Result of General Meeting

RNS Number : 7904B

ReNeuron Group plc

20 April 2012

 



20 April 2012

AIM: RENE

ReNeuron Group plc

Result of General Meeting

Guildford, UK, 20 April 2012: ReNeuron Group plc ("Company") (LSE: RENE.L)) announced on 3 April 2012 that it had raised up to £9.4 million, before expenses (the "Fundraising"), by means of:

·      a placing (the "Placing"), with new and existing investors, of 134,037,500 new Ordinary Shares of 1 pence each (the "Ordinary Shares") (the "Placing Shares") at a price of 4 pence per new Ordinary Share to raise £5.4 million; and

·      an open offer (the "Open Offer"), of 99,744,494 new Ordinary Shares at a subscription price of 4 pence per Ordinary Share to raise up to approximately £4.0 million.

ReNeuron Group plc today announces that the shareholder approvals necessary to permit the allotment and the issue of the Placing Shares, the Open Offer Shares and the Warrants were given at a General Meeting of the Company held earlier today, where all resolutions proposed were passed by the necessary majorities. 

The Company will grant each investor subscribing for Ordinary Shares in the Placing (but not the Open Offer) a Warrant to subscribe one Ordinary Share (exercisable at a price of 6 pence per Ordinary Share) for each Placing Shares subscribed by that investor.

9,000,000 Placing Shares placed pursuant to the Placing were today allotted, subject only to admission ("First Admission"). Application has been made to the London Stock Exchange for the First Admission Shares to be admitted to trading on AIM.  It is expected that First Admission will become effective and dealings will commence at 8.00am on 23 April 2012.

3,125,000 Placing Shares placed pursuant to the Placing were today allotted, subject only to admission ("Second Admission"). Application has been made to the London Stock Exchange for the Second Admission Shares to be admitted to trading on AIM.  It is expected that Second Admission will become effective and dealings will commence at 8.00am on 24 April 2012.

121,912,500 Placing Shares placed pursuant to the Placing were today allotted, subject only to admission ("Third Admission"). Application has been made to the London Stock Exchange for the Third Admission Shares to be admitted to trading on AIM.  It is expected that Third Admission will become effective and dealings will commence at 8.00am on 25 April 2012.

Following Third Admission, the final stage in the Placing, the issued share capital of ReNeuron Group plc shall comprise 757,440,584 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 757,440,584. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

In addition, the Open Offer available to all Shareholders remains open for acceptance until 26 April 2012. The Company plans to announce the results of the Open Offer on 27 April 2012.

Enquiries:

ReNeuron	[phone]
Michael Hunt, Chief Executive Officer
Pat Huggins, Head of Finance
Buchanan	[phone]
Mark Court, Sophie Cowles
Cenkos Securities	[phone]
Stephen Keys, Adrian Hargrave (NOMAD and Broker)
Andy Roberts (Sales)

About ReNeuron

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 peripheral arterial disease, a serious and common side-effect of diabetes, and blindness-causing diseases of the retina.

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.

This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as "should", "expects", "estimates", "believes" or similar expressions. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron's current expectations and assumptions as to future events and circumstances that may not prove accurate.  A number of factors could cause ReNeuron's actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.

 

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