Business
Extension of CLN Redemption Dates
Extension of CLN Redemption Dates.
About this update from Scancell Holdings Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 5929Q\n Scancell Holdings Plc\n 28 October 2021\n \n \n \n 28 October 2021\n \n Scancell Holdings plc\n (\"Scancell\" or the \"Company\")\n \n \n Extension of Convertible Loan Note Redemption Dates\n \n \n \n \n \n Scancell Holdings plc (AIM:SCLP), the developer of novel immunotherapies for the treatment of cancer and infectious disease, announces that it has entered into a deed of amendment (the \"Deed of Amendment\") relating to the extension of the redemption dates of the outstanding unsecured convertible loan notes (the \"CLNs\") issued by the Company in 2020. \n \n \n \n \n \n The total amount of the CLNs which remains outstanding is £19.65m with all outstanding CLNs held by funds managed by Redmile Group, LLC (the \"Redmile Funds\"). The outstanding CLNs were originally due to be redeemed in August 2022 (£1.75m) and November 2022 (£17.9m). The original terms of the CLNs were announced by the Company on 22 July 2020 and 12 October 2020. \n \n \n \n \n \n Under the terms of the Deed of Amendment: \n \n \n · \n the deed constituting the Nil Rate Unsecured Convertible Loan Notes 2022, dated 12 August 2020, is amended such that the redemption date is extended to 12 August 2025, and\n \n \n · \n the deed constituting the 3% Unsecured Convertible Loan Notes 2022, dated 10 November 2020, is amended such that the redemption date is extended to 10 November 2025.\n \n \n \n \n \n The CLNs are required to be redeemed on the new redemption dates above, if they have not previously been converted into ordinary shares in the Company. \n \n \n \n \n \n Related party transaction\n \n \n \n \n By virtue of the Redmile Funds' shareholding in the Company, the Deed of Amendment constitutes a related party transaction for the purpose of the AIM Rules for Companies. The Directors, all of whom are independent of the Redmile Funds and independent in respect of the CLNs, having consulted with the Company's nominated adviser, Panmure Gordon, consider that the terms of the related party transaction are fair and reasonable insofar as shareholders are concerned. \n \n \n \n \n \n For further information, please contact:\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Scancell Holdings plc\n \n \n +44 (0) 20 3727 1000\n \n \n \n \n Dr Jo...