Defenx plc Loan draw down & conversion and corporate update (0944T)
18 März 2019 - 8:00AM
UK Regulatory
TIDMDFX
RNS Number : 0944T
Defenx plc
18 March 2019
18 March 2019
Defenx PLC
("Defenx", the "Company" or the "Group")
Final draw down under the BV Tech Loan, associated conversion
notice and corporate update
Defenx Plc (AIM: DFX), the cyber-security software group,
announces that it has now received EUR300,000 following the final
draw down of the unsecured loan of EUR950,000 (the "Loan") provided
by BV Tech S.p.A. ("BV Tech"), the Company's majority shareholder,
as announced on 2 October 2018 (the "Announcement").
The Loan has now been fully drawn. Subsequent to this draw down,
the Company confirms that it has sufficient funds through to the
end of April 2019.
The Company confirms that it is in advanced discussions with BV
Tech with regards to the provision of specific distribution rights
to BV Tech for Defenx's products, in return for which, it is
currently envisaged BV Tech will pay Defenx both a fixed fee
(payable in instalments) and monthly fees. In addition, the Company
is also in discussions with BV Tech regarding the provision of
certain software services by BV Tech to the Group in respect of its
range of new and existing products. However, there can be no
guarantee that agreement will be reached between the parties, in
which case the Company will need to consider other forms of
funding. Further announcements will be made as appropriate.
As detailed in the Announcement, the Loan is convertible, at the
sole discretion of BV Tech, into new ordinary shares of 1.8 pence
each in the Company ("Ordinary Shares") at a price of 8 pence per
share.
The Company has received a conversion notice in respect of the
further draw down and accordingly, 3,267,842 new Ordinary Shares
will be issued to BV Tech pursuant to the conversion notice.
On admission of the new Ordinary Shares, BV Tech will be
interested in 25,964,850 Ordinary Shares, representing
approximately 67.1 per cent. of the Company's then enlarged share
capital.
Admission
Application will be made to the London Stock Exchange for
3,267,842 new Ordinary Shares to be admitted to trading on AIM
pursuant to the conversion. It is expected that admission will
occur at 8.00 a.m. on 22 March 2019.
Following Admission, the Company's total issued share capital
will comprise 38,708,894 Ordinary Shares with voting rights. This
figure 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,
securities of the Company under the FCA's Disclosure Guidance and
Transparency Rules. The new Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares in issue, including
the right to receive all dividends and other distributions
declared.
Enquiries
Defenx PLC
Anthony Reeves - Executive Chairman 020 3198 9414
IFC Advisory (Financial PR and IR)
Tim Metcalfe / Graham Herring / Heather Armstrong 020 3934 6630
Strand Hanson Limited (Nominated and Financial Adviser)
Richard Tulloch / Stuart Faulkner / James Bellman 020 7409 3494
WH Ireland (Broker)
Adrian Hadden 020 7220 1666
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
investors.defenx.com
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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