Capital/Financing Update • Jan 26, 2015
Capital/Financing Update
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Ad-hoc | 26 January 2015 14:23
Cytos Biotechnology AG: Bondholders’ meeting approves conversion of bonds into shares with overwhelming majority
Cytos Biotechnology AG / Key word(s): Miscellaneous
2015-01-26 / 14:23
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
**Media Release
Bondholders’ meeting approves conversion of bonds into shares with overwhelming majority**
– Far more than the required two thirds of the bonds approve the conversion, namely around 84%
– Major hurdle for continued going concern of Cytos taken
– Reduction of the remaining debt by CHF 2 million
Schlieren (Zurich), Switzerland, 26 January 2015 – Cytos Biotechnology Ltd. (“Cytos”) today announced that its bondholders have approved the conversion of the bonds with far more than the required quorum, namely 83.96% of all outstanding bonds eligible for voting. This resolution will be submitted to the superior composition authority of creditors of the canton of Zurich (“Obere Kantonale Nachlassbehörde”) for approval. Cytos will convene a shareholders meeting to create the shares necessary for the conversion. A two third majority of the shares represented will be required at the shareholder meeting for the ordinary capital increase.
In addition, Cytos announced today, that loan notes with a nominal amount of CHF 2 million were exchanged with convertible bonds with a nominal value of CHF 4 million. The applicable price for the convertible bonds of 50% corresponds to the volume weighted average price since the announcement of the restructuring on 6 January 2015. Due to the mandatory conversion of the bonds into newly created shares, the remaining debt of Cytos will be reduced by CHF 2 million.
For further information, please contact:
Cytos Biotechnology Ltd
Harry Welten, MBA
Chief Financial Officer
Tel: +41 44 733 46 46
About Cytos Biotechnology Ltd
Cytos is a public biopharmaceutical company located in Schlieren (Zurich), Switzerland. The Company is listed according to the Main Standard on the SIX Swiss Exchange Ltd under the symbol CYTN.
Forward Looking Statements
This media release contains certain forward-looking statements that involve risks and uncertainties that could cause actual results to be materially different from historical results or from any future results expressed or implied by such forward-looking statements. You are urged to consider statements that include the words “will” or “expect” or the negative of those words or other similar words to be uncertain and forward-looking. Factors that may cause actual results to differ materially from any future results expressed or implied by any forward-looking statements include scientific, business, economic and financial factors, Against the background of these uncertainties, readers should not rely on forward-looking statements. The Company assumes no responsibility for updating forward-looking statements or adapting them to future events or developments.
End of ad hoc announcement
2015-01-26 News transmitted by EQS Schweiz AG. www.eqs.com – news archive: http://switzerland.eqs.com/de/News
The issuer is responsible for the contents of the release.
| Language: | English |
| Company: | Cytos Biotechnology AG |
| Wagistr. 25 | |
| 8952 Schlieren | |
| Switzerland | |
| Phone: | +41 44 733 4747 |
| Fax: | +41 44 733 4740 |
| E-mail: | [email protected] |
| Internet: | www.cytos.com |
| ISIN: | CH0011025217, CH0029060735 |
| Valor: | – |
| Listed: | Freiverkehr in Berlin, München, Stuttgart; Frankfurt in Open Market ; SIX |
| End of News | EQS Group News-Service |
| - - - |
| 316349 2015-01-26 |
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