We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Byotrol Plc | LSE:BYOT | London | Ordinary Share | GB00B0999995 | ORDS 0.01P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.10 | 0.05 | 0.15 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Chemicals & Chem Preps, Nec | 4.59M | -1.69M | -0.0037 | -0.27 | 453.89k |
TIDMBYOT
RNS Number : 3652J
Byotrol PLC
09 September 2016
9 September 2016
Byotrol plc
("Byotrol" or the "Company")
Proposed Revision to Loan Notes
Byotrol, the specialist anti-microbial technology company, announces that it has convened a meeting of the holders of the convertible loan notes (the "Loan Notes"), which were issued to certain new and existing investors in the Company, as well as certain Directors of the Company (the "Noteholders"), on 20 December 2013.
The purpose of the meeting, to be held on 30 September 2016, is to agree an amendment to the terms of the Loan Notes. Specifically, it is proposed that the Noteholders agree to rollover the maturity of the Loan Notes, which was originally set at three years, being the 20 December 2016. Ahead of this date, it is proposed that the Loan Notes be extended by a further two years, resulting in total term of the Loan Notes of five years. All other terms remain the same as summarised below.
The Loan Notes are senior in ranking, unsecured and convertible at investors' option into ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 3.7p per Ordinary Share (the original conversion price was 5.46p per Ordinary Share which has since automatically rebased per the original terms of the Loan Notes, pursuant to a dilution adjustment following two fundraisings completed by the Company). The Loan Notes carry a coupon of 10 per cent. per annum, payable quarterly in arrears.
As previously notified to the market, the Company will receive a significant injection of cash in the second half of the current financial year. The Directors believe, having consulted with a number of shareholders, that repaying the loan notes is not the best use of the Company's cash resources at this time.
Based on the issue size of GBP380,000, the Loan Notes would, if converted, represent approximately 10,173,854 Ordinary Shares, amounting to 3.79 per cent. of the current issued share capital of the Company.
The following Directors hold Loan Notes as described below:
Name Loan Notes Number of Existing Percentage subscribed Ordinary number of holding following for in December Shares to Ordinary conversion 2013 be issued Shares held of the Loan if Loan Notes Notes are converted David Traynor GBP50,000 1,338,665 4,850,514 2.31% Till Medinger GBP30,000 803,199 1,164,367 0.73% Nicholas Martel GBP50,000* 1,338,665 18,627,362** 7.45%
* non-beneficial holding
** includes a non-beneficial interest in 16,527,362 Ordinary Shares
The amendment to the terms of the Loan Notes constitutes a related party transaction for the purposes of the AIM Rules for Companies. The independent director of the Company, Trevor Francis, having consulted with the Company's nominated adviser, finnCap, considers the proposed amendment of the terms of the Loan Notes to be fair and reasonable insofar as the Company's shareholders are concerned.
Enquiries:
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 Mia Gardner - Corporate Broking
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a specialist developer of residual antimicrobial technologies, identifying, developing, formulating and commercialising cutting-edge antimicrobial technologies.
Our patented suite of technologies deliver powerful broad-spectrum efficacy with residual performance optimised against commonly occurring and industry-specific pathogens
Founded in 2005, the Company has developed the technology that creates easier, safer and cleaner lives.
For more information, please go to www.byotrol.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCAKFDNPBKDCCK
(END) Dow Jones Newswires
September 09, 2016 02:00 ET (06:00 GMT)
1 Year Byotrol Chart |
1 Month Byotrol Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions