News

Exercise of Warrants
01 October 2014

TyraTech Inc. (AIM: TYR and TYRU), a life sciences company focusing on nature-derived insect and parasite control products, has received an exercise notice from American Vanguard Corporation ("AMVAC") to exercise warrants over 6,155,000 common shares of $0.001 each in the Company ("Warrant Shares") at an exercise price of 5p per Warrant Share, raising approximately £307,750. Accordingly, the Company will issue 6,155,000 common shares to AMVAC in settlement of this exercise. The warrants were granted to AMVAC pursuant to a warrant agreement dated 2 April 2013, as amended (the "Warrant Agreement").

The Company intends to apply for admission of the Warrant Shares to trading on AIM ("Admission"). The Warrant Shares will rank pari passu in all respects with the Company's existing common shares. It is expected that Admission will become effective and that dealings in the Warrant Shares will commence at or around 8.00 a.m. on 7 October 2014. Following Admission a total of 3,845,000 warrants will remain outstanding pursuant to the terms of the Warrant Agreement, exercisable until 31 May 2015.

Following Admission, the Company will have 262,323,068 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 261,238,655. The number of restricted Common Shares trading under TIDM 'TYR' following Admission will be 167,421,592 and the number of unrestricted Common Shares trading under TIDM 'TYRU' following Admission will be 94,901,476. AMVAC will hold 21.3% of the total voting rights in the Company.

Eric Wintemute, Chairman & Chief Executive Officer of American Vanguard Corporation commented:

"This warrant exercise reflects American Vanguard's firm belief in the continued growth and commercial success of TyraTech. TyraTech's unique technological innovations drive the introduction of safe and effective consumer products for pest control and human health protection. The recent commercialisation of Vamousse® head lice treatments in the United States and United Kingdom and the introduction of Guardian®, a highly-effective, non-DEET mosquito repellent are prime examples of this technical leadership. Expected strong future demand for these human health care products reinforces the attractiveness of our ownership position in TyraTech."

Alan Reade Non-Executive Chairman of TyraTech commented:

"American Vanguard is a highly valued shareholder and business partner. As a shareholder they understand the value proposition that the TyraTech technology platform offers and as a business partner they assist the company in identifying, developing and exploiting opportunities in crop protection and other professional insect control markets via Envance Technologies LLC, our joint venture with AMVAC. In addition to this TyraTech also benefits from the experience and business knowledge Eric Wintermute brings to the Board."

 

For further information please contact:

TyraTech Inc. Alan Reade, Non-Executive Chairman Bruno Jactel, Chief Executive Officer	Tel: +44 7841978709 Tel: +1 919 415 4340
SPARK Advisory Partners Limited, Nominated Adviser Matt Davis / Mark Brady	Tel: +44203 368 3552 Tel: +44203 368 3551
Allenby Capital Limited , Joint Broker Chris Crawford	Tel: +44 20 3328 5656
Whitman Howard Limited, Joint Broker Ranald Mc-Gregor Smith / Niall Devins	Tel: +44 20 7087 4555
Walbrook, Financial PR and IR Bob Huxford /Guy McDougall	Tel: +44 20 7933 8792

 

<< Back to News releases