7 June 2024
Kromek Group
plc
("Kromek"
or the "Company")
Cancellation of outstanding Convertible
Loan Notes
Further to the Company's announcement of 12
February 2024, which notified the market of a conversion of Loan
Notes and accrued interest by Loan Note holders (the "Loan Notes"), Kromek (AIM:
KMK), a leading developer of radiation and bio-detection
technology solutions for the advanced imaging and CBRN detection
segments, announces that it has since agreed to
allot new ordinary shares of 1 penny each ("Ordinary Shares") in the Company to a
further Loan Note holder in consideration for them cancelling their
Loan Note that expired on 22 May 2024 (the "Conversion").
This final Loan Note holder will cancel their
Loan Note, which totals £36k of debt, including accrued interest,
and the Company has agreed to allot 527,092 new Ordinary Shares
(the "New Ordinary Shares")
in consideration for the Loan Note being cancelled (the
"Cancellation"). This is
being done at an effective price of 6.85 pence per Ordinary Share,
being the closing price of the Company's Ordinary Shares on AIM on
22 May 2024.
Following the Cancellation, the Company will
have no outstanding Loan Notes.
Application will be made to the London Stock
Exchange for the New Ordinary Shares to be admitted to trading on
AIM ("Admission") and it is
expected that Admission will become effective and that dealings in
the New Ordinary Shares will commence at 8.00 a.m. on or around 10
June 2024.
The New Ordinary Shares will rank pari passu
with the existing Ordinary Shares of the Company. Following
Admission, the Company's issued share capital will consist of
641,546,326 Ordinary Shares, none of which are held in treasury.
Accordingly, the figure of 641,546,326 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.
For
further information, please contact:
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Kromek Group
plc
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Arnab Basu, CEO
Paul Farquhar,
CFO
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+44 (0)1740 626 060
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Geoff Nash/Giles Balleny/Seamus
Fricker - Corporate Finance
Tim Redfern - ECM
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+44 (0)20
7220 0500
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Michael Johnson/Tamar Cranford-Smith - Sales
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Gracechurch Group
(Financial PR)
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Harry Chathli/Claire Norbury/Henry Gamble
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+44 (0)20 4582 3500
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Kromek Group
plc
Kromek Group plc is a leading developer of radiation
detection and bio-detection technology solutions for the advanced
imaging and CBRN detection segments. Headquartered in County
Durham, UK, Kromek has manufacturing operations in the UK and US,
delivering on the vision of enhancing the quality of life through
innovative detection technology
solutions.
The advanced imaging segment comprises the medical,
security and industrial markets. Kromek provides its OEM customers
with detector components, based on its core cadmium zinc telluride
(CZT) platform, to enable better detection of diseases such as
cancer and Alzheimer's, contamination in industrial manufacture and
explosives in aviation settings.
In CBRN detection, the Group provides nuclear
radiation detection solutions to the global homeland defense and
security market. Kromek's compact, handheld, high-performance
radiation detectors, based on advanced scintillation technology,
are primarily used to protect critical infrastructure and urban
environments from the threat of 'dirty
bombs'.
The Group is also developing bio-security solutions
in the CBRN detection segment. These consist of fully automated and
autonomous systems to detect a wide range of airborne
pathogens.
Kromek is listed on AIM, a market of the London Stock
Exchange, under the trading symbol
'KMK'.
Further information is available at
www.kromek.com.
