Result of General Meeting

RNS Number : 1621L

ReNeuron Group plc

07 August 2013

 



For Immediate Release

AIM: RENE

ReNeuron Group plc

("ReNeuron" or the "Company")

Result of General Meeting

Guildford, UK, 7 August 2013: ReNeuron Group plc, a leading UK-based stem cell therapy company, announced on 22 July 2013 the details of a Placing in which it had conditionally raised proceeds of £25.35 million before expenses.  The Board is pleased to announce that today, at a General Meeting of the Company, shareholders approved all the resolutions by the relevant majorities.  Therefore, the Placing is now unconditional, save for the admission of the new Ordinary Shares.

The Company has applied for admission to trading on AIM for both the 29,033,000 new Ordinary Shares to be issued to VCT/EIS investors (the "First Admission") and the 984,967,000 new Ordinary Shares to be issued to non-VCT/EIS investors (the "Second Admission"). It is expected that First Admission will become effective and dealings will commence at 8.00 a.m. on 8 August 2013 and that the Second Admission will become effective and dealings will commence at 8.00 a.m. on 9 August 2013.

In addition, certain Directors subscribed for new Ordinary Shares pursuant to the Placing. The resultant shareholding of each Director is outlined below.

Director	Current shareholding	Number of Placing Shares	% holding after Second Admission
Bryan Morton	215,909	800,000	0.057%
Michael Hunt	453,023	800,000	0.070%
Dr. John Sinden	1,611,902	600,000	0.124%
John Berriman	125,000	600,000	0.041%
Simon Cartmell	187,000	600,000	0.044%
Mark Docherty	344,859	600,000	0.053%
Dr. Paul Harper	251,709	200,000	0.025%
Dr. Tim Corn	0	200,000	0.011%

Following Second Admission, the Company will have 1,788,827,700 Ordinary Shares in issue, all with voting rights. The Company holds no Ordinary Shares in treasury. The total number of current voting rights in the Company will therefore be 1,788,827,700 shares.

The above figure (1,788,827,700 Ordinary Shares) may be used by shareholders as the denominator for the calculation by which they will determine if they are required to notify their interest in, or a change in their interest in, the Company under the FCA's Disclosure and Transparency Rules.

In addition, the Company confirms that Sir Chris Evans will be appointed as a non-executive director of the Company effective on completion of Second Admission.

Capitalised terms in this announcement have the same meaning as in the announcement of 22 July 2013 except where otherwise indicated.

Enquiries:

ReNeuron                                                                                                                           [phone]

Michael Hunt, Chief Executive Officer

Pat Huggins, Head of Finance

Buchanan                                                                                                                            [phone]

Mark Court, Fiona Henson, Sophie Cowles

Cenkos Securities                                                                                                            [phone]

Stephen Keys, Adrian Hargrave (NOMAD and Broker)

Andy Roberts (Sales)

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 clinical development.  The Company is also developing stem cell therapies for other conditions such as critical limb ischaemia, a serious and common side-effect of diabetes, and blindness-causing diseases of the retina such as retinitis pigmentosa.

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 Merck Millipore.

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.

 

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