Requisition of General Meeting - Update

RNS Number : 7153D

Oxford Cannabinoid Tech.Holdings

04 March 2022

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or the "Company")

Requisition of General Meeting - Update

Oxford Cannabinoid Technologies Holdings plc announces that, following discussions with shareholders, it is already in receipt of irrevocable undertakings from holders of 446,632,048 ordinary shares of £0.01 each in the issued share capital of the Company ("Ordinary Shares"), representing approximately 46.5 per cent. of the issued share capital of the Company, to vote AGAINST the resolutions proposed by GHS Capital Limited ("GHS Capital") in its letter requisitioning a general meeting of the Company, as announced on 18 February 2022.

GHS Capital is the holder of 78,146,151 Ordinary Shares, representing approximately 8.14 per cent. of the issued share capital in the Company.

Given the above, and with the objective of saving administrative costs, the Company invited Mr Sathianathan, in his capacity as Chairman, CEO and Director of GHS Capital, to withdraw the requisition. Mr Sathianathan has not responded to such invitation and consequently the Company will publish a full circular, including a notice of general meeting (expected to be held on 06 April 2022), in due course.

Shareholders are advised to take no action at this time.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018).

The Directors of the Company accept responsibility for the content of this announcement.

Enquiries:

Oxford Cannabinoid Technologies Holdings plc Dr John Lucas (CEO) Clarissa Sowemimo-Coker (COO)	[phone] [e-mail]   [e-mail]
Cairn Financial Advisers Emily Staples Jo Turner	[phone] [phone]
Walbrook PR Limited Paul Vann Nicholas Johnson Harbor Access LLC Jonathan Paterson Richard Leighton	[phone] [phone] [e-mail] [phone] [e-mail]

About Oxford Cannabinoid Technologies Holdings Plc :

Oxford Cannabinoid Technologies Holdings plc is the holding company of Oxford Cannabinoid Technologies Ltd, a pharmaceutical company developing prescription cannabinoid medicines for approval by key medicines regulatory agencies worldwide and targeting the U$ multi-billion pain market (together the "Group"). Cannabinoids are compounds found in the cannabis plant that have been shown to have a range of therapeutic effects on the body, including pain relief. The Group has a clearly defined path to commercialisation, revenues and growth. The Group is developing drug candidates through clinical trials to gain regulatory approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe them with confidence.

The Group's portfolio aims to balance risk, value and time to market, whilst ensuring market exclusivity around all its key activities. The Group's lead compound, OCT461201, is a highly potent and selective CB2 agonist and is being developed by OCT in a solid oral dosage form. OCT is conducting pre-clinical testing and development with pre-clinical trials scheduled for 2022. The Group's product pipeline also uses a balanced drug product strategy that employs both natural and synthetic compounds for the treatment of rare diseases and includes chemically modified phytocannabinoids with improved drug-like characteristics and a proprietary library of cannabinoids.

OCTP operates a partnership model with external academic and commercial partners.

 

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