EQS-Adhoc
Cytos Biotechnology Ltd Reports the Financial Results of 2014
EQS Group-Ad-hoc: Cytos Biotechnology AG / Key word(s): Final Results
Cytos Biotechnology Ltd Reports the Financial Results of 2014
28.04.2015 / 07:00
Release of an ad hoc announcement pursuant to Art. 53 KR.
The issuer is solely responsible for the content of this announcement.
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Cytos Biotechnology Ltd Reports the Financial Results of 2014
Schlieren (Zurich), Switzerland, April 28, 2015 - Cytos Biotechnology Ltd.
(SIX:CYTN) ("Cytos" or the "Company") today presented its full year 2014
financial results and updated on progresses made to date.
The Company has achieved a number of key steps to date towards elimination
of its debt burden. First, the bondholders meeting held in January 2015
approved the conversion of their bonds into shares with an 84% majority of
all bond holders voting in favor of the conversion. The second step
required was an approval by the Higher Court of the Canton of Zurich which
was obtained in March 2015. The appeal period with the Federal Supreme
Court will end by the end of April 2015 and - unless an appeal is filed -
the application becomes final and binding soon thereafter. In March 2015,
the shareholders have also approved the capital needed to create the shares
used for the exchange of the bonds. As a consequence, the Company expects
that the bonds can be exchanged into shares in the first half of May 2015
(subject to no appeal being filed). With this conversion, about half of the
overall debt as per year-end 2013 will be eliminated.
As with regards to the second half of the debt: the non-subordinated part
of CHF 14.2 million has been repaid at maturity, i.e. on February 10, 2015.
Further, CHF 2 million of the claims of the loan note holders has been
eliminated by converting the same amount into 1'600 convertible bonds. As a
result, a residual subordinated claim of CHF 6 million remains due to date.
Cytos is currently in discussions with the loan note holders regarding the
settlement of theses residual claims. Such agreement is expected to ensure
the continued going concern of Cytos allowing Cytos to potentially acquire
a privately held company with intact projects and/or commercial products
using stock. Such a combined company would have an intact asset base and
potential for value creation for shareholders.
Cytos Biotechnology Ltd Reports the Financial Results of 2014
Schlieren (Zurich), Switzerland, April 28, 2015 - Cytos Biotechnology Ltd.
(SIX:CYTN) ("Cytos" or the "Company") today presented its full year 2014
financial results and updated on progresses made to date.
The Company has achieved a number of key steps to date towards elimination
of its debt burden. First, the bondholders meeting held in January 2015
approved the conversion of their bonds into shares with an 84% majority of
all bond holders voting in favor of the conversion. The second step
required was an approval by the Higher Court of the Canton of Zurich which
was obtained in March 2015. The appeal period with the Federal Supreme
Court will end by the end of April 2015 and - unless an appeal is filed -
the application becomes final and binding soon thereafter. In March 2015,
the shareholders have also approved the capital needed to create the shares
used for the exchange of the bonds. As a consequence, the Company expects
that the bonds can be exchanged into shares in the first half of May 2015
(subject to no appeal being filed). With this conversion, about half of the
overall debt as per year-end 2013 will be eliminated.
As with regards to the second half of the debt: the non-subordinated part
of CHF 14.2 million has been repaid at maturity, i.e. on February 10, 2015.
Further, CHF 2 million of the claims of the loan note holders has been
eliminated by converting the same amount into 1'600 convertible bonds. As a
result, a residual subordinated claim of CHF 6 million remains due to date.
Cytos is currently in discussions with the loan note holders regarding the
settlement of theses residual claims. Such agreement is expected to ensure
the continued going concern of Cytos allowing Cytos to potentially acquire
a privately held company with intact projects and/or commercial products
using stock. Such a combined company would have an intact asset base and
potential for value creation for shareholders.
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