12/12/2008
The Board of ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’) today announces that an Extraordinary General Meeting of the Company is being be convened for 11.00 a.m. on 6 January 2009 at the offices of Orrick, Herrington & Sutcliffe, Tower 42, Level 35, 25 Old Broad Street, London EC2N 1HQ.
A circular containing the Notice of Extraordinary Meeting has been posted to Shareholders, and is available on the Company’s website: www.regentherapeutics.com
Introduction
The Board announced during October, November and December 2008, that the Company had raised gross funds of £105,256 through the issue of new Ordinary Shares as a result of the drawdown of an equity line of credit. The Company is currently discussing possible strategic investments from marketing partners and further funding avenues and wishes to be able to meet these proposals if they occur.
Therefore, the Board is now seeking to renew Shareholder authority to be able to issue new Ordinary Shares and/or other securities of the Company to facilitate future fundraisings and/or acquisitions of complementary businesses. The Board are requesting authority to issue up to 4,852,300 new Ordinary Shares for these specific purposes, which represents approximately 33 per cent. of the current issued share capital of the Company.
In addition, the Board is seeking renewal of their general authorities to issue new Ordinary Shares and/or other securities, such general authority being last granted to them at the Extraordinary General Meeting of the Company held on 6 October 2008. The Board are requesting authority to issue up to 728,000 new Ordinary Shares, which represents approximately 5 per cent. of the current issued share capital of the Company.
Other than pursuant to fundraisings and/or business acquisitions and the grant of options pursuant to the Company’s option schemes, the Directors have no present intention of using the share issue authorities being sought at the Extraordinary General Meeting, assuming the resolutions are passed.
Extraordinary General Meeting
The grant of general authorities to issue Ordinary Shares and/or other securities of the Company requires Shareholder approval. Accordingly, an Extraordinary General Meeting of the Company is being convened for the purpose of granting the Directors authority to allot Ordinary Shares and to disapply pre-emption rights in connection with such allotments.
For further information, please contact:
Percy Lomax
ReGen Therapeutics Plc
Tel No 020 7153 4920
Roland Cornish/Felicity Geidt
Beaumont Cornish
Tel No 020 7628 3396
David Scott/Nick Bealer
Alexander David
Tel No 020 7448 9800
Adrian Duffield/Jon Davies
College Hill Associates
Tel No 020 7457 2020
Circular (157KB PDF)
Form of Proxy (184KB PDF)