RE: 100-200% to be had tomorrow27 Nov 2025 16:04
Applebe:
Group Restructuring
The Company intends to carve out the value of the Lyramid SPA and the MK Cell Out-License for the benefit of existing shareholders and convertible loan holders. In order to facilitate this, the Company has recently undertaken the following restructuring of the Group (the "Group Restructuring"):
a) The entire issued shares of Lyramid have been acquired by Midkine Investments (a 100% owned subsidiary of Roquefort Therapeutics) such that Lyramid is now 100% owned by Midkine Investments; and
b) The rights to the MK Cell program held by Oncogeni Ltd have been novated to Midkine Investments such that Midkine Investments now holds the underlying exclusive worldwide rights to the MK Cell program.
It is the intention of the Company to issue new unlisted redeemable non-voting shares ("Unlisted RNV Shares") to the holders of Roquefort Therapeutics ordinary shares and convertible loan notes listed on the Company's registers as at 30 November 2025. The Unlisted RNV Shares will entitle holders to all commercial benefits from Midkine Investments with the ultimate aim of undertaking an in-specie distribution of the Midkine Investments shares once the balance sheet of the Company permits such an action under the Companies Act.