22/01/2003
ReGen Therapeutics Plc (‘ReGen’ or ‘the Company’), a company primarily developing Colostrinin™ as a potential therapy for Alzheimer’s disease, announces that it has entered into a conditional placing commitment (‘Placing Commitment’) pursuant to the placing currently being undertaken by Jubilee Investment Trust plc (‘Jubilee’). Jubilee is a new investment trust, seeking admission to the Official List of the United Kingdom Listing Authority and to trading on the London Stock Exchange’s market for listed securities (‘Admission’). Admission is expected to take place at 8.00 am on 24 January 2003.
Under the terms of the Placing Commitment, ReGen has agreed to subscribe for 750,000 new ordinary shares of 10p each in Jubilee at a price of 100p per share (‘Jubilee Shares’), which is to be settled by the issue to Jubilee of 15,000,000 new ordinary shares of ReGen of 5p each (‘New Shares’). The New Shares are valued at 5p each. The Placing Commitment is conditional, inter alia, on Admission and the issue of the Jubilee Shares and the New Shares will take place simultaneously with Admission.
ReGen’s holding in Jubilee will represent approximately 5.36% of Jubilee’s issued share capital following the issue of the Jubilee Shares and Jubilee ‘s holding in ReGen will represent approximately 13.9% of ReGen’s issued share capital following the issue of the New Shares.
ReGen has agreed not to dispose of any part of its holding of Jubilee Shares for a period of three months from Admission and has further agreed to be limited to selling a maximum of 10% of its initial holding of Jubilee Shares in each month thereafter. Disposals of Jubilee Shares, at appropriate times, may be used by ReGen to partially fund itself, according to the Company’s ongoing working capital requirements.
Application has been made for the New Shares to be admitted to the Alternative Investment Market of the London Stock Exchange and dealings are expected to commence at 8.00 am on 24 January 2003.
ReGen Executive Chairman Percy Lomax commented ‘We have been particularly impressed by the professionalism shown by the Jubilee management team in our discussions with them and have confidence in their ability to make this new fund a successful investment vehicle in the future. Our holding of shares in New Opportunities Investment Trust PLC has enabled us, whilst leaving our holding intact, to raise a further £730,000 of funding through a share issue and a secured overdraft facility. Accordingly, we shall also endeavour to utilise the Jubilee Shares to secure further finance. In the current very difficult market conditions the Company will continue to be innovative about its financing.’
For further information, please contact:
Andrew Marshall
Marshall Robinson Roe
Tel No 020 7489 2033
This announcement does not constitute an offer to sell or issue, or a solicitation of any offer to purchase or subscribe for any shares in ReGen nor shall it form the basis of, or be relied upon in connection with, any contract for such purchase or subscription. No representation or warranty, express or implied, is made or given by ReGen as to the accuracy or completeness of the information or the opinions contained in this announcement and no liability is accepted for any such information or opinions.
Details on Jubilee
Jubilee Investment Trust Plc is a newly established investment trust set up to invest in securities traded on a range of public markets, primarily in the United Kingdom.
Jubilee’s principal strategic objective is to generate capital appreciation in the medium and long term through investment in a broadly diversified portfolio of securities, which it believes have potential but are being neglected by investors in current market conditions.