Last checked at 15 May 2015 14:45
ValiRx Plc
('ValiRx' or the 'Company')
RESULT OF ANNUAL GENERAL MEETING AND CAPITAL REORGANISATION
London, UK, 15 May 2015 - ValiRx Plc (AIM: VAL), a life science company with a focus on cancer therapeutics and diagnostics for personalised medicine, announces that at its Annual General Meeting (the 'AGM') held earlier today, all resolutions were duly passed.
In addition to the usual business dealt with at the AGM, the Company also sought shareholder approval for a consolidation and sub-division of its share capital (the 'Capital Reorganisation'), details of which were set out in the circular sent to shareholders on 22 April 2015, which is available from the Company's website at www.valirx.com. A summary of the Capital Reorganisation was also announced by the Company on 22 April 2015.
Following the passing of the resolutions required to effect the Capital Reorganisation at the AGM today, conditional on Admission (defined below), every 125 existing ordinary shares of 0.1p each ('Existing Ordinary Shares') will be consolidated into one consolidated ordinary share of 12.5p each ('Consolidated Share'). Immediately afterwards, each of the Consolidated Shares will be sub-divided into one new ordinary share of 0.1p each ('New Ordinary Share') and one new deferred share of 12.4p each ('New Deferred Shares').
Accordingly, the existing issued share capital of 3,772,151,750 Existing Ordinary Shares will, conditional on Admission, be reorganised into 30,177,214 New Ordinary Shares. Application has been made for the 30,177,214 New Ordinary Shares, created pursuant to the Capital Reorganisation, to be admitted to trading on AIM which is expected to occur on or around 18 May 2015 ('Admission').
Following the Capital Reorganisation, the Company's ISIN will change to GB00BWWYSP41 and its SEDOL will change to BWWYSP4 with effect from 18 May 2015.
Shareholders who hold Existing Ordinary Shares in uncertificated form will have their CREST accounts credited with the New Ordinary Shares following Admission on 18 May 2015. Following the Capital Reorganisation, existing share certificates will cease to be valid and new share certificates will be despatched to those shareholders who hold their Existing Ordinary Shares in certificated form, on or around 26 May 2015. No share certificates will be issued in respect of the Consolidated Ordinary Shares or New Deferred Shares.
Following Admission, the Company's issued ordinary share capital will comprise 30,177,214 ordinary shares of 0.1p each with voting rights. The Company does not hold any shares in treasury. This figure of 30,177,214 ordinary shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.
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For more information, please contact:
ValiRx Plc | Tel: +44 (0)20 3008 4416 |
Dr Satu Vainikka | www.ValiRx.com |
Cairn Financial Advisers LLP (Nominated Adviser) | Tel: +44 (0)20 7148 7900 |
Liam Murray / Avi Robinson | |
Daniel Stewart & Company Plc (Broker) | Tel: +44 (0)20 7776 6550 |
Martin Lampshire
| |
Peckwater PR | Tel: +44 (0)7879 458 364 |
Tarquin Edwards | tarquin.edwards@peckwaterpr.co.uk |
Notes for Editors
ValiRx Plc
ValiRx Plc is a biopharmaceutical company developing novel technologies and products in oncology therapeutics and diagnostics. The product focus is in the epigenomic analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
The Company has undertaken to develop a novel and groundbreaking class of therapeutics across a number of fields in oncology and has taken its lead compound, Val201, into Phase I/II clinical trials. The Company listed on the Alternative Investment Market ("AIM") of the London Stock Exchange in October 2006.
The Company has a pipeline of other therapeutic drugs, which are currently progressing towards clinical trials. The product focus is in the targeted analysis and treatment of cancer, but the technologies can be applied to other fields as well, such as neurology and inflammatory diseases.
It actively manages projects within its portfolio as a trading company. The ValiRx business model spreads the risks of life science technology development by minimising financial exposure and running a set of projects to defined commercial endpoints. This maximises returns to shareholders by adding value at the earlier stages where value increases per investment unit are the greatest.
The Company operates through the following divisional companies:
1. ValiPharma is the therapeutics division, with two embedded technologies primarily directed at the treatment of cancers.
2. ValiFinn is the biomarkers and diagnostic development division. ValiRx acquired through its ValiFinn subsidiary, the complimentary TRAC technology later in the year to strengthen the portfolio.
3. ValiSeek is a joint venture between ValiRx and Tangent Ltd to develop Val401 in lung cancer and potentially other indications.