Novacyt: Update on Unsecured Debt Facility
19 June 2018 - 8:05PM
Business Wire
Regulatory News:
Novacyt (EURONEXT GROWTH: ALNOV; AIM: NCYT), an
international specialist in clinical diagnostics, announces the
conversion of the €4.0m unsecured, anti-dilutive debt facility (the
“Advance”) from a French institutional investor, into an
unsecured Convertible Bond (the “Convertible Bond”) further
to the announcement on 30 May 2018.
The Convertible Bond will be issued on 30 June 2018 following
the successful outcome of the Extraordinary General Meeting (EGM)
on 11 June 2018, which granted the Company sufficient authorities
to issue equity. The Convertible Bond will be issued in a single
tranche with a maturity of three years and bears an annual interest
rate of 7.4%. There is a non-conversion premium of 0.1%, paid in
arrears, only in the event of non-compliance by the Company with
its repayment obligations. Only in these circumstances can the
conversion be triggered at the discretion of the bond holder (the
“Conversion”). In the event of a default, conversion of the
facility into ordinary shares would be at a fixed conversion price
of €0.70 per ordinary share.
Graham Mullis, Group CEO of Novacyt, commented: “The
Board was pleased to secure additional financing flexibility from
shareholders at the General Meeting to allow us to execute on our
ambitious growth plans. We continue to make good progress with our
M&A strategy and I look forward to updating shareholders in due
course.”
Novacyt drew down the Advance and received the full €4.0 million
of funding on 29 May 2018 to be used in its external growth plans.
The Convertible Bond will amortise monthly with no security and no
covenants.
About Novacyt Group The Novacyt Group is a rapidly
growing, international diagnostics group with a growing portfolio
of cancer and infectious disease products and services. Through its
proprietary technology platform, NOVAPrep®, and molecular platform,
genesig®, Novacyt is able to provide an extensive range of oncology
and infectious disease diagnostic products across an extensive
international distributor network. The Group has diversified sales
from diagnostic reagents used in oncology, microbiology,
haematology and serology markets, and its global customers and
partners include major corporates.
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For further information, please refer to
www.novacyt.com or contact:Novacyt SAGraham
Mullis, Chief Executive OfficerAnthony Dyer, Chief Financial
Officer+44 (0)1223 395472orStifel Nicolaus Europe Limited
(Nominated Advisor and Joint Broker)Jonathan Senior / Fred
Walsh / Ben Maddison+44 (0)20 7610 7600orWG Partners (Joint
Broker)Nigel Birks / Chris Lee / Claes Spång+44 (0) 203 705
9330orFTI Consulting (International)Brett Pollard / Victoria
Foster Mitchell+44 (0)20 3727 1000brett.pollard@fticonsulting.com /
victoria.fostermitchell@fticonsulting.comorFTI Consulting
(France)Arnaud de Cheffontaines / Astrid Villette+33 (0)147 03
69 47 / +33 (0)147 03 69 51arnaud.decheffontaines@fticonsulting.com
/ astrid.villette@fticonsulting.com
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