REG - ReNeuron Group plc - Update on Administration Process

ReNeuronAnnouncement

08/05/2024 07:00

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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                     +44 (0)20 7268 2150 or
 Stephen Cork, Joint Administrator  reneuron@corkgully.com
 Mark Smith, Joint Administrator

 ReNeuron                           www.reneuron.com/investors (http://www.reneuron.com/investors)
 Iain Ross, Executive Chairman      Via Walbrook PR

 Allenby Capital Limited (Nominated Adviser and Broker)                                +44 (0)20 3328 5656
 James Reeve/George Payne/ Dan Dearden-Williams (Corporate Finance)
 Stefano Aquilino/Kelly Gardiner (Sales & Corporate Broking)

 Walbrook PR (Media & Investor Relations)                    +44 (0)20 7933 8780 or reneuron@walbrookpr.com
                                                             (mailto:reneuron@walbrookpr.com)
 Paul McManus / Alice Woodings      +44 (0)7980 541 893 / +44 (0)7407 804 654

 

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