Oxford Pharmascience Group PLC Result of General Meeting (6084X)
27 November 2017 - 10:55PM
UK Regulatory
TIDMOXP
RNS Number : 6084X
Oxford Pharmascience Group PLC
27 November 2017
Oxford Pharmascience Group plc
("Oxford Pharmascience" or the "Company")
Result of General Meeting
Oxford Pharmascience Group plc (AIM: OXP), the specialty
pharmaceutical company that redevelops medicines to make them
better, safer and easier to take, announces that at its General
Meeting held earlier today all resolutions, including those to
approve the demerger of its subsidiary Oxford Pharmascience Limited
("Demerger"), reduction of capital ("Capital Reduction"), share
buyback authority, changes to the Company's articles of association
and change of name were duly passed.
The resolutions passed included those necessary to enact a
demerger of certain operating and other assets from the business of
the Group to its subsidiary, Oxford Pharmascience Limited ("OPL").
On completion of the Demerger, Shareholders on the register of the
Company as at 4 December 2017 will receive shares in OPL pro rata
to their holdings in the Company at that date, and OPL will become
a separate private company.
Following completion of the Demerger, the Company will become a
Rule 15 Cash Shell with cash resources of approximately GBP19.3
million as at 31 October 2017. The Company will be required to make
an acquisition which constitutes a reverse takeover under Rule 14
of the AIM Rules (including seeking re-admission as an investing
company (as defined under the AIM Rules)) on or before the date
falling six months from completion of the Demerger.
In seeking and considering potential acquisitions, the Board of
Directors intends to identify opportunities offering the potential
to deliver value creation and returns to shareholders over the
medium to long-term. The Company will consider investment
opportunities in any sectors as they arise, however, the Board of
Directors have a combined skill set and experience particular to
the pharmaceutical, biotechnology and technology sectors. If the
Directors are unable to identify a compelling target and complete a
reverse takeover within the required timeframe, or require less
cash to do so and to fund the resulting group, they retain the
option to return capital to shareholders.
The Capital Reduction remains subject to the Court's approval
and an application will now be made to Court in this regard. On
completion of the Demerger, which is expected to take place by the
end of the calendar year, the Company will be renamed Abaco Capital
plc and certain directors will resign from the Board.
A further announcement in relation to both the Capital Reduction
and Demerger will be made in due course.
For further information please contact:
Oxford Pharmascience Group Plc
Chris Hill, Chief Financial Officer +44 20 7554 5875
N+1 Singer (Nominated Adviser & Broker)
Aubrey Powell/Jen Boorer +44 20 7496 3000
This information is provided by RNS
The company news service from the London Stock Exchange
END
ROMFDLFLDFFEFBF
(END) Dow Jones Newswires
November 27, 2017 06:55 ET (11:55 GMT)
Alba (LSE:ABA)
Historical Stock Chart
From Apr 2024 to May 2024
Alba (LSE:ABA)
Historical Stock Chart
From May 2023 to May 2024
