Proactive Investors - Run By Investors For Investors

Widecells has issued a further drawdown notice for up to around £1.36mln under a financing agreement

The AIM-listed group also said it had received a notice from the European High Growth Opportunities Securitisation Fund of the exercise of conversion rights for bonds totalling £60,000
Cash
Widecells said the funds will be paid in three tranches, in return for which will it issue bonds which can be converted into shares

Widecells Group PLC (LON:WDC) said on Wednesday that it had issued a further drawdown notice for up to around £1.36mln under a financing agreement with the European High Growth Opportunities Securitisation Fund.

The AIM-listed stem cells group said the funds will be paid in three tranches,  in return for which will it issue bonds which can be converted into shares.

READ: Widecells rises as Anglo African's Sefton takes charge

Moreover, Widecells added, it also received a notice from the European High Growth Opportunities Securitisation Fund of the exercise of conversion rights for bonds totalling £60,000 as well as a £90,000 penalty payment.

The company said it will, therefore, issue 60.0mln new shares to the fund, taking its total share capital to 211.4mln.

The funds draw-down comes as a change in direction looks on the cards for Widecells with the appointment last week of David Sefton as its executive chairman.

Sefton is currently executive chairman at oil explorer Anglo African Oil & Gas PLC (LON:AAOG).

View full WDC profile View Profile

WideCells Group Timeline

Related Articles

Widecells
September 27 2018
WideCells has undertaken a review of the business to deliver a strategy that will generate revenue, reduce overheads and achieve profitability
myLotus testing kit
October 31 2018
The launch at the Fertility Show in London at the start of November is the first step in a switch in focus brought about by new executive chairman Matthew Walls
PT exercises
December 19 2018
The Californian company is a bet on an industry that is in need of transformation

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use