RE: Guys31 Dec 2020 08:34
In May 2018, Novacyt entered into an unsecured convertible bond facility with Vatel for €4.0m to be repaid over three years at an interest rate of 7.4%. Under the terms of an agreed restructure with Vatel, announced on 6 November 2019, the interest rate was retrospectively increased to 8.9% (effective 31 July 2019) and the term of the loan was extended by 12 months to May 2022 to reduce annual payments to Vatel. The bond also carries a non-conversion premium of 0.1% when monthly repayments are made in cash.
Vatel has exercised its right to request conversion of all outstanding debt into new ordinary shares of €1/15 each in the Company (“Ordinary Shares”) at a fixed conversion price of €0.70 per Ordinary Share. Therefore, the remaining debt of €2,066,257 has been converted into 2,952,681 Ordinary Shares. No future or accrued interest is payable as a result of this conversion.
Vatel has agreed to a lock-in period for a certain number of the Ordinary Shares, whereby 1,107,255 Ordinary Shares will not be sold or transferred before 31 December 2021, and a further 1,033,438 Ordinary Shares will not be sold or transferred before 31 March 2021. The remaining 811,988 shares have no such restrictions.