Proposed Cancellation of Listing and Notice of EGM

 

TIDMIIN 
 
RNS Number : 3296R 
Inion Oy 
29 April 2009 
 

 
 
Inion Oy 
("Inion" or the "Company") 
 
 
Proposed cancellation of admission of Ordinary Shares to the Official List and 
to trading on the London Stock Exchange's market for listed securities 
 
 
and 
 
 
Notice of Extraordinary General Meeting 
 
 
Tampere, Finland and Guildford, UK. 29 April 2009, Inion (LSE: IIN.L), a company 
focused on the development and commercialisation of novel biodegradable medical 
implants, today announces that it is proposing to cancel the admission of its 
Ordinary Shares to the Official List and to trading on the London Stock 
Exchange's market for listed securities. 
 
 
A circular has today been posted to Shareholders with a notice of the 
Extraordinary General Meeting to approve the Delisting. The circular is also 
available on the Company's website www.inion.com 
 
 
Background to and reasons for the Delisting 
 
 
Over the past year, the Directors have been seeking efficient and cost-effective 
ways to raise further equity capital to allow the Company to continue the 
development of its various projects. Regrettably, against the background of the 
current financial market, the Company has had difficulty raising sufficient 
capital for such purposes. 
 
 
As the Company announced on 26 March 2009, Inion has continued to attempt to 
conserve its cash resources by implementing measures to reduce overhead 
expenditure and headcount levels. Notwithstanding these measures, the Company 
continues to require urgent additional funding to finance its working 
capital requirements in the short term. After careful consideration, the Board 
has come to the conclusion that the regulatory and financial requirements of a 
listing on the Official List are too onerous for a company of Inion's size and 
place too great a burden on the Company as it continues to seek methods of 
raising additional funding. 
 
 
The Directors believe that following the Delisting, the Company will be better 
placed as an unlisted company either (i) to approach potential investors and/or 
buyers of the Company's assets in order to raise the necessary funds to execute 
the business plan, focused on the spinal implant range, or (ii) failing such 
additional investment/disposals, to facilitate a liquidation of the Company. 
 
 
Requirement for the Delisting 
 
 
Pursuant to the Listing Rules, the Delisting is conditional upon the approval by 
not less than 75 per cent. of the holders of Ordinary Shares (being entitled to 
do so) voting in person or by proxy. Subject to the requisite Shareholder 
approval, the last day of dealings in the Ordinary Shares is expected to be 23 
June 2009, and Delisting is expected to be effective from 8.00 am on 24 June 
2009. 
 
 
 
 
Expected timetable of key events 
 
 
+-----------------------------------------------------+------------------------+ 
| Posting of circular to Shareholders                 | 29 April 2009          | 
+-----------------------------------------------------+------------------------+ 
| EGM                                                 | 11.00am Finnish time   | 
|                                                     | on 26 May 2009         | 
+-----------------------------------------------------+------------------------+ 
| Last day of dealings in Ordinary Shares on the      | 23 June 2009           | 
| Official List                                       |                        | 
+-----------------------------------------------------+------------------------+ 
| Ordinary Shares cancelled from admission to the     | 24 June 2009           | 
| Official List and to trading on the London Stock    |                        | 
| Exchange's                                          |                        | 
| market for listed securities                        |                        | 
+-----------------------------------------------------+------------------------+ 
 
 
- Ends - 
 
 
 
 
For further information, please contact: 
 
 
+-----------+-----------+ 
| Inion     | Tel: +44  | 
| Oy        | (0)1483   | 
| Chris     | 685390    | 
| Lee,      |           | 
| Chief     |           | 
| Executive |           | 
| Officer   |           | 
| Julien    |           | 
| Cotta,    |           | 
| Chief     |           | 
| Financial |           | 
| Officer   |           | 
|           |           | 
+-----------+-----------+ 
| Citigate  | Tel: +44  | 
| Dewe      | (0)207    | 
| Rogerson  | 638 9571  | 
| Mark      |           | 
| Swallow   |           | 
| / David   |           | 
| Dible /   |           | 
| Helena    |           | 
| Galilee   |           | 
|           |           | 
+-----------+-----------+ 
| Piper     | Tel: +44  | 
| Jaffray   | (0)20     | 
| Ltd       | 3142 8700 | 
| Will      |           | 
| Carnwath  |           | 
| / Vijay   |           | 
| Barathan  |           | 
+-----------+-----------+ 
 
 
 
 
About Inion (www.inion.com) 
 
 
Inion Oy is a medical devices company focused on the development and successful 
commercialisation of innovative and unique biodegradable and bioactive surgical 
implants in selected high value orthopaedic market segments. 
 
 
Inion's core expertise and technology lies in the design and manufacture of 
innovative biodegradable plates, screws, pins and membranes, which are used to 
enhance the healing of bone or soft tissue injuries to the skeleton, such as 
those caused by trauma or by reconstructive surgery. Inion implants are made 
from its proprietary Inion Optima(TM) family of biomaterials, with properties 
tailored for specific surgical applications, in terms of strength, flexibility 
and rate of degradation 
 
 Inion is also focused on developing proprietary new bioactive and 
biodegradable biomaterials that promote bone healing and accelerate patient 
rehabilitation. 
 
 
Inion was incorporated in early 2000 and listed on the Official List of the UK 
Listing Authority in December 2004 (ticker: IIN). The Company has offices in the 
UK and USA, and its head office, R&D and production facilities are in Tampere, 
Finland. 
 
 
This announcement includes "forward-looking statements" which include all 
statements other than statements of historical facts, including, without 
limitation, those regarding the Group's financial position, business strategy, 
plans and objectives of management for future operations (including development 
plans and objectives relating to the Group's products), and any statements 
preceded by, followed by or that include forward-looking terminology such as the 
words "targets", "believes", "estimates", "expects", "aims", "intends", "will", 
"can", "may", "anticipates", "would", "should", "could" or similar expressions 
or the negative thereof. Such forward-looking statements involve known and 
unknown risks, uncertainties and other important factors beyond the Group's 
control that could cause the actual results, performance or achievements of the 
Group to be materially different from future results, performance or 
achievements expressed or implied by such forward-looking statements. Such 
forward-looking statements are based on numerous assumptions regarding the 
Group's present and future business strategies and the environment in which the 
Group will operate in the future. Among the important factors that could cause 
the Group's actual results, performance or achievements to differ materially 
from those in forward-looking statements include those relating to Inion's 
funding requirements, regulatory approvals, reliance on third parties, 
intellectual property, key personnel and other factors. These forward-looking 
statements speak only as at the date of this announcement. The Group expressly 
disclaims any obligation or undertaking to disseminate any updates or revisions 
to any forward-looking statements contained in this announcement to reflect any 
change in the Group's expectations with regard thereto or any change in events, 
conditions or circumstances on which any such statements are based. As a result 
of these factors, prospective investors are cautioned not to rely on any 
forward-looking statement. 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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