Oxford Pharmascience Group PLC Completion of Demerger (0617A)

TIDMOXP

RNS Number : 0617A

Oxford Pharmascience Group PLC

21 December 2017

Oxford Pharmascience Group plc

("Oxford Pharmascience" or the "Company"

and, together with its subsidiaries, the "Group")

Completion of Demerger, Board Changes

& Change of Company Name to Abaco Capital plc

Unless otherwise indicated, capitalised terms in this announcement have the meaning given to them in the definitions appearing in the circular issued by the Company on 10 November 2017.

Oxford Pharmascience Group plc (AIM: OXP) announces that, as contemplated in the Circular to Shareholders dated 10 November 2017 and pursuant to the resolutions passed at the General Meeting held on 27 November 2017, the Company has completed the Demerger, under which certain operating and other assets and the pre-existing business of the Group have been transferred to its subsidiary, Oxford Pharmascience Limited ("OPL").

OPL has historically held substantially all of the Group's commercial assets, drug development assets and intellectual property. As a result of the Demerger, the Company's entire holding of shares in OPL will be distributed in specie to Existing Shareholders.

Accordingly the Company has now become a Rule 15 Cash Shell with cash resources of approximately GBP19.3 million as at 31 October 2017. The Company will be required to make an acquisition which constitutes a reverse takeover under Rule 14 of the AIM Rules within the following six months.

In seeking and considering potential acquisitions, the Board of Directors intends to identify opportunities offering the potential to deliver value creation and returns to shareholders over the medium to long-term. The Company will consider investment opportunities in any sectors as they arise, however, the Board of Directors have a combined skill set and experience particular to the pharmaceutical, biotechnology and technology sectors. If the Directors are unable to identify a compelling target and complete a reverse takeover within the required timeframe, or require less cash to do so and to fund the resulting group, they retain the option to return capital to shareholders.

Board Changes

As announced on 10 November 2017, Marcelo Bravo has resigned from his position as Chief Executive Officer of the Company with immediate effect to focus on the development of OPL's commercial assets as chief executive of OPL. James White and Karl Robertson Van Horn have also resigned from their positions as non-executive directors of the Company with immediate effect. The Company's Board now comprises David Norwood (Chairman), Chris Hill (Chief Financial Officer) and John Goddard (Non-Executive Director).

Company Name

As envisaged the Company has changed its name to Abaco Capital plc.

It is expected that, with effect from 8:00am on 22 December 2017, the Company's shares will trade under its new name of Abaco Capital plc and the Company's London Stock Exchange Tradable Instrument Display Mnemonic ("TIDM") will change to ABA.L. The Company's ISIN number remains unchanged.

The Company's new website address will be www.abacoplc.com.

For further information please contact:

 
 Oxford Pharmascience Group 
  Plc 
  (renamed Abaco Capital 
  plc) 
-----------------------------  ----------------- 
 Chris Hill, Chief Financial 
  Officer                       [phone] 
-----------------------------  ----------------- 
 
 N+1 Singer (Nominated 
  Adviser & Broker) 
-----------------------------  ----------------- 
 Aubrey Powell/Jen Boorer       [phone] 
-----------------------------  ----------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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December 21, 2017 05:00 ET (10:00 GMT)