REG - Kromek Group PLC - Cancellation of outstanding Convertible Loan Notes

KromekAnnouncement

07/06/2024 09:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240607:nRSG6160Ra&default-theme=true

RNS Number : 6160R  Kromek Group PLC  07 June 2024

7 June 2024

 

Kromek Group plc

("Kromek" or the "Company")

 

Cancellation of outstanding Convertible Loan Notes

 

Further to the Company's announcement of 12 February 2024, which notified the
market of a conversion of Loan Notes and accrued interest by Loan Note holders
(the "Loan Notes"), Kromek (AIM: KMK), a leading developer of radiation and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments, announces that it has since agreed to allot new ordinary shares of 1
penny each ("Ordinary Shares") in the Company to a further Loan Note holder in
consideration for them cancelling their Loan Note that expired on 22 May 2024
(the "Conversion").

 

This final Loan Note holder will cancel their Loan Note, which totals £36k of
debt, including accrued interest, and the Company has agreed to allot 527,092
new Ordinary Shares (the "New Ordinary Shares") in consideration for the Loan
Note being cancelled (the "Cancellation"). This is being done at an effective
price of 6.85 pence per Ordinary Share, being the closing price of the
Company's Ordinary Shares on AIM on 22 May 2024.

 

Following the Cancellation, the Company will have no outstanding Loan Notes.

 

Application will be made to the London Stock Exchange for the New Ordinary
Shares to be admitted to trading on AIM ("Admission") and it is expected that
Admission will become effective and that dealings in the New Ordinary Shares
will commence at 8.00 a.m. on or around 10 June 2024.

 

The New Ordinary Shares will rank pari passu with the existing Ordinary Shares
of the Company. Following Admission, the Company's issued share capital will
consist of 641,546,326 Ordinary Shares, none of which are held in treasury.
Accordingly, the figure of 641,546,326 may be used by shareholders 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.

 

 

For further information, please contact:

 

 Kromek Group plc
 Arnab Basu, CEO                                                        +44 (0)1740 626 060

 Paul Farquhar, CFO

 Cavendish Capital Markets Limited (Nominated Adviser and Broker)        
 Geoff Nash/Giles Balleny/Seamus Fricker - Corporate Finance            +44 (0)20 7220 0500

 Tim Redfern - ECM
 Michael Johnson/Tamar Cranford-Smith - Sales

 Gracechurch Group (Financial PR)
 Harry Chathli/Claire Norbury/Henry Gamble                              +44 (0)20 4582 3500

 

Kromek Group plc

 

Kromek Group plc is a leading developer of radiation detection and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments. Headquartered in County Durham, UK, Kromek has manufacturing
operations in the UK and US, delivering on the vision of enhancing the quality
of life through innovative detection technology solutions.

 

The advanced imaging segment comprises the medical, security and industrial
markets. Kromek provides its OEM customers with detector components, based on
its core cadmium zinc telluride (CZT) platform, to enable better detection of
diseases such as cancer and Alzheimer's, contamination in industrial
manufacture and explosives in aviation settings.

 

In CBRN detection, the Group provides nuclear radiation detection solutions to
the global homeland defense and security market. Kromek's compact, handheld,
high-performance radiation detectors, based on advanced scintillation
technology, are primarily used to protect critical infrastructure and urban
environments from the threat of 'dirty bombs'.

 

The Group is also developing bio-security solutions in the CBRN detection
segment. These consist of fully automated and autonomous systems to detect a
wide range of airborne pathogens.

 

Kromek is listed on AIM, a market of the London Stock Exchange, under the
trading symbol 'KMK'.

 

Further information is available at www.kromek.com (http://www.kromek.com/)
.

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCGIGDLLBGDGSR