Result of General Meeting, Additional Subscription

RNS Number : 5530M

Advanced Oncotherapy PLC

11 May 2020

 

11 May 2020

ADVANCED ONCOTHERAPY PLC

("Advanced Oncotherapy" or the "Company")

Result of General Meeting, Additional Subscription and other matters

Advanced Oncotherapy (AIM: AVO), the developer of next-generation proton therapy systems for cancer treatment, is pleased to announce that at the Company's General Meeting held earlier today, all resolutions were duly passed on a poll. Accordingly, the 61,221,586 new Ordinary Shares in respect of the Subscription and fee arrangements, details of which were set out in the Company's announcements on 9 April 2020, will be issued and are expected to be admitted to trading on AIM on 13 May 2020.

The proxy votes received from shareholders on each resolution are set out below:

	Number of votes for	%	Number of votes against	%	Total votes cast (excluding votes withheld)	Number of votes withheld
SPECIAL RESOLUTION
1.  To authorise the Directors to allot shares in the Company to grant rights to subscribe for shares in the Company for the purposes of issuing the Subscription Shares and the Fee Shares	109,529,982	99.99	3,120	0.01	109,533,102	11,730
ORDINARY RESOLUTION
2.  To authorise the Directors generally and unconditionally to allot relevant securities and grant rights to subscribe for or to convert any security into shares	109,525,713	99.99	7,389	0.01	109,533,102	11,730
SPECIAL RESOLUTION
3.  To authorise the Directors generally and unconditionally to allot relevant securities for cash	109,402,898	99.87	141,719	0.13	109,544,617	215

Subscription and exercise of warrants

Further to the Subscription announced on 9 April 2020, the Company is pleased to announce, due to additional investor demand, a further equity fundraise of £167,500, before expenses, from new and existing investors through the issue of 670,000 new ordinary shares (the "Second Subscription Shares") at a price of 25 pence per share (the "Issue Price") through a direct subscription with the Company (the "Second Subscription").

The additional funds raised from the Second Subscription will contribute to the funding for progressing the assembly, documentation, verification and validation activities in order to obtain regulatory approval of Advanced Oncotherapy's first LIGHT system.

In addition, a total of 20,700 new ordinary shares (the "Second Adviser Fee Shares") will be issued as non-cash consideration at the Issue Price in lieu of fees due to counterparties including certain financial advisers.

Furthermore, the Company will issue a total of 35,549 new ordinary shares (the "Warrant Shares") pursuant to the exercise of 31,313 warrants at an exercise price of 25 pence per share and 4,236 warrants at an exercise price of 31 pence per share.

The Second Subscription, the Second Adviser Fee Shares and the Warrant Shares will be issued utilising the Company's existing share authorities. 

Application will be made for the Second Subscription Shares, the Second Adviser Fee Shares and the Warrant Shares to be admitted to trading on AIM and it is expected that admission will take place on or around 15 May 2020 ("Second Admission").

Directors' Shareholdings

Set out below are details of the Directors' interests in Ordinary Shares following Second Admission.

Director	Number of Ordinary Shares	Percentage of issued share capital
Mr. Chunlin Han, Mrs. RenHua Zhang and Dr Yuelong Huang *	45,000,000	14.69
Michael Sinclair & Family	8,135,604	2.66
Mr Michael Bradfield	7,193,240	2.35
Mr Gabriel Urwitz**	6,611,289	2.16
Dr P N Plowman	4,162,804	1.36
Dr Enrico C Vanni	2,546,361	0.83
Mr Nicolas Serandour	1,760,467	0.57
Mr Steve Myers	983,902	0.32
Mr Hans Van Celsing	262,500	0.09

* Liquid Harmony Ltd holds 45,000,000 Ordinary Shares and is represented by Mr. Chunlin Han, Mrs. RenHua Zhang and Dr Yuelong Huang, all Non-Executive Directors.

**Gabriel Urwitz, Non-Executive Director, holds 122,500 Ordinary Shares in his own name. In addition, AB Segulah, of which Mr Urwitz is a Director and shareholder, holds 6,488,789 Ordinary Shares. As a result, AB Segulah and Mr Urwitz will, in aggregate, have a total interest of 6,611,289 Ordinary Shares, equivalent to 2.16 per cent. of the Company's issued share capital.

Total voting rights

Following the Second Admission, the Company will have 306,371,241 ordinary shares of 25 pence each in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of ordinary shares and voting rights will be 306,371,241. This figure may be used by shareholders from the Second Admission 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.

Defined terms used in this announcement shall have the same meaning as in the announcements of 9 April 2020 unless otherwise defined herein.

Advanced Oncotherapy plc	www.avoplc.com
Dr. Michael Sinclair, Executive Chairman	Tel: [phone]
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad & Broker)
Nick Athanas / Liz Kirchner / Nicholas Chambers	Tel: [phone]
FTI Consulting (Financial PR & IR)	[e-mail]
Simon Conway / Rob Winder	Tel: [phone]

Notes for Editors

About Advanced Oncotherapy Plc www.avoplc.com

Advanced Oncotherapy, a UK headquartered company with offices in London, Geneva, The Netherlands and in the USA, is a provider of particle therapy with protons that harnesses the best in modern technology. Advanced Oncotherapy's team "ADAM," based in Geneva, focuses on the development of a proprietary proton accelerator called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's compact configuration delivers proton beams in a way that facilitates greater precision and electronic control.

Advanced Oncotherapy will offer healthcare providers affordable systems that will enable them to treat cancer with innovative technology as well as expected lower treatment-related side effects.

Advanced Oncotherapy continually monitors the market for any emerging improvements in delivering proton therapy and actively seeks working relationships with providers of these innovative technologies. Through these relationships, the Company will remain the prime provider of an innovative and cost-effective system for particle therapy with protons.

 

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