RE: Opposite of a death spiral28 Apr 2026 09:07
Its in the RNS
" £10 million 'At-The-Market' Equity Placing Facility (the "ATM Facility")
The Company has entered into the ATM Facility with the Investor, pursuant to which the Company may, at its discretion, issue new ordinary shares to the Investor over a period of three years. The total net proceeds receivable by the Company under the ATM Facility are capped at £10 million (unless agreed by both parties), and the number of shares issued in any tranche is subject to limits, including a cap of 2.99 per cent. of the Company's issued share capital (on a post-issuance basis) per tranche. The Investor is entitled to a fee equal to 5 per cent. of the gross proceeds of any shares sold under the facility.
Following the sale of shares, the net proceeds (after deduction of fees and associated costs) are payable to the Company on a periodic basis. The Investor has the right, at its discretion, to settle such proceeds either in cash or up to 50 per cent. of each payment may be set off against sums outstanding under the Company's Loan Note with the Investor.
Under the terms of the ATM Facility, shares held by the Investor may be sold by the Investor into the market at a minimum sale price not less than the closing market price on the trading day immediately prior to sale. The Investor has also agreed to use reasonable endeavours to effect such sales in an orderly manner and is subject to certain customary volume limitations and dealing restrictions, including limits on the proportion of market volume in which it may participate. For the avoidance of doubt, the Investor is restricted from placing any of the Company's shares at a discount to the Company's share price."
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