6th Mar 2019 17:07
LONDON (Alliance News) - WideCells Group PLC on Wednesday said it has issued a further drawdown notice for GBP1.4 million under a financing agreement and has been issued a GBP90,000 penalty payment.
Shares in the stem cell services firm closed down 52% at 0.56 pence on Wednesday.
WideCells' financing deal is with the European High Growth Opportunities Securitisation Fund. The company will issue bonds for the GBP1.4 million which can be converted into shares.
Moreover, WideCells also received a notice from the European High Growth Opportunities Securitisation Fund, which states that it has exercised conversion rights to convertible bonds totalling GBP60,000 as well as a GBP90,000 penalty payment.
WideCells will therefore issue 60.0 million new shares to the fund, taking its share capital to 211.4 million.
On Monday last week, the company announced a large number of board changes, including a new executive chair and the departure of several board members.
Linton Capital LLP founder and managing partner David Sefton has joined the company as executive chair.
Upon his appointment, Sefton said: "We have taken control of the board of the company and are focussed on building a business that generates value for shareholders."
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