25th Mar 2014 13:57
LONDON (Alliance News) - Advanced Oncotherapy PLC said Tuesday that it had agreed with the Bank of Ireland to pay 20 million shares in lieu of GBP1.3 million of mortgaged debt on its Women's Cancer Centre in Folkstone, Kent.
Following this, Bank of Ireland will have a 3.11% stake in the company.
Bank of Ireland will provide additional banking services for the company's Linac Image Guided Hadron Technology proton beam therapy system at its assembly facility in Belfast. Plans are always under way to establish a similar plant in Syracuse, New York.
"Our relationship with Bank of Ireland is very strong and their confidence in us has been shown by this swap of debt for equity and we are looking forward to using the Bank of Ireland for additional banking services going forward," said Chief Executive Michael Sinclair in a statement.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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