RUA Life Sciences PLC Temporary suspension of trading (3258W)

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RNS Number : 3258W

RUA Life Sciences PLC

11 December 2023

11 December 2023

RUA Life Sciences Plc

("RUA Life Sciences", the "Company" or the "Group")

Temporary suspension of trading

RUA Life Sciences (AIM: RUA), the holding company of a group of medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-Eon(TM)), notes the London Stock Exchange's Market Notice N05/23 (the "Notice") released following the suspension today in trading of the Company's ordinary shares.

The Notice includes the following information:

"London Stock Exchange ("the Exchange") has been monitoring the settlement situation in RUA Life Sciences plc (ISIN: GB0033360586) following the Company's recent notifications in relation to the issue of new shares which are conditional on shareholder consent. As a result of the deterioration in settlement performance, the trading of RUA Life Sciences plc shares has been temporarily suspended under Rule 1510 of the Rules of the London Stock Exchange. Settlement of outstanding transactions can continue whilst the security is suspended. The Exchange will continue to monitor the settlement situation and when trading is to be restored, the market will be notified by Stock Exchange Notice."

"Rule 5000 (Obligation to settle) and its associated guidance places an obligation on member firms to ensure that every on Exchange trade is duly settled on the agreed settlement date. This obligation remains even if the reason for non-settlement is a customer or counterparty having failed to settle other transactions in the same security."

The Notice can be viewed at:

https://www.londonstockexchange.com/news-article/market-news/n05-23-trading-suspension/16246228

.

The Company notes that there has been a significant increase in the number of shares traded during the previous three weeks, with the number of shares traded during the period equal to a very material proportion of the current issued share capital. While the timing of restoration of trading in the Company's ordinary shares will be determined by the Exchange, the Directors expect liquidity to improve following the admission of the shares relating to the recently announced Placing and Retail Offer and are hopeful that the suspension will be released in the period following this, if not before. Admission remains subject to passing of the resolutions at the general meeting on 18 December 2023.

The Company continues to expect to announce its interim results for the six-month period ended 30 September 2023 on 18 December 2023 and the Company continues to trade in line with market expectations. It reiterates the statement made on 1 December 2023 that the Company is as well positioned as it has ever been with increased visibility on opportunities in Contract manufacturing, giving the board confidence that the Company is on track to meet its objective of doubling the scale of the Contract Manufacture business in the medium term and testing results of the Company's novel composite material for the creation of heart valve leaflets that has produced results that have exceeded expectations and is attracting the interest of major players in the heart valve industry."

For further information contact:

 
 RUA Life Sciences 
  Bill Brown, Chairman                       Tel: [phone] 
  Caroline Stretton, Group Managing          Tel: [phone] 
  Director 
 Cavendish Capital Markets Limited         Tel: [phone] 
  (Nominated Adviser and Broker) 
  Giles Balleny/Dan Hodkinson (Corporate 
  Finance) 
  Charlie Combe (Broking) 
  Michael Johnson (Sales) 
 

About RUA Life Sciences

The RUA Life Sciences group was created in April 2020 when RUA Life Sciences Plc (formerly known as AorTech International Plc) acquired RUA Medical Devices Limited to create a fully formed medical device business. RUA Life Sciences is the holding company of the Group's four trading businesses, each exploiting the Group's patented polymer technology.

Our vision is to improve the lives of millions of patients by enabling medical devices with Elast-Eon(TM) , the world's leading long-term implantable polyurethane. Whether it is licensing Elast-Eon(TM) , manufacturing a device or component, or developing next generation medical devices, a RUA Life Sciences business is pursuing our vision.

Elast-Eon(TM)'s biostability is comparable to silicone while exhibiting excellent mechanical, blood contacting and flex-fatigue properties. These polymers can be processed using conventional thermoplastic extrusion and moulding techniques. With over 8 million implants and 15 years of successful clinical use, RUA's polymers are proven in long-term life enabling applications.

The Group's four business units are:

 
 RUA Contract        End-to-end contract developer and manufacturer 
  Manufacture:        of medical devices and implantable fabric 
                      specialist. 
 RUA Biomaterials:   Licensor of Elast-Eon(TM) polymers to the 
                      medical device industry. 
 RUA Vascular:       Commercialisation of open surgical vascular 
                      grafts and patches 
 RUA Structural      Development of polymeric leaflet systems 
  Heart:              for heart valves. 
 

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December 11, 2023 03:40 ET (08:40 GMT)