15/09/2005
FIRM PLACING
ReGen Therapeutics Plc (‘ReGen’ or the ‘Company’) announces that it has today placed through its brokers J M Finn & Co with new and existing shareholders 89,000,000 new ordinary shares at 1p per share to raise £890,000, before expenses (‘Placing’)
Application will be made for these 89,000,000 new ordinary shares to be admitted to the AIM Market of the London Stock Exchange Plc.
CONDITIONAL PLACING
In addition to the above, ReGen has also placed through J M Finn & Co with new and existing shareholders 66,600,000 new ordinary shares at 1p per share to raise £666,000, before expenses, conditional upon shareholder approval. Accordingly, in this regard ReGen will shortly send to shareholders a circular containing a notice convening an extraordinary general meeting of the Company (the ‘Circular’) for 10.00 a.m. on 10 October 2005 (the ‘EGM’).
The Directors of the Company are also seeking at the EGM authorities to grant warrants over 4,000,000 new ordinary shares to J M Finn & Co in connection with the Placing. In addition, the Directors of the Company are also seeking at the EGM renewal of their general authorities to issue shares and/or other securities, such general authority being last granted to them at the Annual General Meeting of the Company held on 26 April 2005.
If shareholder approval is granted at the EGM, application will be made for 66,600,000 new ordinary shares to be admitted to the AIM Market of the London Stock Exchange Plc and dealings are expected to commence at 8 a.m. on 13 October 2005.
Subsequent to the above firm and conditional placing, the new enlarged share capital of the Company on 13 October 2005 will be 499,741,942 ordinary shares (the ‘Enlarged Share Capital’).
Five directors are subscribing for new ordinary shares in the Placing: Mr Peter Garrod is subscribing for 22,500,000 new ordinary shares making his total holding 61,250,000, representing 12.26% of the Enlarged Share Capital. Mr Percy Lomax is subscribing for 500,000 new ordinary shares making his total holding 2,282,069 representing 0.46% of the Enlarged Share Capital. Mr Martin Small is subscribing for 900,000 new ordinary shares making his total holding 2,248,736 representing 0.45% of the Enlarged Share Capital. Mr Norman Lott is subscribing for 150,000 new ordinary shares making his total holding 182,000 representing 0.04% of the Enlarged Share Capital. Mr Tim Shilton is subscribing for 500,000 new ordinary shares which is his total shareholding in the Company and represents 0.1% of the Enlarged Share Capital.
Executive Chairman Percy Lomax commented, ‘This fundraising will enable ReGen tocontinue its development programme. I would remind investors that we are still anticipating revenue generation from our ColostrininTM activities in 2006′. All new ordinary shares will rank pari passu with the existing ordinary shares
of 0.1p each in the Company.
Copies of the Circular will be available, for collection only, free of charge to the public, from the Company, Suite 406, Langham House, 29-30 Margaret Street, London W1W 8SA during normal office hours on any day (Saturdays, Sundays excepted) from 19 September 2005 until 14 October 2005.
For further information, please contact:
Andrew Marshall
Marshall Robinson Roe
Tel. 020 7960 6007