Result of General Meeting

RNS Number : 1817Q

Belluscura PLC

16 February 2023

 

16 February 2023

Belluscura plc  

("Belluscura", the "Company" or the "Group")  

Result of General Meeting

Belluscura plc (AIM: BELL), a leading medical device developer focused on lightweight and portable oxygen enrichment technology, announces that at the General Meeting held earlier today all the resolutions put to the meeting were duly approved by Shareholders: 

Resolution (*indicates special resolution)	Votes for	% of shares voted	Votes against	% of shares voted
Resolution 1:  To allot Shares re. Loan Notes.	45,373,293	99.94%	25,010	0.06%
Resolution 2*:  To disapply Statutory Pre-Emption Rights re. Loan Notes.	45,373,293	99.94%	25,010	0.06%
Resolution 3*:  To amend Articles of Association re. Article 23 and limit on borrowing powers.	45,373,293	99.94%	25,010	0.06%

The Company is also pleased to confirm that as a result of obtaining Shareholder approval for each of the Resolutions as they relate to the issue of the Convertible Loan Notes through the recent Placing and Broker Option, the Company has raised total gross proceeds of approximately $5.8 million (£4.7 million).

The net proceeds of the Placing and Broker Option will be used to support the Company in delivering on a successful launch of the DISCOV-R product, which is expected to be launched for pre-market evaluation by the end of Q1 2023, with full commercialisation anticipated in the latter part of Q2 2023.

Terms of the Loan Notes  

As previously announced, the key terms of the Loan Notes are:  

Instrument	Convertible Unsecured Loan Notes. The Loan notes will be transferable but will not be listed on a public market
Issue Price	Loan Notes of £1.00 issued at par
Conversion	Convertible into ordinary shares at a price of 50 pence per share.  Conversion at the holder's election on the final business day of each quarter and at maturity
Repayment	On maturity, unless otherwise converted
Term	Three years from date of issue
Coupon	10% per annum, paid annually.  The coupon to be paid in cash or capitalised at the Company's discretion
Minimum size	£1,000
ISIN	GB00BMTXJV75

Capitalised terms used in this announcement shall, unless defined in this announcement or unless the context provides otherwise, bear the same meaning ascribed to such terms in the announcement made by the Company at 12:41 on 27 January 2023 and the Company's Circular.

For further information please contact:

Belluscura plc	Tel: [phone]
Adam Reynolds, Chairman  Robert Rauker, Chief Executive Officer  Anthony Dyer, Chief Financial Officer
SPARK Advisory Partners Limited  (Nomad)	Tel: [phone]
Neil Baldwin
Dowgate Capital Limited  (Broker)	Tel: [phone]
James Serjeant / Russell Cook
MHP  (Financial PR & Investor Relations)	Tel: [phone]
Katie Hunt / Pete Lambie / Matthew Taylor	[e-mail]

 

END

 

 

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