TIDMANA
RNS Number : 4828L
Ananda Developments PLC
06 September 2023
06 September 2023
ANANDA DEVELOPMENTS PLC
("Ananda" or the "Company")
Issue of Convertible Loan Notes
Ananda Developments plc (AQSE: ANA), a company developing
cannabinoid medicines for the treatment of chronic inflammatory
pain conditions, is pleased to announce that it has issued 600,000
of GBP1 each denomination unsecured, interest-bearing convertible
loan notes (the "CLNs").
The issue consists of a total cash investment of GBP300,000
raised from two existing shareholders in the Company and debt
capitalisation of GBP300,000 owed to Charles Morgan, Chairman of
Ananda, pursuant to existing loan agreements (the "Loan
Agreements"). Following the debt capitalisation, the outstanding
unsecured debt owed by Ananda pursuit to the Loan Agreements is
GBP709,000. Charles Morgan has agreed not to call the loans until
after 31 January 2025.
The funding will be used for general working capital purposes
and to pursue further clinical trials into inflammatory pain
conditions.
The key terms of the CLNs are:
-- Interest rate of 15 per cent. per annum, which will accrue for the term of the CLNs
-- The conversion price is the lower of a 20% discount to the
price at which shares are issued in the next capital raising of
GBP1,000,0000 or more or 0.4 pence, with a minimum conversion price
of 0.2 pence
-- Conversion of all CLNs will occur automatically upon the
earlier of 30 November 2025, the listing of the Company on a
different exchange or change of control.
A maximum of 396,750,000 ordinary shares in the Company will be
issued pursuant to the CLNs which would represent 12.12 per cent of
the enlarged issued share capital, assuming no other issue of
shares.
Related Party Transaction
Charles Morgan's subscription of GBP300,000 CLNs is deemed to
constitute a related party transaction for the purposes of the AQSE
Rules (the "Related Party Transaction").
The Directors of the Company who are independent of the
transaction, namely John Treacy, Clive Page, Inbar Pomeranchik and
Stuart Piccaver (the "Independent Directors"), having exercised
reasonable care, skill, and diligence, consider that Related Party
Transaction is fair and reasonable as far as the shareholders of
Ananda are concerned. Melissa Sturgess and Jeremy Sturgess-Smith
recused themselves from the deliberations of the Independent
Directors by virtue of being deemed members of a concert party
which also includes Charles Morgan.
Melissa Sturgess commented: "We are grateful for the support of
the additional funding from existing shareholders which will allow
us to progress our strategy to pursue further clinical trials into
inflammatory pain conditions. The House of Commons Home Affairs
Committee report on Drugs, which was released last week, called for
further government support for clinical trials into cannabinoids
which aligns directly with Ananda's strategy of providing
randomised controlled trial evidence for the use of our MRX1
cannabidiol medicine in the treatment of chronic pain."
To stay abreast of the latest developments at Ananda, we
encourage you to follow our social media channels which are:
-- Instagram: htps://instagram.com/anandadevelopments?igshid=YmMyMTA2M2Y=
-- LinkedIn : htps://www.linkedin.com/company/anadevelopments/
-- Twitter : htps://twiter.com/anandaplc?s=21&t=9yeIC_xYCfzgDn7j26sfuA
-Ends-
The Directors of the Company accept responsibility for the
contents of this announcement.
ANANDA DEVELOPMENTS PLC +44 (0)7463 686 497
ir@anandadevelopments.com
Chief Executive Officer
Melissa Sturgess
Finance Director
Jeremy Sturgess-Smith
SP ANGEL CORPORATE FINANCE LLP +44 (0)20 3470 0470
Corporate Finance
Richard Morrison
Harry Davies-Ball
Corporate Broking
Abigail Wayne
Rob Rees
About Ananda Developments
Ananda is an AQSE-listed company whose ambition is to be a
leading provider of cannabinoid-based medicines for the treatment
of complex, chronic inflammatory pain conditions.
For more information, please visit:
https://anandadevelopments.com/
Market Abuse Regulation (MAR) Disclosure
The information contained within this announcement is deemed by
the Company to constitute inside information. Upon the publication
of this announcement via a Regulatory Information Service, this
inside information is now considered to be in the public
domain.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
-----------------------------------------------------------------------
a) Name Charles Morgan
--------------------- ------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Chairman
--------------------- ------------------------------------------------
b) Initial notification Initial
/Amendment
--------------------- ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer, or auction monitor
-----------------------------------------------------------------------
a) Name Ananda Developments plc
--------------------- ------------------------------------------------
b) LEI 894500DFM8VOC5FW4X47
--------------------- ------------------------------------------------
4 Details of the transaction(s): section to be repeated for
(i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions have
been conducted
-----------------------------------------------------------------------
a) Description
of the financial Unsecured Convertible Loan Notes
instrument,
type of instrument
Identification
code
--------------------- ------------------------------------------------
b) Nature of Purchase of Convertible Loan Notes
the transaction
--------------------- ------------------------------------------------
c) Price(s) Purchase of 300,000 GBP1 Convertible Loan Notes
and volume(s)
--------------------- ------------------------------------------------
d) Aggregated N/A
information
- Aggregated
volume
- Price
--------------------- ------------------------------------------------
e) Date of the 05 September 2023
transaction
--------------------- ------------------------------------------------
f) Place of Off Market
the transaction
--------------------- ------------------------------------------------
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END
NEXLAMLTMTBMBPJ
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