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Thanks for this. 9 month lock-in period by the looks of it. I think others had mentioned this before, but I hadn’t paid attention!
Full details are outlined in the Circular, which will be posted to Shareholders today and will shortly be available, in accordance with AIM Rule 20, here:
https://www.openorphan.com/investors/circulars-and-admission-document
if carlsberg did RNS’s....what a monster this company will be - CATHAL take a bow! first of many jaw dropping news flow to come imho
"I have a feeling it might be another good day today! ;-)"
err... yes - me too! :-)
And not asleep - just taken a while to read through the detail. Very exciting - and the lead in times to both the announcement of shares and the end of the trading lock-in should bring good stability.
This looks to have been very well considered.
Looking especially at:
"HVO-001 is an orally available, small molecule immunomodulator drug with potential as a treatment for severe influenza and symptoms requiring treatment in hospital with the drug unaffected by viral heterogeneity. It has the potential to treat a broad range of serious unmet needs in patients suffering from severe and fatal respiratory disease."
("unmet need" = "Covid"?)
"the Directors intend on conducting initial market soundings"
(IMHO - this has been done behind the scenes already. You don't release an RNS like this unless you are very confident all the pieces are in place").
Going to be a very interesting day. GLA - happy Tuesday
I have a feeling it might be another good day today! ;-)
What an RNS that is!
Is everyone asleep?!
Open Orphan plc
("Open Orphan" or the "Company")
Potential demerger of certain non-core assets
Proposed Capital Reduction, Distribution in Specie and notice of General Meeting
Open Orphan plc (AIM: ORPH), a rapidly growing specialist pharmaceutical services clinical research organisation (CRO) and a world leader in vaccine and antiviral testing using human challenge clinical trials, announces that it is at an advanced stage in planning for a possible spin-out of certain non-core Development IP Assets. These Development IP Assets are a portfoilio of intellectual property and development assets, including HVO-001 which has potential application in the treatment of respiratory disease. These do not include the equity interests in Imutex Limited and PrEP Biopharm Limited.
The Board believes that to maximise shareholder value that the Development IP Assets are best developed separately from the core services business. Furthermore, such a spin-out transaction could provide the opportunity to secure separate financial resources for these assets, to enable accelerated development of these assets and achievement of commercial milestones. A spin-out transaction would also allow Shareholders to benefit from both the value of the development assets and the standalone value of the core services business, as they progress through their own key milestones.
To this end, a circular (a "Circular") is being sent to shareholders today providing background to, details of and reasons for, a proposed Reduction of Capital and Distribution in Specie, to facilitate the possible spin-out and admission to AIM of the Company's non-core Development IP Assets. The reduction in capital will also allow for the Company to pay dividends and distributions to shareholders should the Board deem it appropriate in the future.
The Board has decided to take the necessary preliminary steps in preparation for a potential spin-out, including incorporating a new subsidiary, further details of which are outlined in the Circular. The Company has decided to proceed in obtaining the approvals necessary for the Reduction of Capital and the Distribution in Specie which are required to implement the demerger. Notwithstanding that the Company is seeking the necessary approvals for the Reduction of Capital and the Distribution in Specie now, these considerations remain at an early stage, and there can be no guarantee that the Reduction of Capital and/or the Distribution in Specie will be completed. HMRC advance clearance for the Demerger has been successfully obtained so any distribution would be exempt for income tax purposes and have no capital gains implications for UK shareholders. Further announcements will be made at the appropriate time.