Notice of General Meeting

RNS Number : 5998D

ValiRx PLC

04 December 2009

 



VALIRX PLC

(the "Company")

Notice of General Meeting

The Company announces that it has dispatched a circular to Shareholders to convene a general meeting of the Company ("General Meeting") to be held at 10am on 30 December 2009 at which the Directors are seeking to increase the share authorities of the Company.

BACKGROUND TO AND REASONS FOR THE RESOLUTIONS

As previously announced, the Company continues to develop its operations which are focused on creating new markets for the very early detection of cancer so as to be able to offer significantly improved treatments. The Company also has three lead drug candidates to treat cancer, which are progressing towards first in man clinical trials.

Until its operations are revenue generating to a sufficient level, the Company is dependent on the availability of grants to fund its operating subsidiaries, its ability to raise additional capital through the issue of further equity and the successful recovery of contractual sums due to be paid. Whilst the Company waits for possible grants and contractual payments to be received its future is dependent on raising further finance through the issue of new equity.

The resolutions to be proposed at the General Meeting ("Resolutions") have been proposed to increase the Company's share authorities to provide the Directors with the ability to raise further finance through the issue of new ordinary shares of 1p each in the Company ("Ordinary Shares").

GENERAL MEETING

A General Meeting has been convened for 10am on 30 December 2009 to be held at the offices of WH Ireland, 24 Martin Lane, London, EC4R 0DR.

RECOMMENDATION

The Directors consider that the Resolutions being proposed are in the best interests of the Company and of Shareholders as a whole. Accordingly, the Directors unanimously recommend that Shareholders vote in favour of the Resolutions to be proposed at the General Meeting, as they intend to do in respect of their own beneficial holdings of 15,007,910 Ordinary Shares representing 9.80 per cent. of the current issued share capital.

A copy of the circular will be available from the Company's website, www.valirx.com.

Enquiries: 

ValiRx Plc  www.valirx.com Dr. Satu Vainikka	Tel: [phone]
WH Ireland Limited - Nominated Adviser Adrian Kirk	Tel: [phone]

 

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