Completion of Convertible Loan Note Fundraising
28 July 2022
Byotrol plc
("Byotrol" or the "Company")
Completion of Convertible Loan Note Fundraising
Byotrol plc (AIM: BYOT), the developer of anti-microbial hygiene technologies, is pleased to announce that it has completed a fundraising of £1,000,000 (the "Fundraising") by the issue of convertible loan notes ("Loan Notes") to new and existing investors in the Company, including Board directors. The net proceeds of the Fundraising will be used to underpin the growth initiatives of the Company, including to finance ongoing regulatory approvals in the UK and EU.
The Loan Notes have a term of five 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 3.25 pence per Ordinary Share, representing a 30% premium to the mid-price of the Company's share price at close of business on 26 July 2022. The Loan Notes carry a coupon of 9% per annum, payable quarterly in arrears.
Based on the issue size of £1,000,000, the Loan Notes would, if converted, represent approximately 30,769,230 Ordinary Shares, amounting to 6.8% of the current issued share capital of the Company
The following directors and PDMRs of Byotrol (the "Participating Directors") have participated in the Fundraising:
|
Name |
Position |
Loan Notes Subscribed For |
Number of Ordinary Shares to be issued if Loan Notes are Converted |
Existing number of Ordinary Shares Owned |
Percentage holding following conversion of the Loan Notes |
|
D Traynor |
Chief Executive Officer |
£50,000.00 |
1,538,461 |
9,935,297 |
2.37% |
|
C Sedwell |
Chief Financial Officer |
£50,000.00 |
1,538,461 |
Nil |
0.32% |
|
V Pinto |
Chief Growth Officer |
£100,000.00 |
3,076,923 |
300,000 |
0.70% |
|
S Gogarty |
Non-Executive Director |
£100,000.00 |
3,076,923 |
Nil |
0.63% |
|
T Francis |
Non-Executive Director |
£200,000.00 |
6,153,846 |
4,470,214 |
2.19% |
Their participation constitutes a related party transaction for the purpose of the AIM Rules for Companies. The AIM rules require there to be an independent director of the Company to consider the terms of the Loan Notes on behalf of the shareholders; John Langlands (Chairman), having consulted with the Company's nominated adviser finnCap considers the terms upon which the Participating Directors are participating in 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 Byotrol to continue investing in its growth plans, without accessing equity markets at current low levels and without offering the high interest rates and levels of security currently being sought by debt investors and banks. The high level of participation by the Directors confirms the Directors' continued confidence in the future of the Company."
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.
For further Information visit www.byotrolplc.com , follow on twitter @byotrol or contact
|
Byotrol Plc |
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David Traynor - Chief Executive Officer |
+44 (0)1925 742 000 |
|
Chris Sedwell - Chief Financial Officer |
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finnCap Limited (Nominated Adviser and Broker) |
+44 (0)20 7220 0500 |
|
Geoff Nash/James Thompson - Corporate Finance |
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Richard Chambers - ECM |
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|
|
Flagstaff Strategic and Investor Communications |
+44 (0)20 7129 1474 |
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Tim Thompson/Andrea Seymour/Fergus Mellon
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Notes to Editors:
Byotrol plc (BYOT.L), quoted on AIM, is a leading infection prevention and control company, operating globally in the animal health, human health, facilities management, and consumer sectors.
Byotrol develops unique antimicrobial technologies for use on surfaces, skin and instruments, which it then commercialises through market-leading distribution partners in each sector.
Byotrol's antimicrobial technologies can be licensed for use in leading brands, to significantly improve their product claims, while reassuring consumers and end-users of their efficacy and quality.
Founded in 2005, the Company develops technologies and products with the aim of providing easier, safer and cleaner lives for everyone.
The below notification is made in accordance with the requirements of the EU Market Abuse Regulation.
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1. |
Details of the person discharging managerial responsibilities/person closely associated |
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a) |
Name: |
David Traynor |
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2. |
Reason for the notification |
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a) |
Position/status: |
Chief Executive Officer |
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b) |
Initial notification/Amendment: |
Initial Notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name: |
Byotrol plc |
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b) |
LEI: |
213800AJMTSTIPA59A34 |
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4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of 0.25 pence per share GB00B0999995 |
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b) |
Nature of the transaction: |
Issue of Convertible Loan Notes |
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c) |
Price(s) and volume(s): |
|
||||||
|
d) |
Aggregated information: ·Aggregated volume: ·Price: |
See 4c) above
|
||||||
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e) |
Date of the transaction: |
27/07/2022 |
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f) |
Place of the transaction: |
Off Market Transaction |
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1. |
Details of the person discharging managerial responsibilities/person closely associated |
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|
a) |
Name: |
Chris Sedwell |
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|
2. |
Reason for the notification |
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|
a) |
Position/status: |
Chief Financial Officer |
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b) |
Initial notification/Amendment: |
Initial Notification |
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|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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|
a) |
Name: |
Byotrol plc |
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b) |
LEI: |
213800AJMTSTIPA59A34 |
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|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of 0.25 pence per share GB00B0999995 |
||||||
|
b) |
Nature of the transaction: |
Issue of Convertible Loan Notes |
||||||
|
c) |
Price(s) and volume(s): |
|
||||||
|
d) |
Aggregated information: ·Aggregated volume: ·Price: |
See 4c) above
|
||||||
|
e) |
Date of the transaction: |
27/07/2022 |
||||||
|
f) |
Place of the transaction: |
Off Market Transaction |
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1. |
Details of the person discharging managerial responsibilities/person closely associated |
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a) |
Name: |
Vivan Pinto |
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2. |
Reason for the notification |
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a) |
Position/status: |
Chief Growth Officer |
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b) |
Initial notification/Amendment: |
Initial Notification |
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|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
|
a) |
Name: |
Byotrol plc |
||||||
|
b) |
LEI: |
213800AJMTSTIPA59A34 |
||||||
|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of 0.25 pence per share GB00B0999995 |
||||||
|
b) |
Nature of the transaction: |
Issue of Convertible Loan Notes |
||||||
|
c) |
Price(s) and volume(s): |
|
||||||
|
d) |
Aggregated information: ·Aggregated volume: ·Price: |
See 4c) above
|
||||||
|
e) |
Date of the transaction: |
27/07/2022 |
||||||
|
f) |
Place of the transaction: |
Off Market Transaction |
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|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
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|
a) |
Name: |
Sean Gogarty |
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2. |
Reason for the notification |
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a) |
Position/status: |
Non-Executive Director |
||||||
|
b) |
Initial notification/Amendment: |
Initial Notification |
||||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
|
a) |
Name: |
Byotrol plc |
||||||
|
b) |
LEI: |
213800AJMTSTIPA59A34 |
||||||
|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of 0.25 pence per share GB00B0999995 |
||||||
|
b) |
Nature of the transaction: |
Issue of Convertible Loan Notes |
||||||
|
c) |
Price(s) and volume(s): |
|
||||||
|
d) |
Aggregated information: ·Aggregated volume: ·Price: |
See 4c) above
|
||||||
|
e) |
Date of the transaction: |
27/07/2022 |
||||||
|
f) |
Place of the transaction: |
Off Market Transaction |
||||||
|
1. |
Details of the person discharging managerial responsibilities/person closely associated |
|||||||
|
a) |
Name: |
Trevor Francis |
||||||
|
2. |
Reason for the notification |
|||||||
|
a) |
Position/status: |
Non-Executive Director |
||||||
|
b) |
Initial notification/Amendment: |
Initial Notification |
||||||
|
3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
|
a) |
Name: |
Byotrol plc |
||||||
|
b) |
LEI: |
213800AJMTSTIPA59A34 |
||||||
|
4. |
Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted |
|||||||
|
a) |
Description of the financial instrument, type of instrument: Identification code: |
Ordinary shares of 0.25 pence per share GB00B0999995 |
||||||
|
b) |
Nature of the transaction: |
Issue of Convertible Loan Notes |
||||||
|
c) |
Price(s) and volume(s): |
|
||||||
|
d) |
Aggregated information: ·Aggregated volume: ·Price: |
See 4c) above
|
||||||
|
e) |
Date of the transaction: |
27/07/2022 |
||||||
|
f) |
Place of the transaction: |
Off Market Transaction |
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