Avacta Group (AIM:AVCT), the AIM-listed clinical-stage oncology company, has settled an accelerated amortisation payment of £3.67 million on its convertible bond after receiving an acceleration notice from the bondholder.
The payment covers the January quarterly instalment that had been deferred, comprising £2.4 million in principal plus associated interest and fees accrued during the deferral period.
The company elected to settle in cash rather than through conversion, and the payment reduces the remaining principal balance on the convertible bond to £16.8 million.
The deferred instalment was most recently referenced in a financing announcement dated 5 June.
