Advanced Oncotherapy Plc (LON:AVO), the developer of next-generation proton therapy systems for cancer treatment, announced today that the Company has received £10 million from Yantai Cipu, through its affiliated entity Liquid Harmony, in relation to the balance of payments due under the Distribution Agreement announced on 7 December 2017. This completes the £30 million investment from Yantai Cipu.
In addition, the Company announces that further to previous announcements regarding the Bracknor funding facility, all outstanding Convertible Loan Notes (“CLN”) owned by Bracknor are being converted into new ordinary shares of 25p issued (“Ordinary Shares”) at a price of 46p. As part of this transaction, 5,127,560 Ordinary Shares are being issued as a result of the conversion and the satisfaction of the payment of conversion fee and commitment fees (the “Conversion”). The new Ordinary Shares will be immediately transferred to a third party investor called M3T PTE Ltd. M3T PTE Ltd is a Special Purpose Vehicle created by a Singaporean Family Office to hold these Ordinary Shares. As a result, Bracknor no longer holds CLN relating to the Company.
Application will be made for admission to trading on AIM (“Admission”) of the 5,127,560 new Ordinary Shares deriving from the Conversion and it is expected that Admission will occur on or around 5 June 2018.
Total voting rights
Following Admission, the Company’s enlarged issued share capital will comprise 155,629,233 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 155,629,233. 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.
Commenting, Nicolas Serandour, CEO of Advanced Oncotherapy plc, said: “Today’s announcement is a further important step forward in strengthening our balance sheet position. With the completion of our financing arrangement with Yantai Cipu and the placing of the remaining shares due to Bracknor in the hand of a long-term shareholder, we are progressing steadily with our plans of setting our business onto a sustainable path for profitable growth. I want to thank Bracknor for their support since last summer and welcome M3T PTE Ltd as a new shareholder of the Company.”