ReNeuron Group plc Update on Administration Process

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	[phone] or
Stephen Cork, Joint Administrator	[e-mail]
Mark Smith, Joint Administrator
ReNeuron	www.reneuron.com/investors
Iain Ross, Executive Chairman	Via Walbrook PR
Allenby Capital Limited (Nominated Adviser and Broker)			[phone]
James Reeve/George Payne/ Dan Dearden-Williams (Corporate Finance)
Stefano Aquilino/Kelly Gardiner (Sales & Corporate Broking)
Walbrook PR (Media & Investor Relations)		[phone] or [e-mail]
Paul McManus / Alice Woodings	[phone] / [phone]

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

 

END

 

 

UPDUBOURSRUVRAR