REG - SkinBioTherapeutics - Closure of Convertible Bond Facility

SkinbiotherapeuticsAnnouncement

23/07/2024 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20240723:nRSW3664Xa&default-theme=true

RNS Number : 3664X  SkinBioTherapeutics PLC  23 July 2024

 

SkinBioTherapeutics plc

("SkinBioTherapeutics" or "the Company")

 

Closure of Convertible Bond Facility

Final Conversion Notice and Total Voting Rights

 

23 July 2024 - SkinBioTherapeutics plc, (AIM: SBTX, or the "Company"), the
life science business focused on skin health, announces that it received the
final Conversion Notice on 22 July 2024 from Macquarie ("Macquarie") for
£480,000 of Convertible Bonds from the initial £5.0 million convertible bond
facility announced on 25 January 2024.

The Company has drawn a total of £1,600,000 under the Facility, and will not
be drawing any further funds from the facility, as announced on 28 February
2024.

SkinBioTherapeutics will issue 5,848,620 ordinary shares of £0.01 per share
("Ordinary Shares") at a conversion price of 8.207064p per Ordinary Share.

 

Admission and Total Voting Rights

Application has been made for the 5,848,620 new ordinary shares, which will
rank pari passu in all respects with the existing ordinary shares of the
Company, to be admitted to AIM, which is expected to occur on or around 8.00
a.m. on 26 July 2024 ("Admission"). Upon Admission, the total number of issued
shares and the total number of voting rights in the Company will be
211,210,526.

Existing investors and a new, undisclosed institutional investor have agreed
to purchase the shares directly from Macquarie Bank.

The above figure of 211,210,526 should be used by shareholders in the Company
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 share capital of the Company under the Financial Conduct Authority's
Disclosure Guidance and Transparency Rules.

 

Stuart Ashman, CEO of SkinBioTherapeutics, said:

"We are pleased that the CLN has now come to an end. Having listened to
shareholder sentiment, we made the decision not to use the remainder of the
facility. We have worked to reduce the initial loan note as swiftly as
possible. Whilst the term of the note was designed to span two years, the
entire facility has now been converted within six months of its introduction
and therefore we have halted any further drawdowns. We are grateful for the
support from existing investors and our new institutional investor, which has
enabled us to clear the Convertible Bond facility completely."

-Ends-

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 more information please contact:

SkinBioTherapeutics plc                            Tel: +44 (0) 191 495 7325

 Stuart J. Ashman, CEO

 Manprit Randhawa, CFO

 Cavendish Capital Markets Limited                  Tel: +44 (0) 20 7220 0500

 (Nominated Adviser & Broker)

 Giles Balleny, Dan Hodkinson (Corporate Finance)

 Charlie Combe (Broking)

 Dale Bellis, Tamar Cranford-Smith (Sales)

 Vigo Consulting (financial press)                  Tel: +44 (0) 207 390 0230

 Rozi Morris                                        Tel: +44 (0) 7949 562 668

                           SkinBioTherapeutics@vigo.com

Notes to Editors

About SkinBioTherapeutics plc

SkinBioTherapeutics is a life science company focused on skin health. The
Company's proprietary platform technology, SkinBiotix®, is based upon
discoveries made by the translational dermatology team at the University of
Manchester.

The Company is targeting a number of skin healthcare sectors, the most
advanced of which are cosmetic skincare and food supplements to modulate the
immune system by harnessing the gut-skin axis. In each area
SkinBioTherapeutics plans to exemplify its technology through human studies.
The Company's first product, AxisBiotix-Ps™, a food supplement to address
the symptoms of mild to moderate psoriasis.

The Company listed on AIM in April 2017 and is based in Newcastle, UK. For
more information, visit: www.skinbiotherapeutics.com
(http://www.skinbiotherapeutics.com) and www.axisbiotix.com
(http://www.axisbiotix.com) .

 

Caution regarding forward looking statements

Certain statements in this announcement, are, or may be deemed to be, forward
looking statements. Forward looking statements are identified by their use of
terms and phrases such as ''believe'', ''could'', "should" ''envisage'',
''estimate'', ''intend'', ''may'', ''plan'', ''potentially'', "expect",
''will'' or the negative of those, variations or comparable expressions,
including references to assumptions. These forward-looking statements are not
based on historical facts but rather on the Directors' current expectations
and assumptions regarding the Group's future growth, results of operations,
performance, future capital and other expenditures (including the amount,
nature and sources of funding thereof), competitive advantages, business
prospects and opportunities. Such forward looking statements reflect the
Directors' current beliefs and assumptions and are based on information
currently available to the Directors.

 

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  IOEVLLFLZDLLBBK