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Rex Bionics PLC - Results of General Meeting

RNS Number : 8478F
Rex Bionics PLC
22 May 2017
 

 

 

Rex Bionics Plc
("Rex Bionics" or the "Company")

Results of General Meeting and Update on Review of Structural Options

 

22 May 2017: Rex Bionics Plc (AIM: RXB) (the "Company"), the pioneer of the REX Robot technology that enhances the mobility of wheelchair users, today announces that the resolution to approve the transfer of the Rex business to Rex Bionics Pty Limited (the "Business Transfer") set out in the notice of the General Meeting contained within the circular to shareholders dated 4 May 2017 (the "Circular") was duly passed at its General Meeting held earlier today.

This will enable the Company to proceed to completion of the Business Transfer on the basis set out in the Circular. The Company will make a further announcement when the Business Transfer has been completed, expected to be on or about 24 May 2017. As set out in the Circular, all of the Directors will resign on completion with the exception of David Macfarlane and Crispin Simon

Capitalised terms in this announcement have the meanings given to them in the Circular, except where the context requires otherwise.

Further to the Company's announcement on 3 May 2017, the Company also announces that it has completed its accelerated review of its structural options and has concluded that there are limited prospects for the Company to remain admitted to trading on AIM. Following completion of the refinancing, the Company will become an AIM Rule 15 cash shell.

As previously announced, Stifel, the Company's nominated adviser will resign on 26 May 2017, resulting in the Company's shares being suspended from trading from 7.30am on 30 May 2017. Following its review, the Company believes there is little prospect of either securing a reverse takeover to alter its cash shell status (given the need to protect the investment in Rex Pty and the limited capital it has available to continue to fund the inherent costs in remaining a public entity) or appointing a replacement nominated adviser. The Company therefore expects that its shares will be cancelled from trading on AIM (the "Cancellation") on or around 30 June 2017. Pending the Cancellation, the Company's ordinary shares will be suspended from trading on AIM from 30 May 2017.

Following the Cancellation, the Company will continue as an unquoted entity and, through its nominated Director, provide support and input to Rex Pty, the company responsible for commercialisation of the REX technology, in which Rex Bionics will, on completion of the proposed refinancing, hold a 36% stake. The Company will provide regular updates to its shareholders to designated mailing addresses, and on its website. The Company does not at this time propose to put in place any formal arrangements for the off-market dealings in the Company's shares following the Cancellation.

Inside Information


This announcement contains inside information. The person responsible for arranging for the
release of this announcement on behalf of the Company is Peter Worrall.

A copy of this announcement has been posted on the Company's website at www.rexbionics.com.

    

For further information please contact:

Rex Bionics Plc

Crispin Simon, Chief Executive Officer
+44 (0) 7483 167851

Stifel Nicolaus Europe Limited (NOMAD and Broker)

Jonathan Senior / Stewart Wallace / Ben Maddison
+44 (0) 20 7710 7600

Consilium Strategic Communications

Mary-Jane Elliott / Chris Welsh
[email protected]
+44 (0) 203 709 5700

About Rex Bionics Plc

Rex Bionics is the pioneer of the "REX" that provides robotic standing, walking and exercise support for wheelchair users; and was founded by two British engineers with first-hand experience of the needs of wheelchair users.  REX is used by people who have suffered a spinal cord injury, stroke or other traumatic brain injury; and people with multiple sclerosis, muscular dystrophy and cerebral palsy.

 

We are working with physiotherapists to develop the concept and practice of Robot-Assisted Physiotherapy (RAP); and also offer REX P, for use in the home, enabling customers to walk and stand with their hands free - providing more work and recreation options.

 

Wheelchair users are at risk of developing numerous medical complications from extended periods of sitting. By enabling them to spend more time standing, walking and exercising, REX may offer significant health benefits, including improved sleep and maintenance of joint range, and a reduction in spasm, pain, common abdominal problems and prescription drug use.

 

Our commitment to engineering excellence is complemented by a commitment to clinical science and the RAPPER II clinical trial results show high levels of practicality, safety and user enthusiasm. 

 

Our vision is that every day, around the world, thousands of people get relief with REX, from the harm - the pain, discomfort and inconvenience - of neurological accidents and illnesses; and that many will be cured.   

REX is not registered for At-Home use in the United States of America.

Enquiries to ([email protected])


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Quick facts: Rex Bionics PLC

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Market: AIM
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