Fundraising

RNS Number : 0319W
Byotrol PLC
20 December 2013
 



Byotrol plc

 

Fundraising

 

Byotrol plc ('Byotrol' or the 'Company'), the developer of anti-microbial hygiene technologies, is pleased to announce that it has today completed a fundraising of £380,000 (the 'Fundraising') by the issue of convertible loan notes ("Loan Notes") to new and existing investors in the Company. The proceeds of the Fundraising will be used to advance the restructuring of the group (as outlined in the Company's interim results released on 19 November 2013) and to support growth initiatives across the business.

 

The Loan Notes have a term of three years, are senior in ranking, unsecured and convertible at investors' option into ordinary shares in the capital of the Company ("Ordinary Shares") at a price of 5.46p per Ordinary Share.  The Loan Notes carry a coupon of 10% per annum, payable quarterly in arrears. 

 

Based on the issue size of £380,000, the Loan Notes would, if converted, represent approximately 6,959,700 Ordinary Shares, amounting to 3.79% of the current issued share capital of the Company

 

The following directors of Byotrol plc have participated in the Fundraising:

 

Name

Loan Notes subscribed for

Number of Ordinary Shares to be issued if Loan Notes are converted

 

Existing number of Ordinary Shares held

Percentage  holding following conversion of the Loan Notes

Ralph Kugler

£50,000

915,750

1,787,090

1.42%

David Traynor

£50,000

915,750

4,280,001

2.73%

Till Medinger

£30,000

549,450

593,854

0.60%

Nicholas Martel

£50,000*

915,750

**18,693,513

10.30%

 

* non-beneficial subscription

** includes a non-beneficial interest in 17,693,513 Ordinary Shares

 

Their participation constitutes a related party transaction for the purpose of the AIM Rules for Companies.  The independent director of the Company, Duncan Grosvenor, having consulted with the Company's nominated adviser, finnCap, considers the terms of the Fundraising to be fair and reasonable insofar as the Company's shareholders are concerned.

 

Commenting on the fundraising, David Traynor, Chief Executive of Byotrol, said:

 

"These funds will allow us to further develop our plans to create a stronger Byotrol. We are currently performing to plan and are now able to start looking at growth from our new, leaner base.  "

 

Enquiries:

 

Byotrol plc

01925 742000

David Traynor, Chief Executive


Duncan Grosvenor, Finance Director




finnCap Ltd

020 7220 0500

Nominated Adviser and broker


Geoff Nash/Christopher Raggett

Simon Starr (Corporate Broking)


 

 

Notes to Editors:

 

Byotrol plc (BYOT.L), quoted on AIM, is a leading anti-microbial technology company, operating globally in the Health, Food, Leisure, Consumer, Industrial and Agriculture sectors, providing a low toxicity product with a broad-based and long lasting efficacy across all microbial classes; bacteria, viruses, fungi, moulds and algae.

 

The Byotrol product can be used as a stand-alone product or as a complementary biocide additive to existing products to improve their performance in personal hygiene, domestic and industrial disinfection, odour control, food production and food management.

 

Founded in 2005, the Company has prioritised the development of a technology that creates easier, safer and cleaner lives through partnering with providers of essential goods and services.  Byotrol is the catalyst behind the aptly named global 'Hygiene Revolution'.

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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