Direstor's buying7 Jan 2014 09:12
RNS Number : 0319W
Byotrol PLC
20 December 2013

Byotrol plc
Fundraising
Byotrol plc ('Byotrol' or the 'Company'), the developer of anti-microbial hygiene technologies, is pleased to announce that it has today completed a fundraising of £380,000 (the 'Fundraising') by the issue of convertible loan notes ("Loan Notes") to new and existing investors in the Company. The proceeds of the Fundraising will be used to advance the restructuring of the group (as outlined in the Company's interim results released on 19 November 2013) and to support growth initiatives across the business.
The Loan Notes have a term of three years, 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 5.46p per Ordinary Share. The Loan Notes carry a coupon of 10% per annum, payable quarterly in arrears.
Based on the issue size of £380,000, the Loan Notes would, if converted, represent approximately 6,959,700 Ordinary Shares, amounting to 3.79% of the current issued share capital of the Company
The following directors of Byotrol plc have participated in the Fundraising:
Name
Loan Notes subscribed for
Number of Ordinary Shares to be issued if Loan Notes are converted
Existing number of Ordinary Shares held
Percentage holding following conversion of the Loan Notes
Ralph Kugler
£50,000
915,750
1,787,090
1.42%
David Traynor
£50,000
915,750
4,280,001
2.73%
Till Medinger
£30,000
549,450
593,854
0.60%
Nicholas Martel
£50,000*
915,750
**18,693,513
10.30%
* non-beneficial subscription
** includes a non-beneficial interest in 17,693,513 Ordinary Shares
Their participation constitutes a related party transaction for the purpose of the AIM Rules for Companies. The independent director of the Company, Duncan Grosvenor, having consulted with the Company's nominated adviser, finnCap, considers the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.
Commenting on the fundraising, David Traynor, Chief Executive of Byotrol, said:
"These funds will allow us to further develop our plans to create a stronger Byotrol. We are currently performing to plan and are now able to start looking at growth from our new, leaner base. "
Enquiries:
Byotrol plc
01925 742000
David Traynor, Chief Executive
Duncan Grosvenor, Finance Director
finnCap Ltd
020 7220 0500
Nominated Adviser and broker
Geoff Nash/Christopher Raggett
Simon Starr (Corporate Broking)