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AVO Advanced Oncotherapy Plc

1.925
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Advanced Oncotherapy Plc LSE:AVO London Ordinary Share GB00BD6SX109 ORD 25P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 1.925 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Medical Laboratories 0 -29.49M -0.0549 -0.35 10.32M

Advanced Oncotherapy PLC Financing facility by significant shareholders (4877L)

19/07/2017 10:16am

UK Regulatory


Advanced Oncotherapy (LSE:AVO)
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TIDMAVO

RNS Number : 4877L

Advanced Oncotherapy PLC

19 July 2017

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Financing Facility provided by significant shareholders

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that a consortium formed by AB Segulah and other investors (together "Segulah") has made available a GBP3.9m loan to the Company. The loan will have a two year maturity and a 12% per annum rolled up interest rate. The Segulah group includes AB Segulah, a significant shareholder of the Company, and a group of Swedish investors, including AFMS Radgivning Och Invest AB, Peter Gyllenhammar AB, Mijesi AB and Emendum AB. Segulah will be issued 15.6 million warrants with a strike price of 25p exercisable at any time over the next five years. Part or all of the loan can be redeemed at any time by the Company at 105% of par value. If an equity financing is carried out by the Company at or above 25p before the end of 2017 the loan can be converted into equity at 25p per share.

Agreement with Bracknor

Bracknor has agreed to waive the requirement for the Company to drawdown the minimum of 10 tranches. The Segulah loan, which is equivalent to three tranches, will entitle Bracknor to receive commitment fees on this amount only at a reduced rate of 2.5%. No further fees are owed to Bracknor.

The Company does not intend to use the Bracknor facility in the future. As part of these arrangements the Company will issue 7 million warrants to Bracknor. These warrants are exercisable at 25p and may be exercised at any time over the next five years.

Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy, said: "The Bracknor financing has been valuable to the Company. I would like to thank them for their flexibility in renegotiating its terms. I am particularly pleased to welcome the support shown by our highly valued Swedish investors and in particular the role that Segulah has played in arranging this new facility. Segulah was our first institutional investor and has participated in every financing since that date. The Company has benefitted not only from their financial support but also from advice grounded in their extensive international Med-Tech expertise."

 
  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 / David            Tel: +44 20 7601 6100 
   Coaten 
 
  Stifel Nicolaus Europe 
   (Joint Broker) 
  Jonathan Senior / Ben            Tel: +44 20 7710 7600 
   Maddison 
 
  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 accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and 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 company news service from the London Stock Exchange

END

MSCGCGDRSBBBGRC

(END) Dow Jones Newswires

July 19, 2017 05:16 ET (09:16 GMT)

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