Business
Approval of distribution of shares in Verici Dx
Approval of distribution of shares in Verici Dx.
About this update from Renalytix Plc
[{"type":"text","content":"\n \n \n RNS Number : 3211S\n Renalytix AI PLC\n 08 July 2020\n \n \n \n \n Renalytix AI plc\n \n \n (\"RenalytixAI\", the \"Company\")\n \n \n \n \n \n Approval of distribution of shares in Verici Dx Limited\n \n \n and\n \n \n related party transaction\n \n \n \n \n \n \n NEW YORK, 8 July, 2020\n \n - Renalytix AI plc (\n LSE: RENX), an artificial intelligence-enabled in vitro diagnostics company, focused on optimizing clinical management of kidney disease to drive improved patient outcomes and lower healthcare costs, announces that it now proposes to distribute shares in its wholly-owned subsidiary, Verici Dx Limited (\"Verici\").\n \n \n \n \n \n Following the approval by shareholders at a general meeting held on 15 May 2020 of the reduction of capital and the confirmation of the High Court in England and Wales on 9 June 2020, the cancellation of the Company's share premium account has been completed and the reduction of capital became effective on 6 July 2020. \n \n \n \n \n \n On 7 July 2020 the Board convened and declared a distribution in specie of shares in Verici to trustees on trust for the Company's shareholders (the \"Distribution\"). Verici's share capital has been re-designated into 59,416,134 A Shares of £0.001 each and 1 golden share of £0.001 (the \"Golden Share\"). The Golden Share will be the only voting share in the capital of Verici and will be retained by the Company. The Company's shareholders on the register as at close of business on 9 July 2020 (\"Relevant Renalytix Shareholders\") will receive one A Share in Verici (\"Distribution Shares\") for every 1 ordinary share held in the Company. Broadway Nominees Limited, as trustees, will act as legal holder of the Distribution Shares and the undertaking can be accessed on the Company's website under the investor section. \n \n \n \n \n \n Relevant Renalytix Shareholders will become the beneficial owners of their respective Distribution Shares when the Board resolves to declare the Distribution, at which time an 'omnibus' share certificate in respect of the Distribution Shares will be issued, to be held by the trustees on behalf of the Relevant Renalytix Shareholders for a period of:\n \n \n \n \n \n · \n 365 days following admission to trading on AIM (or another recognised stock exchange) of all or part o...