This announcement contains Inside Information as stipulated under the UK version of the Market Abuse Regulation No 596/2014 which is part of English law by virtue of the European (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain
1 September 2022
TECC Capital Plc
(“TECC” or the "Company")
Subscription for a further £200,000 Convertible Loan Notes in EDX Medical Limited
Further to its announcement on 26 July 2022, TECC Capital plc (AQSE: TEC), the special purpose acquisition company established to identify and acquire a business developing and/or supporting the application of technology in an innovative sector, is pleased to announce that it has agreed to subscribe for a further £200,000 of Convertible Loan Notes (“CLNs”) of £1 each in EDX Medical Limited (“EDX”).
As announced on 26 July 2022, TECC agreed to subscribe for £300,000 of CLNs (“1st CLNs”) in EDX. This additional subscription for £200,000 of CLNs (“2nd CLNs”) is made on the same terms and conditions as the 1st CLNs. A summary of those key terms are set out below:
Should the CLNs convert, they will do so following the acquisition of the entire issued share capital of EDX by TECC by way of a reverse takeover transaction under the AQSE Access Growth Market Rules (“Reverse Takeover”) at a subscription price expected to be at a discount to the price per EDX ordinary share expected to be paid on completion of a Reverse Takeover.
The repayment of the CLN’s has been guaranteed by the founder and majority shareholder of EDX Professor Sir Christopher Evans in the event that a Reverse Takeover does not succeed.
Sir Chris Evans and Dr Mike Hudson, who together have a controlling interest in EDX, have also signed irrevocable undertakings to negotiate a Sale and Purchase Agreement (“SPA”) subject the completion of satisfactory due diligence and certain terms being agreed.
The CLN’s funding will assist EDX’s digital diagnostics rapid expansion and growth.
There is no guarantee that the terms of an SPA will be agreed or that a Reverse Takeover transaction will conclude.
Background information on EDX Medical Limited was set out in the Company’s announcement on 26 July 2022.
John Taylor, Executive Director of TECC Capital Plc said:
“We are very impressed with the EDX Medical business and are more than happy to advance further funding by way of the 2nd CLNs. During our recent site visit to the EDX facility in Cambridge we saw how EDX is striving to be at the forefront of the digital diagnostics sector. We continue to work diligently towards a Reverse Takeover and will update the market in due course on progress on that transaction.
The Directors of the Company accept responsibility for the contents of this announcement.
TECC Capital plc
+44 (0)20 7469 0930
AQSE Growth Market Corporate Advisor
+44 (0)20 3475 1847
EDX Medical Limited
+44 (0)207 710 0020