RNS Out16 Jun 2020 12:45
genedrive plc
("genedrive" or the "Company")
Conversion of Convertible Bond
genedrive plc (AIM: GDR), the near patient molecular diagnostics company, today announces that Global Health Investment Fund I, LLC (GHIF), has exercised its right to convert its US$8 million convertible bond into new ordinary shares in the Company.
Under the terms of the conversion, GHIF will be allotted and issued 7,100,000 new ordinary shares (GHIF Shares), which is the capped number of shares which can be issued under the convertible bond, and will also be paid approximately £685,000 in cash reflecting the balance of accrued interest owed, in full satisfaction of the obligations of the Company under the convertible bond. As part of the conversion, GHIF has entered into a lock-in and orderly marketing agreement with Peel Hunt LLP, the Company's Nominated Adviser and Joint Broker: under this arrangement 5,100,000 of the GHIF Shares are subject to an orderly marketing agreement until 30 June 2021 and the remaining 2,000,000 GHIF Shares will not be sold prior to 30 June 2021 (subject to various carve outs).
The current value of the convertible bond principal and its unpaid interest is $9.461 million. Immediately following completion of the conversion of the GHIF bond and payment of accrued interest, genedrive expects to have gross cash balances of approximately £8.6 million and debt of £2.6m.
Application will be made to admit the GHIF Shares to trading with Admission to become effective at 8.00 a.m. on 22 June 2020. Following Admission, the Company will have 51,986,071 Ordinary Shares of 1.5p in issue each with equal voting rights. No shares are held in treasury.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine whether they are required to notify their interest, or a change to their interest, in the Company under the FCA's Disclosure Guidance and Transparency Rules.
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