Last checked at 3 Aug 2022 07:00
PRIOR TO PUBLICATION, THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF REGULATION 11 OF THE MARKET ABUSE (AMENDMENT) (EU EXIT) REGULATIONS 2019/310. WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.
3 August 2022
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Equity Subscription and Issue of Warrants
Total Voting Rights
Advanced Oncotherapy (AIM:AVO), the developer of LIGHT, the next-generation proton therapy system for cancer treatment, announces an equity fundraise of £550,691 before expenses. The fundraise has been conducted through a direct subscription with the Company (the "Subscription") for a total of 2,202,762 new Ordinary Shares of 25 pence each (the "Subscription Shares") at a price of 25 pence per share (the "Issue Price"). This Subscription has been undertaken to accommodate demand from investors who were unable to participate in the c.£6 million fundraise announced on 28 June 2022.
The Issue Price represents a premium of 11 per cent to the closing middle market price of an ordinary share on 2 August 2022.
Once issued, the Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares of the Company.
The net proceeds of the Subscription will be used for general corporate purposes as the Company progresses towards having a fully operational LIGHT system operating at 230 MeV by the end of summer 2022.
Under the terms of the Subscription, warrants to subscribe for 2,202,762 new Ordinary Shares will also be issued to subscribers of the Subscription Shares by 1 October 2022 (the "Warrant Issue Date") with an exercise price of 25 pence per share, exercisable until 1 July 2026. In the event that the number of Subscription Shares held by a subscriber on the Warrant Issue Date has decreased compared to the number of Subscription Shares issued to them, the number of warrants to be issued to the subscriber will be adjusted accordingly.
Michael Sinclair (Executive Chairman), Enrico Vanni (Non-Executive Director) and RenHua Zhang (Non-Executive Director) have subscribed for Subscription Shares at the Issue Price, details of which are set out below.
In addition, the Company has agreed to issue a total of 1,395,996 new Ordinary Shares at the Issue Price (the "Director Fee Shares") to certain of the Company's Directors in lieu of fees owed. Furthermore, a total of 330,240 new Ordinary Shares (the "Bonus Shares") will be issued as non-cash consideration to certain employees of the Company at the Issue Price. The 330,240 Bonus Shares are subject to a two-year lock-in period from Admission (as defined below). For the avoidance of doubt, no warrants will be issued in relation to the Director Fee Shares or the Bonus Shares.
Director | Current Shareholding | Director Fee Shares | Subscription Shares | Warrants | Shareholding on Admission | % on Admission |
RenHua Zhang (Non-Executive Director)1 | 45,503,765 | 113,332 | 140,000 | 140,000 | 45,757,097 | 9.13% |
Michael Sinclair (Executive Chairman) | 8,910,814 | 430,000 | 430,000 | 9,340,814 | 1.86% | |
Michael Bradfield (Non-Executive Director) | 7,558,240 | 296,000 | 7,854,240 | 1.57% | ||
Dr Nick Plowman (Non-Executive Director) | 4,515,304 | 160,000 | 4,675,304 | 0.93% | ||
Enrico Vanni (Non-Executive Director) | 3,496,361 | 300,000 | 200,000 | 200,000 | 3,996,361 | 0.80% |
Hans Von Celsing (Non-Executive Director) | 689,167 | 293,332 | 982,499 | 0.20% | ||
Lori Cross (Non-Executive Director) | 60,417 | 233,332 | 293,749 | 0.06% |
The notification below, which has been made in accordance with the requirements of the UK Market Abuse Regulation, provides further details.
Application has been made for a total of 3,928,998 new Ordinary Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will occur on or around 10 August 2022.
Total Voting Rights
Following Admission, the Company's enlarged issued share capital will comprise 501,371,209 Ordinary Shares, of 25 pence each ("Ordinary Shares"). This figure includes the 2,550,000 Subscription Shares also being issued on 10 August 2022, pursuant to the fundraise announced on 28 June 2022. The Company does not hold any Ordinary Shares in treasury. Therefore, the total number of Ordinary Shares in the Company with voting rights on Admission will be 501,371,209. The aforementioned figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
- ENDS -
Advanced Oncotherapy plc | www.avoplc.com |
Dr. Michael Sinclair, Executive Chairman | Tel: +44 (0) 20 3617 8728 |
Nicolas Serandour, CEO |
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Allenby Capital Limited (Nomad and Joint Broker) | |
Nick Athanas / Liz Kirchner (Corporate Finance) Amrit Nahal / Matt Butlin (Sales and Corporate Broking) | Tel: +44 (0) 20 3328 5656 |
SI Capital Ltd (Joint Broker) |
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Nick Emerson | Tel: +44 (0) 1483 413 500 |
Jon Levinson | Tel: +44 (0) 20 3871 4066 |
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FTI Consulting (Financial PR & IR) | advancedoncotherapy@fticonsulting.com |
Simon Conway / Rob Winder | Tel: +44 (0) 20 3727 1000 |
Notes
1Inclusive of all shares held by Liquid Harmony Ltd, RenHua Zhang, and associated parties.
About Advanced Oncotherapy Plc
Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, 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's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected 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.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities | |||||||
a) | Name | PDMRs:
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2 | Reason for the notification | |||||||
a) | Position/status | See 1a) above | ||||||
b) | Initial notification /Amendment | Initial notification | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Advanced Oncotherapy plc | ||||||
b) | LEI | 213800LUDHZOG3YT6C82 | ||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||
a)
| Description of the financial instrument, type of instrument Identification code | Ordinary shares of 25p each in Advanced Oncotherapy plc Identification code (ISIN) for Advanced Oncotherapy plc ordinary shares: GB00BD6SX109 | ||||||
b) | Nature of the transaction | Participation in a fundraise | ||||||
c) | Price(s) and volume(s) | Price: 25p Volumes:
| ||||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||||
e) | Date of the transaction | 2 August 2022 | ||||||
f) | Place of the transaction | Outside a Trading Venue | ||||||
1 | Details of the person discharging managerial responsibilities | |||||||||||||
a) | Name | PDMRs:
| ||||||||||||
2 | Reason for the notification | |||||||||||||
a) | Position/status | See 1a) above | ||||||||||||
b) | Initial notification /Amendment | Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a) | Name | Advanced Oncotherapy plc | ||||||||||||
b) | LEI | 213800LUDHZOG3YT6C82 | ||||||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 25p each in Advanced Oncotherapy plc Identification code (ISIN) for Advanced Oncotherapy plc ordinary shares: GB00BD6SX109 | ||||||||||||
b) | Nature of the transaction | Issue of ordinary shares in consideration of payment of fees | ||||||||||||
c) | Price(s) and volume(s) | Price: 25p Volumes:
| ||||||||||||
d) | Aggregated information - Aggregated volume - Price | n/a | ||||||||||||
e) | Date of the transaction | 2 August 2022 | ||||||||||||
f) | Place of the transaction | Outside a Trading Venue | ||||||||||||