ReNeuron Group plc Corporate Update
02 August 2024 - 1:25PM
RNS Regulatory News
RNS Number : 0291Z
ReNeuron Group plc
02 August 2024
2 August 2024
ReNeuron Group plc
("ReNeuron" or the "Company")
Corporate
Update
ReNeuron Group plc (in
administration) (AIM: RENE), a UK based leader in stem cell derived
exosome technologies, provides the
following corporate update in regards the Company's ongoing
administration process ("Administration Process").
Update on Creditor Position
The Board of the Company took the
decision to appoint Stephen Cork and Mark Smith of Cork Gully LLP
as joint administrators to the Company (the "Joint Administrators") on 20 March
2024. Following their appointment, the Joint Administrators have
been in discussion with ReNeuron's main creditors to the clarify
the liabilities of the Company and ascertain the Company's
financial solvency in light of its current cash resources. To date,
there is a discrepancy between the amount the Company is able to
pay to its creditors in settlement of the total liability to them
and the quantum that the creditors are seeking.
Update on Staff
As part of the Administration
Process, and in order to preserve value for creditors, the Joint
Administrators have undertaken a cost rationalisation which has
included, inter alia,
the redundancy of several of the Company's employees as well as
other cost cutting measures. Certain members of key Senior
Management, including the Board of Directors and Randolph Corteling
(Chief Scientific Officer) have remained with the business and
continue to support the Joint Administrators.
Update on Financing Discussions
The Company, with the assistance of
its brokers, have been seeking to identify potential investors that
would be willing to invest in new equity capital to enable the
Company to continue to trade as a going concern following an exit
from administration (the "Proposed
Fundraise"). Whilst discussions remain ongoing with
potential investors, it is anticipated that completion of the
Proposed Fundraise would be conditional on the Company exiting
administration retaining sufficient funds to settle all of its
known creditors, such that any new funds raised from investors
could be used by the Company for its working capital requirements
going forward post administration.
There can be no guarantees as to the
outcome of the ongoing discussions with creditors and potential
investors. Further updates will be provided in due
course.
Enquiries:
Cork
Gully LLP
|
+44 (0)20
7268 2150 or
|
Stephen Cork, Joint
Administrator
|
reneuron@corkgully.com
|
Mark Smith, Joint
Administrator
|
|
|
|
ReNeuron
|
www.reneuron.com/investors
|
Iain Ross, Executive
Chairman
|
Via
Walbrook PR
|
|
|
|
|
Allenby Capital Limited (Nominated Adviser and
Broker)
|
+44 (0)20
3328 5656
|
James Reeve/George Payne/Dan
Dearden-Williams (Corporate Finance)
|
|
Stefano Aquilino/Kelly Gardiner
(Sales & Corporate Broking)
|
|
|
|
|
|
|
|
|
|
| |
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
UPDFLFFLTFIFIIS
Reneuron (LSE:RENE)
Historical Stock Chart
Von Nov 2024 bis Dez 2024
Reneuron (LSE:RENE)
Historical Stock Chart
Von Dez 2023 bis Dez 2024