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.
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For
further information, please contact:
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Kromek Group plc
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Arnab Basu, CEO
Paul Farquhar, CFO
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+44 (0)1740 626 060
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Cavendish Capital Markets Limited (Nominated Adviser and
Broker)
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Geoff Nash/Giles Balleny/Seamus
Fricker - Corporate Finance
Tim Redfern - ECM
Michael Johnson/Tamar Cranford-Smith
- Sales
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+44 (0)20 7220 0500
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Gracechurch Group (Financial PR)
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Harry Chathli/Claire Norbury/Henry
Gamble
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+44 (0)20 4582 3500
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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'.