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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
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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.

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WideCells Group Timeline

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April 18 2019

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