RESULT OF GENERAL MEETING & T

RNS Number : 6594Y

ReNeuron Group plc

29 December 2010

 



Immediate release

29 December 2010

RENEURON GROUP PLC

RESULT OF GENERAL MEETING

AND

THIRD ADMISSION

Guildford, UK, 29 December 2010: ReNeuron Group plc (LSE: RENE.L) announced on 13 December 2010 that it had raised £10 million, before expenses (the "Fundraising"), by means of:

·     a placing (the "Placing"), with new and existing investors, of 181,318,182 new Ordinary Shares of 1 pence each (the "Ordinary Shares") (the "Placing Shares") at a price of 5.5 pence per new Ordinary Share; and

·     a subscription (the "Subscription"), by the Directors, for 500,000 new Ordinary Shares of 1 pence each (the "Subscription Shares") also at a price of 5.5 pence per new Ordinary Share.

On 17 December 2010 ReNeuron Group Plc announced that 6,072,362 of the Placing Shares and the Subscription Shares were allotted, issued and admitted to trading on AIM ("First Admission"), with a further announcement being made on 20 December 2010 in respect of the allotment, issue and admission of a further 79,082,322 of the Placing Shares ("Second Admission").

ReNeuron Group plc today announces that the shareholder approvals necessary to permit the allotment and the issue of the remaining 95,533,498 of the Placing Shares (the "Third Admission Shares") were given at a General Meeting of the Company held earlier today, where all resolutions proposed were passed by the necessary majorities.  Shareholders also passed resolutions to refresh the authorities granted at the 2010 Annual General Meeting in order that the Company is able to maintain a level of flexibility in respect of its current and future commercial arrangements.

The Third Admission Shares were today allotted, subject only to admission ("Third Admission").  Application has been made to the London Stock Exchange for the Third Admission Shares to be admitted to trading on AIM.  It is expected that Third Admission will become effective and dealings will commence at 8.00am on 30 December 2010.

Following Third Admission, the final stage in the Fundraising, the issued share capital of ReNeuron Group plc shall comprise 619,849,289 Ordinary Shares. The Company holds no shares in treasury. Therefore, the total number of voting rights in the Company is 619,849,289. This figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Financial Services Authority's Disclosure and Transparency Rules.

Enquiries:

Michael Hunt, Chief Executive Officer - ReNeuron           [phone]

Mark Court, Isabel Podda

Buchanan Communications                                                [phone]

Emma Earl, Oliver Rigby

Daniel Stewart & Company plc                                           [phone]

Alastair Stratton, Tim Graham

Matrix Corporate Capital LLP                                           [phone]

About ReNeuron

ReNeuron is a leading, clinical-stage stem cell business.  Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.  

ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered "off-the-shelf" to any eligible patient without the need for additional immunosuppressive drug treatments.  ReNeuron's lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. This therapy is currently in early clinical development.  ReNeuron's ReN009 stem cell therapy is being developed as a treatment for peripheral arterial disease, a serious and common side-effect of diabetes. The Company is also developing stem cell therapies for other conditions such as blindness-causing diseases of the retina.

ReNeuron has also developed a range of stem cell lines for non-therapeutic applications - its ReNcell^® products for use in academic and commercial research.  The Company's ReNcell^®CX and ReNcell^®VM neural cell lines are marketed worldwide under license by USA-based Millipore Corporation.

ReNeuron's shares are traded on the London AIM market under the symbol RENE.L.  Further information on ReNeuron and its products can be found at www.reneuron.com.

Daniel & Stewart & Company plc and Matrix Corporate Capital LLP (the "Placing Agents") are each authorised and regulated by the Financial Services Authority, and are each acting for the Company and for no-one else in connection with the Placing and will not be responsible to anyone other than the Company for providing the protections afforded to their respective customers or for affording advice in relation to the matters referred to herein. This announcement has been issued by, and is the sole responsibility of, the Company.  Neither of the Placing Agents accepts any liability whatsoever for the accuracy or opinions contained in this announcement (or for the omission of any material information) and neither of the Placing Agents shall be responsible for the contents of this announcement.

 

END

 

 

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