Guildford, UK, 7 August 2013: ReNeuron announced on 22 July 2013 the details of a Placing in which it had conditionally raised proceeds of £25.35 million before expenses.
The Board is pleased to announce that today, at a General Meeting of the Company, shareholders approved all the resolutions by the relevant majorities. Therefore, the Placing is now unconditional, save for the admission of the new Ordinary Shares.
The Company has applied for admission to trading on AIM for both the 29,033,000 new Ordinary Shares to be issued to VCT/EIS investors (the “First Admission”) and the 984,967,000 new Ordinary Shares to be issued to non-VCT/EIS investors (the “Second Admission”). It is expected that First Admission will become effective and dealings will commence at 8.00 a.m. on 8 August 2013 and that the Second Admission will become effective and dealings will commence at 8.00 a.m. on 9 August 2013.
In addition, certain Directors subscribed for new Ordinary Shares pursuant to the Placing. The resultant shareholding of each Director is outlined below.
|Director||Current shareholding||Number of Placing Shares||% holding after Second Admission|
|Dr. John Sinden||1,611,902||600,000||0.124%|
|Dr. Paul Harper||251,709||200,000||0.025%|
|Dr. Tim Corn||nil||200,000||0.011%|
Following Second Admission, the Company will have 1,788,827,700 Ordinary Shares in issue, all with voting rights. The Company holds no Ordinary Shares in treasury. The total number of current voting rights in the Company will therefore be 1,788,827,700 shares.
The above figure (1,788,827,700 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA’s Disclosure and Transparency Rules.
In addition, the Company confirms that Sir Chris Evans will be appointed as a non-executive director of the Company effective on completion of Second Admission.
Capitalised terms in this announcement have the same meaning as in the announcement of 22 July 2013 except where otherwise indicated.
- ReNeuron +44 (0) 1483 302560
Michael Hunt, Chief Executive Officer
Pat Huggins, Head of Finance
- Buchanan +44 (0) 20 7466 5000
Mark Court, Fiona Henson, Sophie Cowles
Cenkos Securities +44 (0) 20 7397 8900
Stephen Keys, Adrian Hargrave (NOMAD and Broker)
Andy Roberts (Sales)
ReNeuron is a leading, clinical-stage stem cell business. Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.
ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered “off-the-shelf” to any eligible patient without the need for additional immunosuppressive drug treatments. ReNeuron’s lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in clinical development. The Company is also developing stem cell therapies for other conditions such as critical limb ischaemia, a serious and common side-effect of diabetes, and blindness-causing diseases of the retina such as retinitis pigmentosa.
ReNeuron has also developed a range of stem cell lines for non-therapeutic applications – its ReNcell® products for use in academic and commercial research. The Company’s ReNcell®CX and ReNcell®VM neural cell lines are marketed worldwide under license by USA-based Merck Millipore.
ReNeuron’s shares are traded on the London AIM market under the symbol RENE.L. Further information on ReNeuron and its products can be found at www.reneuron.com.