News

Result of Special Meeting
28 March 2013

THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, IN, INTO OR FROM JAPAN, CANADA OR AUSTRALIA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A BREACH OF THE RELEVANT SECURITIES LAWS OF SUCH JURISDICTION.

Further to the announcement dated 18 March 2013, TyraTech, Inc. (AIM: TYR and TYRU), a natural life sciences company, is pleased to announce that at the Special Meeting held earlier today, each of the resolutions as set out in the notice of Special Meeting was duly passed. Accordingly, the Fundraising (as defined in the circular dated 18 March 2013) is now unconditional save for admission.

Accordingly, the Company has approved, subject only to Admission, the issue of 60,000,000 new common shares in the capital of the Company of $0.001 each (the "New Common Shares") at 5 pence per share to the investors participating in the Fundraising.

Separately, the Company has issued a further 600,000 new common shares of $0.001 each (the "Further New Common Shares") at 5 pence per share, as part of a pre-existing third-party consultancy agreement.

Application has been made to the London Stock Exchange for the New Common Shares and the Further New Common Shares to be admitted to trading on AIM ("Admission"). It is now expected that Admission and the commencement of dealings will take place at 8 a.m. on 3 April 2013.

Following Admission, the Company will have 168,776,305 common shares of $0.001 each ("Common Shares") in issue, of which 1,084,413 will continue to be held in Treasury. Therefore, the total number of voting rights in the Company will be 167,691,892 ("Total Voting Rights"). The number of restricted Common Shares trading under TIDM 'TYR' following Admission will be 141,474,936 and the number of unrestricted Common Shares trading under TIDM 'TYRU' following Admission will be 27,301,369.

Furthermore, following Admission, the directors of the Company will hold the following number of Common Shares:

	Subscription pursuant to the Fundraise	Total Common Shares held following Admission	Resulting % of Total Voting Rights
Alan Reade	2,000,000	9,811,358	5.85%
Bruno Jactel	700,000	1,365,204	0.81%
Kevin Schultz	Nil	Nil	Nil
Barry Riley	200,000	2,455,556	1.46%
James Hills	200,000	565,500	0.34%

In addition, the directors are interested in the following options over Common Shares:

	Options held over Common Shares in the Company	Option exercise price	Expiry date
Alan Reade	550,000	£0.105	4 February 2020
	995,125	£0.12	20 October 2020
	1,000,000	£0.06	25 April 2022
	100,570	£0.12	6 March 2022
Bruno Jactel	500,000	£0.06	1 January 2023
	500,000	£0.12	1 January 2023
	500,000	£0.15	1 January 2023
Kevin Schultz	200,000	£0.12	20 October 2020
	100,000	£0.06	25 April 2022
Barry Riley	200,000	£0.12	20 October 2020
	350,000	£0.06	25 April 2022
James Hills	200,000	£0.12	20 October 2020
	350,000	£0.06	25 April 2022

American Vanguard Corporation, the parent company of AMVAC Chemical Corporation and, the Company's partner in its Envance Technologies joint venture, has subscribed for 49,400,000 of the New Common Shares. Following Admission, American Vanguard Corporation will hold 29.46% of the Company's Total Voting Rights. American Vanguard Corporation also holds 10,000,000 warrants in the Company (the "Warrants"). If American Vanguard Corporation were to exercise the Warrants in full, it would hold 31.73% of the Company's Total Voting Rights on a fully diluted basis (i.e. assuming exercise in full of all outstanding options held by directors and staff and of the Warrants).

 

For further information please contact:

TyraTech Inc. Alan Reade, Executive Chairman Bruno Jactel, Chief Executive Officer	Tel: +1 919 415 4310 Tel: +1 919 415 4280
N+1 Singer, Nominated Adviser and Joint Broker Aubrey Powell / Alex Wright	Tel: +44 20 7496 3000
First Columbus LLP, Joint Broker Chris Crawford	Tel: +44 20 3002 2070
Walbrook, Financial PR and IR Bob Huxford / Paul Cornelius / Guy McDougall	Tel: +44 20 7933 8780

 

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