REG - Kromek Group PLC - Conversion of £1.5m of Convertible Loan Notes

KromekAnnouncement

05/02/2024 10:30

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RNS Number : 0345C  Kromek Group PLC  05 February 2024

5 February 2024

Kromek Group plc

("Kromek" or the "Company" or the "Group")

 

Conversion of £1.5m of Convertible Loan Notes

 

Kromek Group plc (AIM: KMK), a leading developer of radiation and
bio-detection technology solutions for the advanced imaging and CBRN detection
segments, announces that two holders of the convertible loan notes ("Loan
Notes") issued in August 2022 have elected to convert them into new ordinary
shares of 1 penny each in the Company ("Ordinary Shares") at conversion prices
of 6.3 pence and 7.1 pence, per Ordinary Share.

 

Including accrued interest, the Loan Note holders are converting £1,509,211
of debt into 23,639,520 new Ordinary Shares and accordingly these new Ordinary
Shares have been issued and allotted by the board.

 

The issue prices of 6.3 and 7.1 pence per new Ordinary Share represent the
closing price of the Company's Ordinary Shares on AIM on 31 January 2024 and 2
February 2024, respectively, being the repayment date of the convertible loan
note facilities.

 

Application has been made for the 23,639,520 Ordinary Shares to be admitted to
trading on AIM and dealings are expected to commence on or around 8.00 a.m. on
9 February 2024 ("Admission").

 

The new Ordinary Shares will rank pari passu with the existing shares of the
Company. Following Admission, the Company's issued share capital will consist
of 623,886,340 Ordinary Shares, none of which are held in treasury.
Accordingly, the figure of 623,886,340 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 (including CT and SPECT),
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 defence and security market. Kromek's compact, handheld,
high-performance radiation detectors, based on advanced scintillation and
solid-state readout technology, are primarily used to protect critical
infrastructure, events, personnel 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'.

 

 

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