ReNeuron Group plc Update on Administration Process
08 Mai 2024 - 8:00AM
RNS Regulatory News
RNS Number : 4659N
ReNeuron Group plc
08 May 2024
8 May 2024
ReNeuron Group plc
("ReNeuron", the
"Group" or the "Company")
Update on Administration
Process
ReNeuron Group plc (in
administration) (AIM: RENE), a UK based leader in stem cell derived
exosome technologies, provides an update on its ongoing
administration which commenced on 20 March 2024.
Since the commencement of
administration process, the Joint Administrators, alongside the
Board of the Company, have been assessing a number of possible
options, including the possible recapitalisation of the business by
way of an equity fundraise, as well as the potential sale of the
operating subsidiary of the Group or its assets on a piecemeal
basis.
The Board has prepared a revised
business plan which would enable the Group to continue to progress
the development of its exosome platform on a lower cost base should
it be able to secure an equity fundraise. As part of this, and in
order to preserve value for creditors, the Joint Administrators are
undertaking a cost rationalisation which has included, inter alia, the redundancy of several
of the Group's employees as well as other cost cutting measures.
Certain members of key Senior Management, including Iain Ross
(Executive Chairman) and Randolph Corteling (Chief Scientific
Officer) have remained with the business and continue to support
the administrators.
A further update on the
Administration Process will be made when appropriate.
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)
|
|
|
|
Walbrook PR (Media & Investor Relations)
|
+44 (0)20
7933 8780 or reneuron@walbrookpr.com
|
Paul McManus / Alice
Woodings
|
+44
(0)7980 541 893 / +44 (0)7407 804 654
|
|
|
| |
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