TILS.L Regulatory News (TILS)

2 Mar 2009 07:00



FOR IMMEDIATE RELEASE

2 March 2009

ReGen Therapeutics Plc

Extraordinary General Meeting

Share Issue Authority

The Board of ReGen Therapeutics Plc ("ReGen" or the "Company") today announces that an Extraordinary General Meeting of the Company is being convened for 11.00am on Thursday 26th March 2009 at the offices of Orrick, Herrington & Sutcliffe, Tower 42, Level 35, 25 Old Broad Street, London EC2N 1HQ.

A circular containing the Notice of Extraordinary Meeting has been posted to Shareholders, and is available on the Company's website: www.regentherapeutics.com

Introduction

The Board announced during January and February 2009, that the Company had raised gross funds of £145,705 through the issue of new Ordinary Shares as a result of a share placing raising £117,705 and the use of the equity drawdown facility raising £28,000. 

The Company was encouraged at the level of demand displayed in its recent share placing, which was oversubscribed. It also noted that the placing was largely with long term investors, which the Company believes has meant that the share price remained stable following the placing. The Company has identified, from the oversubscription and from further conversations, a significant number of potential additional long term investors. The Company is also in detailed discussions for a trade investment from a marketing partner. Therefore to accelerate the Company's development and return to Shareholders, ReGen is seeking to renew Shareholder authority to take in additional investment to strengthen the capital base. 

The Board wishes to be able to be in a position to consider promptly and effect appropriate funding proposals as and when they occur and is therefore now seeking to renew Shareholder authority to be able to issue new Ordinary Shares and/or other securities of the Company to facilitate future fundraisings and/or acquisitions of complementary businesses. The Board are requesting authority to issue up to 6,560,600 new Ordinary Shares for these specific purposes, which represents approximately 33 per cent. of the current issued share capital of the Company.

In addition, the Board is seeking renewal of their general authorities to issue new Ordinary Shares and/or other securities, such general authority being last granted to them at the Extraordinary General Meeting of the Company held on 6 January 2009. The Board are requesting authority to issue up to 994,000 new Ordinary Shares, which represents approximately 5 per cent. of the current issued share capital of the Company.

Other than pursuant to fundraisings and/or business acquisitions and the grant of options pursuant to the Company's option schemes, the Directors have no present intention of using the share issue authorities being sought at the Extraordinary General Meeting, assuming the resolutions are passed.

Extraordinary General Meeting

The grant of general authorities to issue Ordinary Shares and/or other securities of the Company requires Shareholder approval. Accordingly, an Extraordinary General Meeting of the Company is being convened for the purpose of granting the Directors authority to allot Ordinary Shares and to disapply pre-emption rights in connection with such allotments. The Notice of Extraordinary General Meeting, which is to be held on 26th March 2009 at 11.00 a.m. at the offices of Orrick, Herrington & Sutcliffe, Tower 42, Level 35, 25 Old Broad Street, London EC2N 1HQ, is set out in the circular which has been posted to Shareholders.

For further information, please contact:

Percy Lomax

ReGen Therapeutics Plc

Tel No 020 7153 4920

Roland Cornish/Felicity Geidt

Beaumont Cornish

Tel No 020 7628 3396

David Scott/Nick Bealer

Alexander David

Tel No 020 7448 9820