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'.

 

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