Issue of Equity

RNS Number : 1151J

ValiRx PLC

27 November 2008

 



ValiRx plc

Issue of equity

27 November 2008, London, UK: ValiRx (AIM: VAL, 'ValiRx', 'the Company'), the cancer therapeutics and diagnostics company, announces that the final condition, as set out in the share purchase agreement dated 8 September 2006 and made between (i) Cronos Therapeutics Limited ('Cronos') and (ii) the Company (under its previous name of Azure Holdings plc) (the 'Agreement'), has now been satisfied.

In accordance with clause 5 of the Agreement, 5,000,000 ordinary shares of 6p each in the capital of the Company ('Ordinary Shares'), being the deferred consideration, are to be allotted to certain shareholders (as set out in the Agreement) (the 'Named Shareholders') on or before the date being 10 Business Days from the date on which Cronos files a patent application with the UK Patent Office (in a form approved by the Company's patent agent and as approved by the board of directors of the Company) in relation to an 'Invention' as defined in the Research Agreement and Licence dated 7 June 2006 and made between (1) Cronos and (2) Physiomics PLC (the 'Condition').

The independent directors of the Company have confirmed that the Condition has now been satisfied and, accordingly, the Company has issued 5,000,000 new Ordinary Shares ('New Ordinary Shares') to the Named Shareholders. Certain directors of the Company are among the Named Shareholders and, following the issue of the New Ordinary Shares, their respective interests in the voting rights of the Company are as follows:

	No. of new Ordinary Shares to be issued	No. of Ordinary Shares after  the issue	Percentage of enlarged issued share capital
Satu Vainikka	497,000	4,358,507	7.51
George Morris	330,000	2,124,230	3.66
Jake Micallef	447,000	4,104,340	7.08
Nick Thorniley	255,000	648,750	1.12
Kevin Alexander	145,000	688,750	1.19

All terms of the Agreement have now been satisfied. 

Application has been made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 3 December 2008.

Following the issue of the New Ordinary Shares, the Company has 57,999,759 Ordinary Shares in issue.

- Ends -

Enquiries:

ValiRx plc	Tel: [phone]
Gerry Desler, CFO
WH Ireland Limited - Nominated Adviser	Tel: [phone]
David Youngman
College Hill	Tel: [phone]
Sue Charles/Adrian Duffield / Justine Lamond	[e-mail]

Notes to Editors 

About ValiRx - www.valirx.com 

ValiRx plc (AIM:VAL, 'ValiRx') is a cancer therapeutics and diagnostics company headquartered in London, England and admitted to AIM in October 2006. The Company operates through two subsidiaries, ValiPharma (formerly trading as Cronos Therapeutics) (www.valipharma.com), a UK-based epigenetic drug discovery and development business and ValiBIO SA (www.valibio.com), a Belgium-based oncology diagnostics operation. 

 

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