Last checked at 30 Sep 2014 07:00
30 September 2014
Allergy Therapeutics plc(the "Company")
Amendment of 2012 Loan Note term
Allergy Therapeutics plc, the fully integrated specialty pharmaceutical company, announces that it has agreed with CFR International SpA to extend the term of the £4.04 million convertible loan made available to the Company on 30 March 2012. The date of maturity of the convertible loan has been extended from 30 September 2014 to 31 March 2015. All other terms for the Convertible Loan remain unchanged. This amendment was made following the announcement of the completion of the acquisition by Abbott of CFR Pharmaceuticals S.A., the indirect owner of CFR International SpA.
Manuel Llobet, Chief Executive Officer, commented:
"We welcome Abbott to the company and we feel honoured to have such a successful and highly reputed company as our largest shareholder. This extension will give us the time to review with them our strategic plans and exciting opportunities in order to keep creating value for all our shareholders."
Under the AIM Rules, the extension of the term of the convertible loan is classified as a related party transaction with regard to CFR International SpA. The directors of the Company (save for Alejandro Weinstein who was, until 25 September 2014, chief executive officer of CFR Pharmaceuticals S.A.) (the "Independent Directors") consider, having consulted with Peel Hunt LLP, the Company's nominated adviser, that the terms of the extension of the convertible loan are fair and reasonable insofar as the Company's shareholders are concerned.
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For further information
Allergy Therapeutics | +44 (0) 1903 845 820 |
Manuel Llobet, Chief Executive Officer Ian Postlethwaite, Finance Director | |
Peel Hunt LLP | +44 (0) 20 7418 8900 |
James Steel Clare Terlouw | |
FTI Consulting | +44 (0) 20 3727 1000 |
Simon Conway Victoria Foster Mitchell |
Notes to editors
About Allergy Therapeutics
Allergy Therapeutics is a specialty pharmaceutical company focused on allergy vaccination. It has a growing business achieving sales in the prior financial year of almost £40 million mainly in Europe through its own sales and marketing infrastructure and further afield through distributors. The Company is expanding its infrastructure into the Emerging Markets.