Allergy Therapeutics PLC Amendment to existing Facility Agreement (9537X)
27 Décembre 2023 - 1:01PM
UK Regulatory
TIDMAGY
RNS Number : 9537X
Allergy Therapeutics PLC
27 December 2023
Al l er gy Therapeu tics p lc
(" A l l ergy Ther apeut ics", the "Group" or "C o mpany ")
Amendment to existing Facility Agreement
27 December 2023 Allergy Therapeutics plc (AIM: AGY), the
integrated commercial biotechnology company specialising in allergy
vaccines, announces an amended funding agreement and related
warrant instrument.
On 27 December 2023, the Company entered into an amendment (the
"Amended Facility") to the Facility Agreement dated 6 April 2023
with SkyGem Acquisition Limited ("SkyGem") (an affiliate of ZQ
Capital Management Limited ("ZQ Capital") and Southern Fox
Investments Limited ("Southern Fox") (together the "Lenders") as
subsequently amended most recently on 26 September 2023 to be a
GBP15 million uncommitted facility as announced on 27 September
2023.
The Amended Facility provides the Company with a GBP40 million
secured loan facility of which GBP7.5 million is committed and
GBP32.5 million is uncommitted. The Amended Facility is available
to drawdown from 15 January 2024 until 15 January 2026 with
interest payable semi-annually at 12 per cent. per annum and a
repayment date of 15 January 2027.
The Company has also entered into an agreement on 27 December
2023 (the "Warrant Instrument") under which, subject to shareholder
approval, the Company will issue warrants to the Lenders following
each drawdown under the Amended Facility entitling the holders to
subscribe for new ordinary shares at a price of 4 pence per share.
The entitlement to warrants will be 25 warrants for each GBP1 drawn
down under the Amended Facility with a maximum of 1,000,000,000
warrants. The warrants will be exercisable in whole or in part from
1 July 2024 until 15 January 2027.
The Company intends to give notice of a general meeting to
approve the issue of warrants under the Warrant Instrument no later
than 1 July 2024.
Related Party Transaction
The Amended Facility is deemed to be a related party transaction
pursuant to Rule 13 of the AIM Rules for Companies by virtue of ZQ
Capital (together with its affiliates, SkyGem, ZQ Capital and
Zheqing (Simon) Shen) and Southern Fox being substantial
shareholders of the Company (within the meaning of the AIM Rules
for Companies).
The Directors of the Company who are independent of the Amended
Facility, being all of the Directors save for Zheqing (Simon) Shen
and Anthony Parker consider, having consulted with its nominated
adviser Panmure Gordon, that the terms of the Amended Facility are
fair and reasonable insofar as the Company's shareholders are
concerned.
For further information on the Company, please visit the website: www.allergytherapeutics.com .
This announcement contains inside information for the purposes
of the UK Market Abuse Regulations.
For further information, please contact:
Allergy Therapeutics
Manuel Llobet, Chief Executive Officer
Shaun Furlong, Chief Financial Officer
+44 (0)1903 845 820
Panmure Gordon (Nominated Adviser and Broker)
Emma Earl, Mark Rogers, Freddy Crossley, Corporate Finance
Rupert Dearden, Corporate Broking
+44 (0)20 7886 2500
ICR Consilium
Mary-Jane Elliott / David Daley / Davide Salvi
+44 (0)20 3709 5700
allergytherapeutics@consilium-comms.com
Notes for editors:
About Allergy Therapeutics
Allergy Therapeutics is an international commercial
biotechnology company, headquartered in the UK, focussed on the
treatment and diagnosis of allergic disorders, including aluminium
free immunotherapy vaccines that have the potential to cure
disease. The Group sells proprietary and third-party products from
its subsidiaries in nine major European countries and via
distribution agreements in an additional ten countries. Its broad
pipeline of products in clinical development includes vaccines for
grass, tree, house dust mite and peanut. For more information,
please see www.allergytherapeutics.com .
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