Business
Cancellation of £1.2m of Convertible Loan Notes
Cancellation of £1.2m of Convertible Loan Notes.
About this update from Kromek Group Plc
[{"type":"text","content":"\n\n12 February 2024 \n \nKromek Group plc \n(\"Kromek\" or the \"Company\" or the \"Group\") \n \nCancellation of £1.2m of Convertible Loan Notes\n \nand\n \nNotice of General Meeting\n \n \nKromek Group plc (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that further to the announcement of 5 February 2024, in which the Company announced a conversion of Loan Notes and accrued interest (the \"Loan Notes\") by two Loan Note holders and the consequential admission of 23,639,520 ordinary shares of 1 penny each (\"Ordinary Shares\") in the Company (the \"Conversion\"), the Company has since agreed to allot new Ordinary Shares to another two Loan Note Holders in consideration of them cancelling their Loan Notes that were due to expire later this month. \n \nThe two further Loan Note holders will cancel their Loan Notes, which total £1.2m of debt, including accrued interest, and the Company has agreed to conditionally allot 16,532,894 new Ordinary Shares (the \"New Ordinary Shares\") in consideration of the two Loan Notes being cancelled (the \"Cancellation\"). This is being done at an effective price of 7.5 pence per Ordinary Share.\n \nFollowing the Cancellation, the Company will only have £34,000 of outstanding Loan Notes.\n \nFollowing the allotment and admission of the 23,639,520 Ordinary Shares pursuant to the Conversion, the Company does not have sufficient remaining authorities to allot the New Ordinary Shares pursuant to the Cancellation. Therefore the Cancellation is conditional, inter alia, upon Shareholders approving resolutions at a general meeting that will grant to the Directors the authority to allot the New Ordinary Shares and the power to disapply statutory pre-emption rights in respect of the New Ordinary Shares (the \"Resolutions\"). A general meeting is to be held at Kromek, NETPark, Thomas Wright Way, Sedgefield, TS21 3FD at 10:00am on 4 March 2024 (the \"General Meeting\"), where the Resolutions will be proposed.\n \nIn addition, the Company has agreed to allot 600,000 new Ordinary Shares in lieu of professional fees due (\"Fee Shares\").\n \nApplication will be made to the London Stock Exchange for the New Ordinary Shares and Fee Shares t...