Business
Partial Conversion of Convertible Loan Notes
Partial Conversion of Convertible Loan Notes.
About this update from Kromek Group Plc
[{"type":"text","content":"\n\n14 September 2023\nKromek Group plc\n(\"Kromek\" or the \"Company\" or the \"Group\")\n \nPartial Conversion of Convertible Loan Notes\n\nKromek (AIM: KMK), a leading developer of radiation and bio-detection technology solutions for the advanced imaging and CBRN detection segments, announces that it has issued and allotted 7,830,628 new ordinary shares in the Company (\"Shares\") at a conversion price of 5.11 pence per Share in order to settle the exercise of convertible loan notes and repayment of interest to certain convertible loan note holders under an existing £2.84m convertible loan note agreement, the terms of which were announced on 5 and 23 August 2022 (\"Partial Conversion\"). The issue price of 5.11 pence per Share represents the volume-weighted average price of the Company's ordinary shares for the ten-day period up to and including 8 September 2023. The Partial Conversion reduces the amount owing on the convertible notes by £261,000, with £2,579,000 remaining.\n \nApplication has been made for the Shares to be admitted to trading on AIM and dealings are expected to commence on or around 8.00 a.m. on 19 September 2023 (\"Admission\").\n \nThe Shares will rank pari passu with the existing shares of the Company. Following Admission, the Company's issued share capital will consist of 600,246,820 ordinary shares, none of which are held in treasury. Accordingly, the figure of 600,246,820 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 Company under the FCA's Disclosure Guidance and Transparency Rules.\n \n \nFor further information, please contact: \n \n\n\n\n\nKromek Group plc \n\n\n\n\n\n\n\nArnab Basu, CEO \nPaul Farquhar, CFO \n\n\n+44 (0)1740 626 060 \n\n\n\n\n \n\n\n\n\n\n\n\nCavendish Capital Markets Limited (Nominated Adviser and Broker) \n\n\n \n\n\n\n\nGeoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance \nTim Redfern/Charlotte Sutcliffe - ECM \n\n\n+44 (0)20 7220 0500 \n \n\n\n\n\nMichael Johnson/Tamar Cranford-Smith - Sales\n \n\n\n\n\n\n\n\nGracechurch Group (Financial PR) \n\n\n\n\n\n\n\nHarry Chathli/Claire Norbury/Henry Gamble \n\n\n+44 (0)20 4582 3500&nb...