Avacta Group plc (AIM: AVCT), a life sciences company developing innovative, targeted oncology drugs and powerful diagnostics, today announces it has issued and allotted a total of 3,752,652 new ordinary shares of 10 pence each in the Company (“New Ordinary Shares”). The New Ordinary Shares are being issued in settlement of the quarterly principal of £2.60 million and interest repayment of £0.76 million in respect of the Company’s unsecured convertible bond, as detailed in Avacta’s announcement on 18 October 2022.
After settlement of the quarterly repayment, the principal remaining under the convertible bond will be reduced by £2.60 million to £44.20 million.
Application has been made to AIM for the admission to trading of the 3,752,652 New Ordinary Shares resulting from the conversion, which is expected to occur at or around 8.00 am on 24 July 2023 (“Admission”). The New Ordinary Shares will rank pari passu with the existing Ordinary Shares of the Company.
Following Admission, the Company’s enlarged issued share capital will be 279,323,318. This figure may 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.