TIDMCTEA

RNS Number : 8437X

Catenae Innovation PLC

23 December 2019

Catenae Innovation PLC

("Catenae" or the "Company")

Result of General Meeting, Directorate Change and update re Working Capital

Results of General Meeting

At the General Meeting of the Company held earlier today, all resolutions were duly passed.

Consequently, the proposed Capital Reorganisation, which comprised a consolidation of each Existing Ordinary Share of 0.1 pence each into a Consolidated Share of 10 pence each, immediately followed by a subdivision of each Consolidated Share into one New Ordinary Share of 0.2 pence and one Deferred Share of 9.8 pence, will become effective.

Following the Capital Reorganisation, the Company's issued share capital will comprise 32,236,017 ordinary shares of 0.2p nominal value and 32,236,017 Deferred Shares.

Admission of New Ordinary Shares

The 32,236,017 New Ordinary Shares are expected to be admitted to trading on AIM on or around 27 December 2019.

The ISIN for the New Ordinary Shares will be GB00BKM6CG53 and the SEDOL will be BKM6CG5.

Directorate changes

Tony Flynn has resigned as a director of the Company with immediate effect. John Farthing, the current Chief Financial Officer of the Company has indicated his willingness to be appointed to the board, subject to the outcome of normal regulatory due diligence.

Working capital and further fundraise

Further to the announcement made in relation to its working capital position on 20 December 2019, the Company's working capital position remains extremely weak. The Company is in advanced negotiations with a number of parties and is hopeful that it will secure up to GBP100,000 of immediate short term debt funding, which will enable the Company to continue trading for the immediate future.

Following the passing of all resolutions the Company confirms that it is in advanced discussions with a number of parties in relation to a possible placing, which it hopes to secure in the short-term. The terms and amount of such a placing are yet to be determined.

There is no guarantee that any such agreements will be entered into.

In the event that the short-term debt funding and a placing do not occur, the Company wishes to emphasise that it has very limited financial resources and is unlikely to continue to be able to trade beyond 2 - 3 weeks.

A further announcement will be made in due course.

Guy Meyer, Interim CEO, stated:

"Anthony Flynn has resigned as Non-executive Director to pursue personal interests and at the current time feels unable to continue designating the level of time and commitment required. The Board would like to take this opportunity in thanking Tony for his tireless work and commitment throughout his tenure.

The positive outcome of the General Meeting means that the Company should be able take advantage of potential growth opportunities in 2020."

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.

For further information:

 
Catenae Innovation Plc                             Tel: 020 7929 
 Guy Meyer                                          7826 
 
  Cairn Financial Advisers LLP, Nominated Adviser    Tel: 020 7213 
  Liam Murray / Jo Turner                            0880 
                                                   Tel: 020 3657 0050 
  Turner Pope Investments (TPI) Limited, Broker 
  Andrew Thacker / Zoe Alexander

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 rns@lseg.com or visit www.rns.com.

END

ROMLLFVLFELVFIA

(END) Dow Jones Newswires

December 23, 2019 06:37 ET (11:37 GMT)

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