Business
Notice of AGM & Update of Subscription Agreement
Notice of AGM & Update of Subscription Agreement.
About this update from Valirx Plc
[{"type":"text","content":"\n \nRNS Number : 1416B ValiRx PLC 05 June 2019 \n\nVALIRX PLC\n(\"ValiRx\", the \"Company\" or the \"Group\")\n \nNotice of AGM and update of Subscription Agreement\n \nLondon, UK, 5 June 2019: ValiRx Plc (AIM: VAL), the clinical stage biotechnology company announces that the Notice of Annual General Meeting (the \"Notice\") and Form of Proxy will be sent to shareholders later today. The Annual General Meeting will be held at 11:00 am on 28 June 2019 at the offices of DAC Beachcroft, 25 Walbrook, London, EC4N 8AF.\n \nThe Notice includes resolutions to:-\n(1) Receive the annual report and accounts\n(2) Re-appoint Kevin Alexander as a director\n(3) Re-appoint the auditors\n(4) Set the auditors' remuneration\n(5) Provide authority to allot share capital\n(6) Provide authority to dis-apply statutory pre-emption rights\n \nThe directors have stated in the Notice their intention to use a portion of the authority granted under Resolution (5) above to facilitate, at an appropriate time, an Open Offer, expected to be two new shares for every ten existing shares held.\n \nUpdate on Subscription Agreement\n \nAs announced by the Company on 31 May 2019 and 28 May 2019, the Company is in advanced discussions with European High Growth Opportunities SF (the \"Investor\") to terminate the entire Subscription Agreement that was announced on 26 April 2019 and enter into a new convertible bond facility (the \"New Facility\"). The terms of the New Facility are still subject to negotiation and agreement and no definitive documents have yet been entered into. The Company expects to notify shareholders of the details of the New Facility in due course, which, like the current deal, is expected to oblige the Company to issue convertible bonds and certain warrants to the Investor.\n \nThe Company will look to call a separate general meeting once the formal binding terms and documentation have been finalised with the Investor in order to seek the shareholder authorities required to enter into such New Facility.\n \nThe Company's working capital position is dependent on new funds being made available to it. The Company anticipates that the Investor will provide it with additional funds in the short term, under existing shareholder authorities, which will be used...