Last checked at 18 May 2017 07:31
18 May 2017
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Conversion of Convertible Loan Notes
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, announces that Bracknor Investment Group ("Bracknor") has advised the Company that they will convert a portion of the first tranche of the Convertible Loan Notes ("CLN") issued to them on 22 February 2017 into new ordinary shares of 25p each in the share capital of the Company ("Ordinary Shares"). Further details of the conversion are set out below.
Number of CLN converted: 20 |
Total nominal value of the CLN converted: £200,000 |
Lowest VWAP in 15 days preceding conversion notice: £0.2135 Conversion price: £0.25 |
Number of shares issued from the conversion: 800,000 |
Shares issued for the satisfaction of the conversion fees: 24,000 |
Application will be made for admission to trading on AIM ("Admission") of the 824,000 new Ordinary Shares deriving from the conversion of the CLN and in satisfaction of the conversion fees and it is expected that Admission will occur on or around 24 May 2017.
Additional fees of c.£37,000 are to be paid to reflect the conversion price being below nominal value of the Ordinary Shares. These fees may be paid in cash or deducted from the net funds owing to the Company in the draw down of the next tranche from Bracknor.
Total voting rights
Following Admission, the Company's enlarged issued share capital will comprise 77,433,194 Ordinary Shares, with voting rights. The Company does not hold any Ordinary Shares in treasury. Therefore the total number of Ordinary Shares in the Company with voting rights will be 77,433,194. This figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Advanced Oncotherapy Plc | www.avoplc.com |
Dr. Michael Sinclair, Executive Chairman | Tel: +44 20 3617 8728 |
Nicolas Serandour, CEO | |
Stockdale Securities (Nomad & Joint Broker) | |
Antonio Bossi / David Coaten | Tel: +44 20 7601 6100 |
Stifel Nicolaus Europe (Joint Broker) | |
Jonathan Senior / Ben Maddison | Tel: +44 20 7710 7600 |
Walbrook PR (Financial PR & IR) | Tel: +44 20 7933 8780 or avo@walbrookpr.com |
Paul McManus / Anna Dunphy | Mob: +44 7980 541 893 / Mob: +44 7876 741 001 |
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM", based in Geneva, focuses on the development of a proprietary proton accelerator called Linac Image Guided Hadron Technology (LIGHT). LIGHT accelerates protons to the energy levels achieved in legacy machines but in a unit that is a quarter of the size and between a quarter and a fifth of the cost. This compact configuration delivers proton beams in a way that facilitates greater precision and electronic control which is not achievable with older technologies.
Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with an innovative technology as well as better health outcomes and lower treatment related side effects.
Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.