Result of General Meeting

RNS Number : 5135I

ReNeuron Group plc

12 March 2010

 



RESULT OF GENERAL MEETING

AND

FIRST CLOSING OF THE PLACING

Guildford, UK, 12 March 2010: ReNeuron Group plc (LSE: RENE.L) announced on 22 February 2010 that it had raised approximately £4.7 million, before expenses, from existing and new institutional and qualifying individual shareholders via a placing (the "Placing") of 94,400,000 new ordinary shares of 1 pence each ("Ordinary Shares") credited as fully paid up, at a price of 5 pence per Ordinary Share (the "Placing Shares").

ReNeuron Group plc today announces that the shareholder approvals necessary to permit the Placing to proceed were given at a General Meeting of the Company held earlier today, where all resolutions proposed were passed by the necessary majorities.

To enable certain placees to take advantage of Venture Capital Trust and Enterprise Investment Scheme tax treatment, the Placing comprises two closings and admissions of Ordinary Shares to trading on AIM. The first closing and admission of 16,800,000 of the Placing Shares ("the First Admission Shares") is expected to occur on 18 March 2010 and the second closing and admission of 77,600,000 of the Placing Shares is expected to occur on 19 March 2010.

Pursuant to the first closing and admission, the First Admission Shareswere today allotted, subject only to admission. Application for admission of the First Admission Shares to trading on AIM has been made.

Following first closing and admission, the issued share capital of ReNeuron Group plc shall comprise 360,109,571 Ordinary Shares. The Company holds no shares in treasury. Therefore, following first closing and admission, the total number of voting rights in the Company will be 360,109,571. 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 Group plc	[phone]
Jonathan Birt, Susan Quigley
Financial Dynamics	[phone]
Simon Leathers, Emma Earl
Daniel Stewart & Company plc	[phone]
Alastair Stratton, Steve Quinn
Matrix Corporate Capital LLP	[phone]

About ReNeuron

ReNeuron is a leading, UK-based stem cell company.  Its primary objective is the development of stem cell therapies targeting areas of significant unmet or poorly met medical need.  

ReNeuron has regulatory approval for a Phase I clinical trial in the UK with its lead ReN001 stem cell therapy for disabled stroke patients.  Patient recruitment for this trial will commence shortly. The Company is also developing stem cell therapies for a number of other conditions, including peripheral arterial disease and 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 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 Daniel Stewart & Company plc nor Matrix Corporate Capital LLP accepts any liability whatsoever for the accuracy or opinions contained in this announcement (or for the omission of any material information) and neither Daniel Stewart & Company plc nor Matrix Corporate Capital LLP shall be responsible for the contents of this announcement.

 

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