20 Dec 2013 07:00
Byotrol plc
Fundraising
Byotrol plc ('Byotrol' or the 'Company'), the developer of anti-microbial hygiene technologies, is pleased to announce that it has today completed a fundraising of £380,000 (the 'Fundraising') by the issue of convertible loan notes ("Loan Notes") to new and existing investors in the Company. The proceeds of the Fundraising will be used to advance the restructuring of the group (as outlined in the Company's interim results released on 19 November 2013) and to support growth initiatives across the business.
The Loan Notes have a term of three years, are senior in ranking, unsecured and convertible at investors' option into ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 5.46p per Ordinary Share. The Loan Notes carry a coupon of 10% per annum, payable quarterly in arrears.
Based on the issue size of £380,000, the Loan Notes would, if converted, represent approximately 6,959,700 Ordinary Shares, amounting to 3.79% of the current issued share capital of the Company
The following directors of Byotrol plc have participated in the Fundraising:
Name | Loan Notes subscribed for | Number of Ordinary Shares to be issued if Loan Notes are converted
| Existing number of Ordinary Shares held | Percentage holding following conversion of the Loan Notes |
Ralph Kugler | £50,000 | 915,750 | 1,787,090 | 1.42% |
David Traynor | £50,000 | 915,750 | 4,280,001 | 2.73% |
Till Medinger | £30,000 | 549,450 | 593,854 | 0.60% |
Nicholas Martel | £50,000* | 915,750 | **18,693,513 | 10.30% |
* non-beneficial subscription
** includes a non-beneficial interest in 17,693,513 Ordinary Shares
Their participation constitutes a related party transaction for the purpose of the AIM Rules for Companies. The independent director of the Company, Duncan Grosvenor, having consulted with the Company's nominated adviser, finnCap, considers the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.
Commenting on the fundraising, David Traynor, Chief Executive of Byotrol, said:
"These funds will allow us to further develop our plans to create a stronger Byotrol. We are currently performing to plan and are now able to start looking at growth from our new, leaner base. "
Enquiries:
Byotrol plc | 01925 742000 |
David Traynor, Chief Executive | |
Duncan Grosvenor, Finance Director | |
finnCap Ltd | 020 7220 0500 |
Nominated Adviser and broker | |
Geoff Nash/Christopher Raggett Simon Starr (Corporate Broking) |
Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a leading anti-microbial technology company, operating globally in the Health, Food, Leisure, Consumer, Industrial and Agriculture sectors, providing a low toxicity product with a broad-based and long lasting efficacy across all microbial classes; bacteria, viruses, fungi, moulds and algae.
The Byotrol product can be used as a stand-alone product or as a complementary biocide additive to existing products to improve their performance in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.
Founded in 2005, the Company has prioritised the development of a technology that creates easier, safer and cleaner lives through partnering with providers of essential goods and services. Byotrol is the catalyst behind the aptly named global 'Hygiene Revolution'.