Bion PLC Cancellation of admission to AIM (7358W)
19 April 2023 - 5:59PM
UK Regulatory
TIDMBION
RNS Number : 7358W
Bion PLC
19 April 2023
19 April 2023
BiON plc
("BiON" or the "Company")
Cancellation of admission to AIM
Further to the Company's announcement of 20 October 2022, BiON
(AIM: BiON) confirms that the Company will not complete a reverse
takeover under AIM Rule 14 within the six-month period from its
shares being suspended from trading on AIM.
BiON became an AIM Rule 15 cash shell ("AIM Cash Shell")
following completion of the disposal of its operating business on
19 April 2022. As a result of not announcing a reverse takeover
within six months of becoming an AIM Cash Shell, trading in the
Company's shares was suspended on AIM on 20 October 2022, in
accordance with the AIM Rules for Companies (the "AIM Rules").
Despite efforts it has not been possible for the Company to
complete an acquisition, or acquisitions, which constitutes a
reverse takeover under AIM Rule 14 within 12 months of the Company
becoming an AIM Cash Shell and, accordingly, admission of BiON's
shares to trading on AIM will be cancelled at 7.00 a.m. on 20 April
2023 ("Cancellation").
With effect from Cancellation, the Company will no longer be
subject to the AIM Rules and, accordingly, among other things, the
Company will not be bound to:
- make any public announcements of material events, or to announce interim or final results;
- announce substantial transactions and transactions with related parties;
- comply with any of the corporate governance practices applicable to AIM companies;
- comply with the requirement to obtain shareholder approval for
reverse takeovers and fundamental changes in the Company's
business; and
- retain a nominated adviser and broker.
In addition, the Cancellation may have either positive or
negative taxation consequences for shareholders (shareholders who
are in any doubt about their tax position should consult their own
professional independent adviser).
Following the Cancellation all shareholders will remain
shareholders in the Company. However, there will be no formal
market mechanism enabling shareholders to trade their shares and
the liquidity and marketability of the Company's shares will be
constrained.
Notwithstanding that the Company will no longer be subject to
the AIM Rules, the BiON Board is committed to keeping shareholders
fully abreast of developments and will continue to publish news of
these developments on its website https://www.bionplc.com/ . For
further information, shareholders can contact Vishal Balasingham at
Optiva Securities at vishal.balasingham@optivasecurities.com .
Enquiries:
BiON plc
+44 20 4582
c/o Gracechurch Group 3500
Beaumont Cornish Limited (Nominated Adviser)
+44 20 7628
Roland Cornish, Asia Szusciak 3396
Optiva Securities Limited (Broker)
+44 20 3137
Vishal Balasingham 1903
Gracechurch Group (Financial PR Adviser)
+44 20 4582
Claire Norbury 3500
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END
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