Notice of General Meeting
FOR IMMEDIATE
RELEASE
18 November 2009
REGEN THERAPEUTICS PLC
("ReGen" or the "Company"; Ticker (RGT))
NOTICE OF GENERAL MEETING
The Company have today posted to shareholders a Notice of General
Meeting ("the Meeting") to grant authority to issue shares. The
Meeting will be held at 11.00am on 7 December 2009 at the offices of
Alexander David Securities Limited, 10 Finsbury Square, London EC2A
1AD. The Notice will be available on the website:
www.regentherapeutics.com
In the Notice, the Chairman wrote to Shareholders as follows:
"As the most recent Interim figures show, ReGen is not yet trading
profitably and additional funds will therefore be needed to sustain
the Company until such time that it does become profitable. The
Directors are mindful of dilution and have drastically reduced costs
wherever possible including at least halving Directors salaries.
Thus, so far this year the Company has raised £688,185 compared with
£2.49m in 2007.
The Company has been encouraged at the level of demand displayed in
its recent share placings. It also noted that the placings were with
long term investors which the Company believes has meant that the
share price has remained stable following the placings. The Company
has identified, from the placings and from further conversations, a
significant number of potential additional long term investors who
are willing to further fund the Company to profitability.
With regard to the on-going expansion of the ColostrininTM
nutraceutical network, our existing distributors are continuing to
work hard to develop their individual markets. PRG Nutraceuticals
Ltd, the most recently appointed distributor, launched their
MemoryAid version of the product in the UK market at the end of
September. Unfortunately for ReGen it inevitably takes a great deal
of time from initiating discussions with potential new distributors,
through the announcement of their appointment, their satisfying local
regulations prior to the commencement of sales, up until the point at
which revenues start to filter through to ReGen. In past experience,
this process rarely takes less than six months and usually takes over
a year.
In consequence, whilst Shareholders may consider the lack of news on
progress from the Company to be disappointing, in reality there is a
great deal of activity and a huge effort being made by the entire
management team to expedite the preparations for product launch in
each sector.
Therefore, to continue to support the Company's development and
return to Shareholders, ReGen is seeking to renew Shareholder
authority to take in additional investment to maintain the capital
base into 2010. The Board wishes to be able to be in a position to
consider promptly and effect appropriate funding proposals as and
when they occur and is therefore now seeking to renew Shareholder
authority to be able to issue new Ordinary Shares and/or other
securities of the Company to facilitate future fundraisings and/or
acquisitions of complementary businesses. The Board are requesting
authority to issue up to 12,245,000 new Ordinary Shares for these
specific purposes, which represents approximately 33 per cent. of the
current issued share capital of the Company.
In addition, the Board is seeking renewal of their general
authorities to issue new Ordinary Shares and/or other securities,
such general authority being last granted to them at the Annual
General Meeting of the Company held on 21 July 2009. The Board are
requesting authority to issue up to 1,836,500 new Ordinary Shares,
which represents approximately 5 per cent. of the current issued
share capital of the Company."
Contact: Percy Lomax, ReGen
Therapeutics Plc Tel: 020 7153 4920
Roland Cornish,
Beaumont Cornish Limited Tel: 020 7628 3396
David Scott/Nick
Bealer, Alexander Securities Limited Tel: 020 7448 9820
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