27th Nov 2008 16:19
ValiRx plc
Issue of equity
27 November 2008, London, UK: ValiRx (AIM: VAL, "ValiRx", "the Company"), the cancer therapeutics and diagnostics company, announces that the final condition, as set out in the share purchase agreement dated 8 September 2006 and made between (i) Cronos Therapeutics Limited ("Cronos") and (ii) the Company (under its previous name of Azure Holdings plc) (the "Agreement"), has now been satisfied.
In accordance with clause 5 of the Agreement, 5,000,000 ordinary shares of 6p each in the capital of the Company ("Ordinary Shares"), being the deferred consideration, are to be allotted to certain shareholders (as set out in the Agreement) (the "Named Shareholders") on or before the date being 10 Business Days from the date on which Cronos files a patent application with the UK Patent Office (in a form approved by the Company's patent agent and as approved by the board of directors of the Company) in relation to an "Invention" as defined in the Research Agreement and Licence dated 7 June 2006 and made between (1) Cronos and (2) Physiomics PLC (the "Condition").
The independent directors of the Company have confirmed that the Condition has now been satisfied and, accordingly, the Company has issued 5,000,000 new Ordinary Shares ("New Ordinary Shares") to the Named Shareholders. Certain directors of the Company are among the Named Shareholders and, following the issue of the New Ordinary Shares, their respective interests in the voting rights of the Company are as follows:
|
No. of new Ordinary Shares to be issued |
No. of Ordinary Shares after the issue |
Percentage of enlarged issued share capital |
|
|
Satu Vainikka |
497,000 |
4,358,507 |
7.51 |
|
George Morris |
330,000 |
2,124,230 |
3.66 |
|
Jake Micallef |
447,000 |
4,104,340 |
7.08 |
|
Nick Thorniley |
255,000 |
648,750 |
1.12 |
|
Kevin Alexander |
145,000 |
688,750 |
1.19 |
All terms of the Agreement have now been satisfied.
Application has been made for the New Ordinary Shares to be admitted to trading on AIM and dealings are expected to commence on 3 December 2008.
Following the issue of the New Ordinary Shares, the Company has 57,999,759 Ordinary Shares in issue.
- Ends -
Enquiries:
|
ValiRx plc |
Tel: +44 (0) 1279 731037 |
|
Gerry Desler, CFO |
|
|
WH Ireland Limited - Nominated Adviser |
Tel: +44 (0) 161 832 2174 |
|
David Youngman |
|
|
College Hill |
Tel: +44 (0) 20 7457 2020 |
|
Sue Charles/Adrian Duffield / Justine Lamond |
Notes to Editors
About ValiRx - www.valirx.com
ValiRx plc (AIM:VAL, 'ValiRx') is a cancer therapeutics and diagnostics company headquartered in London, England and admitted to AIM in October 2006. The Company operates through two subsidiaries, ValiPharma (formerly trading as Cronos Therapeutics) (www.valipharma.com), a UK-based epigenetic drug discovery and development business and ValiBIO SA (www.valibio.com), a Belgium-based oncology diagnostics operation.
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