3Legs Resources plc Statement re. Suspension (4537E)
04 November 2015 - 6:35PM
UK Regulatory
TIDM3LEG
RNS Number : 4537E
3Legs Resources plc
04 November 2015
3Legs Resources plc
("3Legs" or the "Company")
Proposed Acquisition and Suspension of Trading
3Legs announces that, in accordance with Rule 15 of the AIM
Rules for Companies ("AIM Rules"), the Company's shares have been
suspended from trading on AIM from 7.30 a.m. today as a result of
the Company not having completed an acquisition which constitutes a
reverse takeover under the AIM Rules, or otherwise implemented its
investing policy within 12 months of becoming an investing company.
The Company is actively working to implement its investing policy
and the Board is pleased to provide the following update.
The Company has recently signed non-binding heads of terms in
connection with the proposed acquisition of SalvaRx Limited
("SalvaRx"), a company in which 3Legs owns an 11.1 per cent.
shareholding. On 30 September, the Company reported that it had
subscribed GBP215,000 for new shares in SalvaRx in conjunction with
a subscription for the same amount by Jim Mellon and Greg Bailey,
both directors and substantial shareholders of 3Legs.
SalvaRx owns 60.5% of iOx Therapeutics Limited ("iOx"), a new
company which is developing a series of compounds for cancer
immunotherapy. As previously announced, iOx's technology is based
on a discovery by Professor Vincenzo Cerundolo MD, PhD, the
Director of the Human Immunology Unit at the Weatherall Institute
of Molecular Medicine at Oxford University and supported by the
Ludwig Institute for Cancer Research. Its compounds stimulate
invariant natural killer T cells, and preclinical testing in
several cancer models suggest the compounds can inhibit the growth
of tumours.
The transaction, should it proceed, will be structured by way of
an acquisition of all the shares in SalvaRx not already owned by
Company with the consideration being satisfied by the issue of new
shares in the Company. Due to its size in relation to the Company,
the proposed acquisition of SalvaRx would constitute a "reverse
takeover" under the AIM Rules. Therefore the Company's shares will
remain suspended until such time as either an admission document
setting out details of the proposed acquisition is published or, in
the event that the transaction does not proceed, the Company has
taken other steps to implement its Investing Policy.
In the event that the Company is unable to implement its
investing policy within the next six months (i.e. by 4 May 2016),
admission of the Company's shares will be cancelled in accordance
with Rule 41 of the AIM Rules.
Enquiries
3Legs Resources plc
Richard Armstrong Tel: 07787 500221
Colin Weinberg Tel: 07836 588504
Northland Capital Partners Limited Tel: 0207 382 1100
(Nominated Adviser and Broker)
Matthew Johnson / Edward Hutton (Corporate
Finance)
John Howes / Abigail Wayne (Corporate
Broking)
Peterhouse Corporate Finance Limited Tel: 0207 469 0934
(Joint Broker)
Lucy Williams / Duncan Vasey
This information is provided by RNS
The company news service from the London Stock Exchange
END
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