12 February 2024
Kromek Group plc
("Kromek" or the "Company" or the "Group")
Cancellation of
and
Notice of General Meeting
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 further to the announcement of 5 February 2024, in which the Company announced a conversion of Loan Notes and accrued interest (the "Loan Notes") by two Loan Note holders and the consequential admission of 23,639,520 ordinary shares of 1 penny each ("Ordinary Shares") in the Company (the "Conversion"), the Company has since agreed to allot new Ordinary Shares to another two Loan Note Holders in consideration of them cancelling their Loan Notes that were due to expire later this month.
The two further Loan Note holders will cancel their Loan Notes, which total
Following the Cancellation, the Company will only have
Following the allotment and admission of the 23,639,520 Ordinary Shares pursuant to the Conversion, the Company does not have sufficient remaining authorities to allot the New Ordinary Shares pursuant to the Cancellation. Therefore the Cancellation is conditional, inter alia, upon Shareholders approving resolutions at a general meeting that will grant to the Directors the authority to allot the New Ordinary Shares and the power to disapply statutory pre-emption rights in respect of the New Ordinary Shares (the "Resolutions"). A general meeting is to be held at Kromek, NETPark, Thomas Wright Way, Sedgefield, TS21 3FD at 10:00am on 4 March 2024 (the "General Meeting"), where the Resolutions will be proposed.
In addition, the Company has agreed to allot 600,000 new Ordinary Shares in lieu of professional fees due ("Fee Shares").
Application will be made to the London Stock Exchange for the New Ordinary Shares and Fee Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will become effective and that dealings in the New Ordinary Shares and Fee Shares will commence at 8.00 a.m. on or around 5 March 2024 (being the business day following the General Meeting).
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 641,019,234 Ordinary Shares, none of which are held in treasury. Accordingly, the figure of 641,019,234 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.
The Company intends to publish and send a shareholder circular and notice of General Meeting (the "Circular") to Shareholders in connection with the Resolutions on or around 14 February 2024. The Circular will be available from the Company's website (https://www.kromek.com/investor-relations/) once published.
For further information, please contact:
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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
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'.
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