- Convertible loan holders agree to new conversion terms
- Only £34,000 of CLN outstanding
- Estimated net debt of £3.3mn at financial year-end
Sedgefield-based Kromek (KMK:6.65p), a radiation detection technology company, is strengthening its balance sheet by converting almost all its outstanding convertible loan notes (CLNs) into new shares.
Holders of £1.5mn of debt that accrued an interest rate of 8 per cent have converted their loan notes into 23.6mn new shares at an effective conversion price of 6.3p and 7.1p, respectively. The new shares were admitted to trading on 9 February 2024. Two other loan note holders holding £1.2mn of convertible debt have agreed to cancel their loan notes and convert them into 16.5mn new shares at an effective price of 7.5p, subject to shareholders' approval at a general meeting on 4 March 2024.