Rex Bionics PLC Results of General Meeting (8478F)
May 22 2017 - 6:23AM
UK Regulatory
TIDMRXB
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
rexbionics@consilium-comms.com
+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 (info@rexbionics.com)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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