TyraTech, Inc. Result of Special Meeting (2201B)

TIDMTYR TIDMTYRU

RNS Number : 2201B

TyraTech, Inc.

28 March 2013

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM JAPAN, CANADA OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

 
 For immediate release   28 March 2013 
 

TYRATECH, INC.

("TyraTech" or the "Company")

Result of Special Meeting

Further to the announcement dated 18 March 2013, TyraTech, Inc. (AIM: TYR and TYRU), a natural life sciences company, is pleased to announce that at the Special Meeting held earlier today, each of the resolutions as set out in the notice of Special Meeting was duly passed. Accordingly, the Fundraising (as defined in the circular dated 18 March 2013) is now unconditional save for admission.

Accordingly, the Company has approved, subject only to Admission, the issue of 60,000,000 new common shares in the capital of the Company of $0.001 each (the "New Common Shares") at 5 pence per share to the investors participating in the Fundraising.

Separately, the Company has issued a further 600,000 new common shares of $0.001 each (the "Further New Common Shares") at 5 pence per share, as part of a pre-existing third-party consultancy agreement.

Application has been made to the London Stock Exchange for the New Common Shares and the Further New Common Shares to be admitted to trading on AIM ("Admission"). It is now expected that Admission and the commencement of dealings will take place at 8 a.m. on 3 April 2013.

Following Admission, the Company will have 168,776,305 common shares of $0.001 each ("Common Shares") in issue, of which 1,084,413 will continue to be held in Treasury. Therefore, the total number of voting rights in the Company will be 167,691,892 ("Total Voting Rights"). The number of restricted Common Shares trading under TIDM 'TYR' following Admission will be 141,474,936 and the number of unrestricted Common Shares trading under TIDM 'TYRU' following Admission will be 27,301,369.

Furthermore, following Admission, the directors of the Company will hold the following number of Common Shares:

 
                      Subscription             Total Common         Resulting % of 
                   pursuant to the    Shares held following    Total Voting Rights 
                         Fundraise                Admission 
---------------  -----------------  -----------------------  --------------------- 
 
 Alan Reade              2,000,000                9,811,358                  5.85% 
 
 Bruno Jactel              700,000                1,365,204                  0.81% 
 
 Kevin Schultz                 Nil                      Nil                    Nil 
 
 Barry Riley               200,000                2,455,556                  1.46% 
 
 James Hills               200,000                  565,500                  0.34% 
---------------  -----------------  -----------------------  --------------------- 
 

In addition, the directors are interested in the following options over Common Shares:

 
                 Options held over   Option exercise      Expiry date 
                  Common Shares in             price 
                       the Company 
--------------  ------------------  ----------------  --------------- 
 
 Alan Reade                550,000          GBP0.105       4 February 
                                                                 2020 
                           995,125           GBP0.12       20 October 
                                                                 2020 
                         1,000,000           GBP0.06    25 April 2022 
                           100,570           GBP0.12     6 March 2022 
 
 Bruno Jactel              500,000           GBP0.06   1 January 2023 
                           500,000           GBP0.12   1 January 2023 
                           500,000           GBP0.15   1 January 2023 
 
 Kevin Schultz             200,000           GBP0.12       20 October 
                                                                 2020 
                           100,000           GBP0.06    25 April 2022 
 
 Barry Riley               200,000           GBP0.12       20 October 
                                                                 2020 
                           350,000           GBP0.06    25 April 2022 
 
 James Hills               200,000           GBP0.12       20 October 
                                                                 2020 
                           350,000           GBP0.06    25 April 2022 
--------------  ------------------  ----------------  --------------- 
 

American Vanguard Corporation, the parent company of AMVAC Chemical Corporation and, the Company's partner in its Envance Technologies joint venture, has subscribed for 49,400,000 of the New Common Shares. Following Admission, American Vanguard Corporation will hold 29.46% of the Company's Total Voting Rights. American Vanguard Corporation also holds 10,000,000 warrants in the Company (the "Warrants"). If American Vanguard Corporation were to exercise the Warrants in full, it would hold 31.73% of the Company's Total Voting Rights on a fully diluted basis (i.e. assuming exercise in full of all outstanding options held by directors and staff and of the Warrants).

For further information please contact:

TyraTech Inc.

Alan Reade, Executive Chairman

Tel: [phone]

Bruno Jactel, Chief Executive Officer

Tel: [phone]

N+1 Singer, Nominated Adviser and Joint Broker

Aubrey Powell / Alex Wright

Tel: [phone]

First Columbus LLP, Joint Broker

Chris Crawford

Tel: [phone]

Walbrook, Financial PR and IR

Bob Huxford / Paul Cornelius / Guy McDougall

Tel + 44 20 7933 8792

This information is provided by RNS

The company news service from the London Stock Exchange

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