AGM to de-list from AIM
11 Janeiro 2008 - 7:14AM
UK Regulatory
RNS Number:5768L
Arana Therapeutics Limited
11 January 2008
For Immediate Release 11 January 2008
Arana Therapeutics Limited
Annual General Meeting ("AGM") Notices Posted to Shareholders
Arana Therapeutics Limited, (AIM: AAHx ASX: AAH) (the "Company"), the Australian
biopharmaceutical company that uses superior technology to develop next
generation drugs that will improve the lives of patients with inflammatory
diseases and cancer has today posted to shareholders a notice convening its AGM.
The AGM will take place at The Wesley Conference Centre, 220 Pitt Street,
Sydney, New South Wales, Australia on Thursday 14 February 2008 at 3.00pm
(Sydney time).
At the AGM it is proposed that:
* the Annual Financial Report, the Directors' Report and the Auditor's
Report of the Company for the year ended 30 September 2007 be received;
* that the Remuneration Report for the financial year ended 30 September
2007 as disclosed in the Directors' Report be adopted;
* Messrs Lincoln Chee, Chris Harris, George Jessup and Robin Beaumont be
re-appointed as Directors of the Company; and
* By way of a special resolution the listing of the Company's Ordinary
Shares on the AIM market of the London Stock Exchange be cancelled.
Cancellation of the AIM Listing
In 2006 when Arana decided to list on AIM it was driven by two main commercial
reasons. Firstly, for investors (especially in UK/Europe) Arana was a mechanism
whereby they could participate in the Domantis success story. Secondly, Arana
intended to raise funds as part of the listing. However, with over 95% of the
listing activity completed, GlaxoSmithKline (GSK) made an offer to acquire all
of Domantis on very attractive commercial terms. This offer was accepted, but as
nearly all the costs and processes involved in an AIM listing had taken place,
the Board decided to progress the AIM listing.
Arana has had its AIM listing for just over one year, however, the lack of
liquidity and small number of shareholders does not justify the costs of
maintaining the Company's listing on AIM. Therefore the Board is seeking
shareholder approval (a majority of not less than 75% of shareholders that
(being entitled to do so) vote in person or by proxy) at the AGM to de-list from
AIM.
Arana has had its AIM listing for just over one year. Despite considerable
marketing efforts, at the end of November there were 21 shareholders registered
on AIM holding 183,000 shares. The average monthly turnover on AIM was 10,300
shares per month over the last 3 months compared with an average monthly
turnover on the ASX over the same period of 7,418,000 shares.
This small number of shareholders and the lack of liquidity, does not justify
the costs of in excess of $300,000 per annum of maintaining the Company's
listing on AIM. Therefore the board is seeking shareholder approval to de-list
from AIM.
How the cancellation will effect UK holders of Ordinary Shares
If the shareholders wish to sell their Ordinary Shares on AIM, they must do so
prior to cancellation becoming effective (such cancellation will occur no
earlier than 5 days after the AGM and is expected to be on or around 22 February
2008). Following the cancellation of admission of the Company's Ordinary Shares
on AIM, shareholders may continue to hold their Ordinary Shares and continue to
trade such shares on the Australian Stock Exchange.
For further information, please contact:
Arana Therapeutics Limited
Dr John Chiplin, Chief Executive Officer +61 (0)2 8061 9900
Niall Henderson, Chief Financial Officer +61 (0)2 8061 9900
Buchanan Communication
Lisa Baderoon/Rebecca Skye Dietrich +44 (0)20 7466 5000
Nomura Code Securities
Charles Walker +44 (0)20 7776 1200
This information is provided by RNS
The company news service from the London Stock Exchange
END
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