28
October 2024
Kromek Group
plc
("Kromek"
or the "Company")
Financing
Update
Kromek (AIM: KMK), a leading developer of
radiation and bio-detection technology solutions for the advanced
imaging and CBRN detection segments, is pleased to announce that it
has agreed an additional £4.9m secured term loan (the "Additional
Loan"). The Additional Loan is being provided by Polymer N2 Ltd
("Polymer"), an investment vehicle controlled by Dr Graeme Speirs,
a significant shareholder and a current finance provider to the
Company.
The Additional Loan carries the same terms as
the loan facility previously announced on 28 September 2023 and has
a repayment date for the principal sum of 27 March 2025, with an
option to extend for a further 12 months. It carries a fixed
interest rate of 9.5%, which is payable quarterly, and Kromek has
the option to pay the interest through the issue of new ordinary
shares of 1p each in the Company ("Ordinary Shares") at the
trailing 10-day volume weighted average price of the Company's
Ordinary Shares on the date that payment falls due.
Polymer and Dr Speirs hold an aggregate of
86,686,849 Ordinary Shares in Kromek, representing 13.51% of the
issued share capital of the Company.
The Additional Loan with Polymer is
a related party transaction for the purposes of Rule 13 of the AIM
Rules. The Directors, having consulted with the Company's Nominated
Adviser, Cavendish Capital Markets, consider that the terms of the
Additional Loan are fair and reasonable insofar as the Company's
shareholders are concerned.
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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This announcement contains inside
information for the purposes of Article 7 of Regulation (EU)
596/2014 as it forms part of UK
domestic law by virtue of the European Union
(Withdrawal) Act 2018 ("MAR"), and is disclosed in accordance with
the Company's obligations under Article 17 of MAR. The person
responsible for making this announcement on behalf of the Company
is Paul Farquhar, Chief Financial Officer.
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'.