TIDMBION
RNS Number : 6359I
Bion PLC
19 April 2022
19 April 2022
BiON plc
("BiON" or the "Company" or, together with BiON Ventures Sdn
Bhd, the "Group")
Result of General Meeting, Completion of Disposal and
Directorate Change
Update on suspension of trading and completion of Placing
BiON (AIM: BION) announces that at its general meeting of
shareholders held earlier today, all resolutions were duly passed.
This included the resolution to approve the sale of BiON Ventures
Sdn Bhd, the Group's main operational subsidiary, to Minnos
Ventures Inc (the "Disposal"), following the passing of which, the
Company has completed the Disposal.
Accordingly, the Company has become an AIM Rule 15 cash shell
and, as such, is required to make an acquisition or acquisitions
which constitutes a reverse takeover under AIM Rule 14 (on or
before the date falling six months from completion of the Disposal
or be re-admitted to trading on AIM as an investing company under
the AIM Rules (which requires the raising of at least GBP6
million), failing which the Company's Ordinary Shares would then be
suspended from trading on AIM pursuant to AIM Rule 40. Admission to
trading on AIM would be cancelled six months from the date of
suspension should the Company fail to complete an acquisition or
acquisitions which constitutes a reverse takeover under AIM Rule 14
during that period.
Following the completion of the Disposal, Dato' Dr. Is. Ts. Mohd
Abdul Karim Bin Abdullah has resigned from his position as
Non-executive Chairman of the Company and Mr. Aditya Chathli, a
Non-executive Director of the Company, has assumed the role of
Interim Chairman. Datuk Syed Nazim bin Syed Faisal, previously an
Executive Director and CEO of the Company, has become a
Non-executive Director. In addition, as noted in the Circular,
Malcolm Groat will be joining the Board in due course.
Further details of the Disposal are set out in the Circular to
shareholders dated 31 March 2022. Unless the context otherwise
requires, capitalised terms in this announcement shall have the
same meaning ascribed to them in the Circular.
Following the passing of the Resolutions, the Company expects to
publish its audited accounts for the year ended 31 December 2020
and the unaudited interim results for the period ended 30 June 2021
later today, and for its suspension of trading on AIM to be lifted
with effect from 7.30am on 20 April 2022.
Furthermore, as announced on 31 March 2022, the Company's
Broker, Optiva Securities Limited, on behalf of the Company has,
conditional on the passing of the Resolutions (which occurred) and
Re-trading, raised GBP1 million before expenses through the Placing
of 333,333,333 Placing Shares at the Placing Price of 0.3 pence per
Placing Share. Concurrent with the resumption of trading in the
Company's Ordinary Shares, the Placing will complete and thus the
Placing Shares will be admitted to trading on AIM at 8.00am on 20
April 2022.
Details of the proxy voting results, which should be read
alongside the Circular, are below:
Resolution Votes for* Votes against Votes Total proxy
withheld votes
No. of % of votes No. of % of votes No. of
votes cast** votes cast** votes
------------ ----------- -------- ----------- ---------- ------------
1 287,467,799 99.95 136,551 0.05 0 287,604,350
------------ ----------- -------- ----------- ---------- ------------
2 287,467,799 99.95 136,551 0.05 0 287,604,350
------------ ----------- -------- ----------- ---------- ------------
3 287,465,097 99.95 136,551 0.05 2,702 287,604,350
------------ ----------- -------- ----------- ---------- ------------
4 287,465,097 99.95 136,551 0.05 2,702 287,604,350
------------ ----------- -------- ----------- ---------- ------------
5 287,467,799 99.95 136,551 0.05 0 287,604,350
------------ ----------- -------- ----------- ---------- ------------
6 287,467,799 99.95 136,551 0.05 0 287,604,350
------------ ----------- -------- ----------- ---------- ------------
* Includes discretionary votes
** Excludes withheld votes
This announcement contains inside information for the purposes
of Article 7 of Regulation 2014/596/EU which is part of domestic UK
law pursuant to the Market Abuse (Amendment) (EU Exit) regulations
(SI 2019/310). On the publication of this announcement, the inside
information is considered to be in the public domain.
Enquiries:
BiON plc
+44 20 7618
c/o Luther Pendragon 9100
Beaumont Cornish Limited (Nominated Adviser)
+44 20 7628
Roland Cornish, Felicity Geidt 3396
Optiva Securities Limited (Joint Broker)
+44 20 3137
Vishal Balasingham 1903
VSA Capital Limited (Joint Broker)
+44 20 3005
Andrew Raca, Maciek Szymanski (Corporate Finance) 5000
Andrew Monk (Corporate Broking)
Luther Pendragon (Financial PR Adviser)
+44 20 7618
Claire Norbury 9100
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END
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