TheraVet Announces the Setting up of an Equity-Linked Financing Facility and Updates on Its Financing Strategy
20 Novembre 2023 - 6:00PM
Business Wire
- Subscription of an equity-linked financing facility of up to
€3 million
- Financial conditions limited to a discount (5%) on the share
price: no fees, commissions, exit penalties or expenses and no
warrants
- Taking place in a financing strategy to cover TheraVet's
financial needs until early 2026
Regulatory News:
TheraVet (ISIN: BE0974387194 - ticker: ALVET), a
pioneering company in the management of osteoarticular diseases in
pets, announces the setting up of an equity-linked financing
facility.
This financing facility of up to €3,000,000 takes the form of
convertible bonds issued under the authorized capital and
subscribed by the French company IRIS. They will be subscribed in
tranches of €200,000, then converted into TheraVet shares over
time, over a maximum period of 24 months. The bonds will have a par
value of €2,500 and will be converted into shares at a discount of
5% to the weighted average share price over the previous 15
days.
Apart from this conversion option, no other benefits are
granted to IRIS: no fees, no commissions, no expenses or exit
penalties and no warrants.
This facility is part of a financing strategy designed to
enable TheraVet to cover its financial needs until the first
quarter of 2026, to get through the current period of economic
and financial turbulence. As a reminder, TheraVet's current cash
position of €1.157 million gives it a financial visibility up to
the end of June 2024. An initial facility of €1,000,000 will enable
operations to pursue until the first quarter of 2025. The balance
of the facility, together with the implementation of other
alternative financing solutions, is expected to cover the Company's
needs until early 2026.
A first tranche of €200,000 was immediately subscribed by IRIS.
Subsequent tranches will be subscribed progressively as the
convertible bonds are converted. It is specified that the
Company may terminate this financing facility at any time and at no
cost.
The issuer does not intend to retain the shares resulting from
the conversion of the bonds. They will be sold on the market or in
blocks.
About TheraVet SA TheraVet is a veterinary biotechnology
company specializing in osteoarticular treatments for companion
animals. The Company develops targeted, safe and effective
treatments to improve the quality of life of pets suffering from
joint and bone diseases. For pet owners, the health of their pets
is a major concern and TheraVet’s mission is to address the need
for innovative and curative treatments. TheraVet works closely with
international opinion leaders in order to provide a more effective
response to ever-growing needs in the field of veterinary medicine.
TheraVet is listed on Euronext Growth® Paris and Brussels, has its
head office in Belgium (Gosselies) with a US subsidiary. For more
information, visit the TheraVet website or follow us on LinkedIn /
Facebook / Twitter
Terms and conditions of
operation
Main characteristics of the convertible bonds
Total par value
€1,000,000, extendable up to €3,000,000 at
the request of TheraVet
Maximum number of Convertible
Bonds
400 convertible bonds (1,200 in the
aggregate if extension is required by TheraVet)
Par value
€ 2,500.00 each
Issue date
November 20, 2023
Due dates
Subscription of the convertible bonds
within 24 months from the issuance
Interest rates
Non-interest-bearing Convertible Bonds,
redeemable and callable at the option of the issuer
Term of Convertible Bonds
60 months from the date of issue
Number of tranches - Conditions for
drawing tranches
A maximum of 5 Convertible Bonds tranches
(of € 200,000 each) to be subscribed over a 24-month period.
The 1st drawdown was immediately
subscribed.
Subsequent drawdowns assume full repayment
of the previous tranches.
Conversion
At any time
Conversion rate
5% discount over the volume-weighted
average of the 15 last trading days
Structuration Fee
None
Subscription rights
None
Placement Fee
None
Early redemption at Company's
initiative
Yes, at any time without penalty
Early Redemption at bondholders'
initiative without default by the Company
N.A.
Early Redemption at bondholders'
initiative in the event of default by the Company
Yes, only for the ongoing tranche
Non-conversion premium
N.A.
New Shares
The new shares resulting from the
conversion of the bonds will be
be admitted to listing on the Euronext
Growth market and will be
equivalent to existing shares
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231120234888/en/
TheraVet Chief Operating Officer Sabrina Ena
investors@thera.vet Tel: +32 (0) 71 96 00 43
NewCap Investor Relations and Financial Communications
Théo Martin / Nicolas Fossiez theravet@newcap.eu Tel: +33 (0)1 44
71 94 94
Press Relations Arthur Rouillé theravet@newcap.eu Tel: +33 (0)1
44 71 00 15
NewCap Belgique Press Relations Laure-Eve Monfort
lemonfort@thera.vet Tel: + 32 (0) 489 57 76 52
Grafico Azioni TheraVet (EU:ALVET)
Storico
Da Mar 2024 a Apr 2024
Grafico Azioni TheraVet (EU:ALVET)
Storico
Da Apr 2023 a Apr 2024