRALIA, CANADA, JAPAN,
SINGAPORE OR THE REPUBLIC OF SOUTH AFRICA.
FURTHER, THIS ANNOUNCEMENT IS MADE FOR INFORMATION PURPOSES ONLY
AND DOES NOT CONSTITUTE AN OFFER TO SELL OR ISSUE OR SOLICITATION
TO BUY, SUBSCRIBE FOR OR OTHERWISE ACQUIRE SHARES IN BYOTROL PLC IN
ANY JURISDICTION IN WHICH ANY SUCH OFFER OR SOLICITATION WOULD BE
UNLAWFUL.
3 August 2017
Byotrol plc
Confirmation of oversubscribed GBP4.3 million fundraise subject
to shareholder approval
Byotrol plc, the specialist anti-microbial technology company,
is pleased to announce that, following the announcement of earlier
today, the Company has raised a total of GBP4.3 million (before
expenses) with new and existing investors of 103,787,000 Placing
Shares and 3,000,000 Subscription Shares at a price of 4 pence per
share.
John Langlands, Chairman of Byotrol, has agreed to subscribe for
2,500,000 Subscription Shares as part of the Subscription. Mr.
Langlands is a related party of the Company for the purposes of the
AIM Rules by virtue of his status as a Director of the Company. The
independent directors for this purpose (being all Directors except
for Mr. Langlands), consider, having consulted with the Company's
nominated adviser, finnCap, that the terms of the Subscription in
regards to Mr. Langlands is fair and reasonable insofar as the
Company's Shareholders are concerned.
Pursuant to a Convertible Loan Note Instrument, the Company
issued GBP380,000 loan notes to a number of Directors, former
directors and certain other investors in 2013. It has now been
resolved to redeem all of the Convertible Loan Notes and has today
issued notices specifying a date of redemption of 1 September 2017.
Holders of Convertible Loan Notes may elect to convert their
Convertible Loan Notes into shares at a conversion price of 3.7p
per new Ordinary Share at any time up to 25 August 2017. Trevor
Francis and Till Medinger, each currently holding GBP40,000 of
Convertible Loan Notes, have indicated they will convert their
Convertible Loan Notes into Ordinary Shares. The Convertible Loan
Notes have a coupon on 10 per cent.
The Fundraising is subject to the passing of the Resolutions at
the General Meeting. Shareholder approval in respect of the
Fundraising will be sought at the General Meeting which is being
convened for 11 a.m. on 4 September 2017 at the offices of finnCap
Ltd at 60 New Broad Street, London EC2M 1JJ. Provided that the
Resolutions are passed and the Fundraising has otherwise become
unconditional, completion of the Fundraising is expected to take
place on 5 September 2017.
A Circular and a Notice of General Meeting will be posted to
Shareholders shortly and will be available shortly on Byotrol's
website, www.byotrol.co.uk
Capitalised terms not otherwise defined in this announcement
shall have the same meaning ascribed to such terms in the
announcement released earlier today unless the context requires
otherwise.
David Traynor, CEO of Byotrol, commented:
"We are delighted to have received such strong support from both
existing and several significant new shareholders for this
oversubscribed fundraising. The funding will allow the Board to
capitalise on the substantial opportunities identified through our
three core technologies. We will use these funds to fully resource
an effective sales and marketing team in order to accelerate the
Company's growth."
Contacts:
Byotrol plc 01925 742 000
David Traynor - Chief Executive
finnCap Ltd 020 7220 0500
(Nominated Adviser & Broker)
Geoff Nash/Carl Holmes/James Thompson - Corporate Finance
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 ("MAR").
This information is provided by RNS
The company news service from the London Stock Exchange
END
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