Proactive Investors - Run By Investors For Investors

WideCells issues 115mln shares as investors converts £115,000 worth of bonds

The European High Growth Opportunities Securitization Fund was issued with bonds in return for lending WideCells money and it has now elected to convert those bonds
pound coins and notes
The European High Growth Opportunities Securitization Fund is now WideCells’ biggest shareholder

WideCells Group PLC (LON:WDC) has issued 115mln new shares to the European High Growth Opportunities Securitization Fund after it elected to convert £115,000 worth of bonds.

The new shares issue also includes a penalty payment of £172,500.

READ: WideCells to draw down £1.36mln under financing agreement

In total, WideCells issued 115mln new shares to repay £287,500 owed to the investor as part of a financing deal reached with previous management last September.

The European High Growth Opportunities Securitization Fund now owns 28.6% of WideCells’ shares. It has previously built up and sold down its holdings.

The conversion comes at a time of change for WideCells, with the recent appointment of David Sefton as its executive chairman, meaning it is likely to pivot away from stem cells.

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

WideCells shares were broadly flat at 0.47p on Thursday.

View full WDC profile View Profile

WideCells Group Timeline

Related Articles

cancer scan
January 03 2019
The company, which owns a piece of software which predicts the effects of drugs on cancers, has recently extended a lucrative agreement with German firm Merck Serono while it has also signed a strategic collaboration with the Medicines Discovery Catapult
November 14 2018
The goal of the program is to extend the visualization extracted from 2D ultrasound images and visualize 4D images
CBD oil
November 15 2018
The company’s technology creates nano-scale emulsion mixtures that allow fluids to mix that normally don’t mix, such as CBD oil and water

© 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