Novacyt to settle debt repayments early following cash generation

Wed, 3rd Jun 2020

Anglo-French diagnostics company Novacyt said it would settle €7m of principal debt with Harbert European Growth Capital and Vatel Capital by the end of June. The early settlement of the HEGC loan would be funded from existing cash resources. Vatel, meanwhile, had exercised a right to request conversion of all outstanding debt into new Novacyt shares at a fixed conversion price of €0.70 each. 'We are pleased to announce early settlement of all of Novacyt's outstanding debt obligations, which has been made possible due to the company's strong cash generation so far in 2020,' chief executive Graham Mullis said. 'With significant order commitments and raw materials acquired for our Covid-19 test, and expected revenues from new products, we expect strong cash generation to continue.' At 9:17am: (LON:NCYT) Novacyt S.A share price was +4p at 310p Story provided by StockMarketWire.com

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