Tiziana Life Sciences PLC - London-based biotechnology company - Formally starts strategic plan to change its corporate structure by establishing Tiziana Life Sciences Ltd, a Bermuda-incorporated company, as the ultimate parent company of the Tiziana group.
Shares will be swapped for shares in the new parent company, which will then be listed in the US on Nasdaq. As a result, Tiziana shares will be delisted in London. The scheme is conditional on shareholder approval at an upcoming general meeting and a sanction from the Companies Court of England and Wales.
"The interests of its business and shareholders are best served by aligning the place of the listing with the principal business activities of the Tiziana group, which are predominately based in the US," company explains.
Current stock price: 53.30 pence, down 8.1%
Year-to-date change: down 42%
By Dayo Laniyan; dayolaniyan@alliancenews.com
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