Novacyt announces full recovery and settlement of 40 pending convertible bonds

International specialist in clinical diagnostics Novacyt today announced the full recovery and settlement of the 40 pending convertible bonds under the Yorkville facility agreement, with immediate effect.

Novacyt executed a flexible bond financing instrument in mid-2015 for a maximum of €5m over three years to support the planned growth of the company and by the time of its admission to AIM had drawn down €3.75m.

Of that amount, €0.4m remained unconverted into equity and now the company had agreed to make a full and final repayment of €0.4m to Yorkville in order to redeem all remaining outstanding convertible bonds.

The company also indicated on Thursday that it would make no additional drawdowns against the Yorkville faciklity agreement.

Anthony Dyer, chief financial officer of Novacyt, commented: "We would like to thank Yorkville for their support and flexibility during a transformational stage in the Company's evolution. The funds raised as part of the dual listing on AIM have strengthened our balance sheet, allowing us to redeem a potentially dilutive convertible instrument.

"In addition, this strengthened balance sheet supports the Company along its pathway to sustainable profitability and positive cash flow generation."