Business
Closure of Convertible Bond Facility
Closure of Convertible Bond Facility.
About this update from Skinbiotherapeutics Plc
[{"type":"text","content":"\n\n\n \nSkinBioTherapeutics plc\n(\"SkinBioTherapeutics\" or \"the Company\")\n \nClosure of Convertible Bond Facility\nFinal Conversion Notice and Total Voting Rights\n \n23 July 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the \"Company\"), the life science business focused on skin health, announces that it received the final Conversion Notice on 22 July 2024 from Macquarie (\"Macquarie\") for £480,000 of Convertible Bonds from the initial £5.0 million convertible bond facility announced on 25 January 2024.\nThe Company has drawn a total of £1,600,000 under the Facility, and will not be drawing any further funds from the facility, as announced on 28 February 2024.\nSkinBioTherapeutics will issue 5,848,620 ordinary shares of £0.01 per share (\"Ordinary Shares\") at a conversion price of 8.207064p per Ordinary Share.\n \nAdmission and Total Voting Rights\nApplication has been made for the 5,848,620 new ordinary shares, which will rank pari passu in all respects with the existing ordinary shares of the Company, to be admitted to AIM, which is expected to occur on or around 8.00 a.m. on 26 July 2024 (\"Admission\"). Upon Admission, the total number of issued shares and the total number of voting rights in the Company will be 211,210,526.\nExisting investors and a new, undisclosed institutional investor have agreed to purchase the shares directly from Macquarie Bank.\nThe above figure of 211,210,526 should 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 to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.\n \nStuart Ashman, CEO of SkinBioTherapeutics, said:\n\"We are pleased that the CLN has now come to an end. Having listened to shareholder sentiment, we made the decision not to use the remainder of the facility. We have worked to reduce the initial loan note as swiftly as possible. Whilst the term of the note was designed to span two years, the entire facility has now been converted within six months of its introduction and therefore we have halted any further drawdowns. We are grateful for the support from existing investors and our new institutional investor, which has enabled us to clear the Con...