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From 16th September RNS. It’s just a nominal amount for tax/HMRC purposes and has no bearing on actual value.
“ The Demerger will be implemented by Tiziana declaring a dividend in specie on the Tiziana Shares equal to the book value (of approximately £3.07m) of Tiziana's shareholding in StemPrintER Sciences, the entity within the Tiziana group which holds all of the assets and intellectual property relating to StemPrintER and SPARE and £1.0 million in cash.”
apologies, I didn't recall it being in there, my mistake!
That was always the case Davey. It’s in the Demerger RNS.
Yep good point - but dont forget the human factor for a week or to - a bit like people getting their British Gas shares or when the Building Societies demutualised!
But I doubt it will be any but the week with FOMO amounts of shares - so not to concerned - the pipeline is too important in the medium to long term
Cheers
Sporty
indeed, but the interesting thing for me is the size of capital reduction, which is essentially about 2 pence per Tiziana Ordinary share, so there should be very little impact to the share price the day after the completion date.
Hi Davey
I assume this is just part of the demerger process - dont want people getting fearful as the same Judges do insolvency as well as making legal decisions in relation to the Companies Act 2006,I assume they will have to issue new articles (and potentially shareholders agreements) for TILS in continunance and Accustem as a new business?
Cheers
Sporty
IN THE HIGH COURT OF JUSTICE
BUSINESS AND PROPERTY COURTS OF ENGLAND AND WALES
COMPANIES COURT (ChD)
IN THE MATTER OF TIZIANA LIFE SCIENCES PLC (THE "COMPANY")
AND IN THE MATTER OF THE COMPANIES ACT 2006
NOTICE IS HEREBY GIVEN that on 14 October 2020, a claim form was issued before Her Majesty's High Court of Justice for the reduction of the Company's share premium account by £4,000,000.00 (the "Claim").
AND NOTICE IS FURTHER GIVEN that the Claim is directed to be heard before an Insolvency and Companies Court Judge at the Rolls Building, 7 Rolls Buildings, Fetter Lane, London EC4A 1NL on 27 October 2020.
ANY creditor or shareholder of the Company desiring to oppose the making of an order for the confirmation of the reduction of the share premium account of the Company should appear at the time of the hearing in person or by counsel for that purpose.
A copy of the Claim will be provided to any such person requiring the same by the undermentioned firm of solicitors on payment of the regulated charge for the same.
Dated this 16 October 2020.
Orrick Herrington & Sutcliffe (UK) LLP, 9th Floor, 107 Cheapside, London EC2V 6DN.
(Ref: EL:45841.3)
Solicitors for the Company.
what does it say? Need an account ...
http://announcements.telegraph.co.uk/other/244996/cr-2020-003627
In theory this equates to approx 2.1 pence per share