18th Jul 2016 09:07
LONDON (Alliance News) - Rex Bionics PLC on Monday said it is adjourning its next general meeting in connection to its proposed share placing.
The wheelchair technology provider had scheduled a general meeting for Tuesday regarding the subscription of 7.7 million shares at 30 pence each, to raise GBP2.3 million.
The meeting has now been pushed back to August 1 after one of the subscribers, China-based Maxhealth Medicine Co Ltd, notified the company that it is unable to transfer the funds for a subscription of GBP1 million in the required time frame due to a delay in it obtaining Chinese foreign exchange approval.
Maxhealth said it will be able to pay the necessary funds on or before August 5. The other three major shareholder investors have all committed to still make their investments after the adjourned general meeting.
Shares in Rex were untraded on Monday, having last traded at 34.50 pence.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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