Company: IMCR
Filing Date: 2025-03-17
Form Type: 424B7
Source: 0001140361-25-008917
Chunk: 56

Company: Immunocore Holdings plc
Filing Date: 2025-03-17
Form: 424B7
Chunk 56
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 shares (equivalent to 26,382,937 ordinary shares) previously have been issued or been the subject of grants made under this authority, including in respect of the issuance of the Notes in February 2024. To the extent we do not have sufficient shareholder authority to issue ordinary shares represented by ADSs at the time any holder elects to convert its notes, we would be required to settle such conversion (or the relevant portion thereof) in cash as set forth below. The indenture requires us to maintain at all relevant times the ability to allot and issue, free of pre-emptive rights and in accordance with all applicable laws, ordinary shares for the purpose of enabling us to satisfy our obligation to issue all of the ordinary shares that may be due upon conversion of the notes (including in connection with a make-whole fundamental change, notice of optional redemption or notice of tax redemption). We will notify in writing all holders of notes and the trustee within one business day of the occurrence of any deficiency in our shareholder authority to issue ordinary shares representing the ADSs underlying all of the outstanding notes.

If the number of ordinary shares represented by the ADSs deliverable to settle a conversion of notes would exceed the allotment share cap, we will, on the third business day immediately following the last trading day of the relevant observation period, pay cash in lieu of delivering ADSs representing any ordinary shares in excess of the applicable allotment share cap equal to the number of such excess ordinary shares multiplied by the average of the daily VWAPs on each trading day of the observation period. In the event that the foregoing requirement to pay cash applies, we will so notify in writing the converting holder, the trustee and the conversion agent (if other than the trustee) no later than the close of business on the trading day immediately following the conversion date, which notice will specify the number of such excess ordinary shares that will be subject to such payment of cash in lieu of delivery.

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The number of ADSs subject to cash settlement pursuant to this paragraph in respect of any conversion shall be subject to adjustment as if such number were the “conversion rate” for purposes of the adjustments set forth under the caption “—Conversion Rate Adjustments” below.

For the avoidance of doubt, the delivery of any ADSs required to be delivered by us after giving effect to the operation of this provision must occur by the deadline specified for delivering ADSs under the caption “—Settlement upon Conversion”.

The “daily