Celadon Pharmaceuticals
Plc
("Celadon", the "Group" or the
"Company")
Board Changes and De-Listing
Proposal
On 19 March 2025, James Short, Chief
Executive Officer and 39.5 per cent shareholder of the Company,
informed the Board of an intention to propose resolutions at the
next general meeting of Celadon to remove the 4 non-executive
directors and Chairman of the Company as directors. The action of
Mr Short was motivated by a desire for the Board to propose a
de-listing of the Company from AIM, as Mr Short believes it will
help the Group to significantly reduce its operational costs and
also enable the Company to more easily access capital, and on more
attractive terms, as an unlisted company. The Board up to 19 March
2025 had not been supportive of the de-listing proposal.
Following discussions, on 21 March
2025 Mr Robert Barr, Elizabeth Shanahan, David Firth and Dr Steven
Hajioff all tendered their resignations as Non-Executive Directors
of the Company with immediate effect. Alongside the resignations,
Mr Short withdrew his intention to propose resolutions. The
remaining directors of the Company are therefore Alexander Anton
(Chairman) and James Short (Chief Executive Officer).
Following the Board changes, the
Company will proceed with proposing the cancellation of trading of
the Company's ordinary shares of £0.01 each ("Ordinary Shares") on
AIM (the "Cancellation") via a general meeting. In the event that
that the Cancellation is approved by shareholders, the Company will
make arrangements for a Matched Bargain Facility to assist
Shareholders to trade in the Ordinary Shares. The Matched Bargain
Facility is anticipated to be provided by J P Jenkins. A circular
with further details will be sent to shareholders in due
course.
Mr Anton intends to review his
position as Chairman of the Company following the result of the
Cancellation general meeting. In the event that the Cancellation is
approved, Mr Anton anticipates he will resign from the
board.
Enquiries:
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Celadon Pharmaceuticals Plc
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James Short
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Via Canaccord Genuity
Limited
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Canaccord Genuity Limited (Nominated Adviser and
Broker)
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Bobbie Hilliam / Andrew
Potts
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+44 (0)20 7523 8000
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Global Investment Strategy UK Limited (Joint
Broker)
James Sheehan
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+44 (0)20 7048 9400
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About Celadon Pharmaceuticals Plc
Celadon Pharmaceuticals Plc is a
UK-based pharmaceutical company focused on
the development, production and sale of breakthrough cannabis-based
medicines. Its primary focus is on
improving quality of life for chronic pain sufferers, as well as
exploring the potential of cannabis-based medicines for other
conditions such as autism. Its 100,000 sq. ft UK facility is EU-GMP
approved and comprises indoor hydroponic cultivation, proprietary
GMP extraction and an analytical and R&D laboratory. Celadon's
Home Office licence allows for the commercial supply of its
pharmaceutical-grade cannabis product. The Group owns an approved
clinical trial using cannabis-based medicinal products to treat
chronic pain in the UK. Celadon also has a minority interest in
early-stage biopharma Kingdom Therapeutics, which is developing a
licensed cannabinoid medicine to treat children with Autism
Spectrum Disorder.
For further information please visit
our website www.celadonpharma.com
This announcement contains inside
information for the purposes of article 7 of the Market Abuse
Regulation (EU) 596/2014 as amended by regulation 11 of the Market
Abuse (Amendment) (EU Exit) Regulations 2019/310. With the
publication of this announcement, this information is now
considered to be in the public domain.
