Conversion of Convertible Loan Notes
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Roquefort Therapeutics (LSE:ROQ), the Main Market listed biotech company focused on developing first in class medicines in the high value and high growth immunology and oncology markets, announces it has received notices to convert a total face value of £267,106 convertible loan notes (the "CLNs") resulting in the issue of 6,586,604 new ordinary shares in the Company (the "CLN Shares").
In accordance with the terms of the CLNs, which were issued on 23 May 2024, all accrued interest on the CLNs at a rate of 12.5% per annum is included in the conversion into the Company's ordinary shares of £0.01 each ("Ordinary Shares"). The conversion price of the CLNs is 4.29p, being 90% of the price equal to the 10-day volume-weighted average price calculated backwards from the date, which is three business days prior to the notice of conversion given to the Company.
Following conversion of these CLNs, the Company has CLNs with a face value of £387,894 outstanding.
Director/PDMR Shareholding
The abovementioned notices to convert included notices from directors Stephen West, Ajan Reginald and Darrin Disley, as follows:
| Director | CLN Face Value | CLN Shares | Total Ordinary Shares Held After CLN Shares Issued |
|---|---|---|---|
| Stephen West | £28,158 | 694,352 | 6,310,853 |
| Ajan Reginald | £26,316 | 648,930 | 12,311,981 |
| Darrin Disley | £21,053 | 519,149 | 2,015,050 |
Admission and Total Voting Rights
Application will be made for the CLN Shares to be admitted to trading on the London Stock Exchange's Main Market for listed securities, which is expected to occur on or around 12 November 2024 ("Admission"). The CLN Shares will rank pari passu in all respects with the Company's existing Ordinary Shares.
Following Admission, the Company's issued share capital will comprise 135,736,602 Ordinary Shares in issue, with each share carrying the right to one vote. The Company does not hold any Ordinary Shares in treasury. The figure of 135,736,602 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or of a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
Regulatory Information
| a) | Name | Stephen West | |
| 2 | Reason for the notification | ||
| a) | Position/status | Executive Chairman | |
| b) | Initial notification /Amendment | Initial | |
| a) | Name | Roquefort Therapeutics plc | |
| b) | LEI | 254900P4SISIWOR9RH34 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01 par value ISIN: GB00BMDQ2T15 | |
| b) | Nature of the transaction | Conversion of loan notes into 694,352 ordinary shares | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 4.29 pence per share | 694,352 | ||
| d | Aggregated information - Aggregated volume - Price | - 694,352 - 4.29p | |
| e) | Date of the transactions | 7 November 2024 | |
| f) | Place of the transactions | London Stock Exchange (XLON); Main Market | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Ajan Reginald | |
| 2 | Reason for the notification | ||
| a) | Position/status | Chief Executive Officer | |
| b) | Initial notification /Amendment | Initial | |
| a) | Name | Roquefort Therapeutics plc | |
| b) | LEI | 254900P4SISIWOR9RH34 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01 par value ISIN: GB00BMDQ2T15 | |
| b) | Nature of the transaction | Conversion of loan notes into 648,930 ordinary shares | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 4.29 pence per share | 648,930 | ||
| d | Aggregated information - Aggregated volume - Price | - 648,930 - 4.29p | |
| e) | Date of the transactions | 7 November 2024 | |
| f) | Place of the transactions | London Stock Exchange (XLON); Main Market | |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Dr Darrin Disley | |
| 2 | Reason for the notification | ||
| a) | Position/status | Non-Executive Director | |
| b) | Initial notification /Amendment | Initial | |
| a) | Name | Roquefort Therapeutics plc | |
| b) | LEI | 254900P4SISIWOR9RH34 | |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of £0.01 par value ISIN: GB00BMDQ2T15 | |
| b) | Nature of the transaction | Conversion of loan notes into 519,149 ordinary shares | |
| c) | Price(s) and volume(s) | Price(s) | Volume(s) |
| 4.29 pence per share | 519,149 | ||
| d | Aggregated information - Aggregated volume - Price | - 519,149 - 4.29p | |
| e) | Date of the transactions | 7 November 2024 | |
| f) | Place of the transactions | London Stock Exchange (XLON); Main Market |
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