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1 Jul 2015 14:08
1 July 2015
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Director Dealing
Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, has been informed that Michael Sinclair, Executive Chairman of the Company, has yesterday sold 7 million ordinary shares of 1 penny each in the Company ("Shares") at 8.25 pence per Share in order to fund the exercise of warrants over 28.5 million Shares at an exercise price of 1.1 pence per Share ("Warrant Shares").
The remainder of the funds raised from Mr Sinclair's share sale will be used to fund the acquisition of the option over 30 million Shares from Brahma A.G., which was announced of 4 June 2015.
Michael Sinclair's resultant increased interest in the Company ordinary share capital is as follows:
Resultant holding | ||||
Shares held before the above transactions | Net increase as a result of the above transactions | Number of Shares | As a percentage of the enlarged share capital | |
Shares
| 68,079,757 | 21,500,000 | 89,579,757 | 6.5% |
Options over Shares | 65,800,000 | - | 65,800,000 | na |
Following these transactions Michael Sinclair does not hold any further warrants over Shares.
Application has been made for the 28,500,000 Warrant Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on 7 July 2015. The Warrant Shares will rank pari passu in all respect with the existing Shares of the Company.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital will comprise 1,376,422,626 Shares, with voting rights. The Company does not hold any Shares in treasury. Therefore the total number of Shares in the Company with voting rights will be 1,376,422,626. 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 and Transparency Rules.
For further information contact:
Advanced Oncotherapy Plc | www.avoplc.com |
Sanjeev Pandya, CEO | Tel: +44 20 3617 8728 |
Nicholas Serandour, CFO | |
Westhouse Securities (Nomad & Joint Broker) | Tel: +44 20 7601 6100 |
Antonio Bossi / David Coaten | |
Beaufort Securities (Joint Broker) | Tel: +44 20 7382 8300 |
Saif Janjua / Jon Levinson | |
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's team based at CERN 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 a greater precision and electronic control which is not achievable with older technologies
Advanced Oncotherapy is a provider of particle therapy with protons that harnesses the best in modern technology. As a result, 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. Therefore, the disruptive technology of the Company changes the financial model of proton therapy now that LIGHT is expected to have a comparable cost to conventional radiotherapy.
The Company has signed a purchase agreement with Sinophi Healthcare Limited for one LIGHT proton therapy system to be installed in a hospital in China and has further Letters of Intent from other healthcare providers.
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.
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