Hemogenyx Pharmaceuticals PLC Announces Notice of Extraordinary General Meeting
Hemogenyx Pharmaceuticals announces an Extraordinary General Meeting on December 9, 2024, seeking shareholder approval for a capital reorganization. The company proposes a 1:2 subdivision of existing shares into new ordinary shares and deferred shares, followed by a 400:1 consolidation. This restructuring aims to address the 'penny share' perception deterring institutional investors. The company seeks authority to disapply pre-emption rights over 50% of issued shares to support HEMO-CAR-T clinical trials funding. Currently holding 1,401,815,988 ordinary shares, the reorganization will affect holdings below 400 shares, potentially resulting in fractional entitlements.
Hemogenyx Pharmaceuticals annuncia un'Assemblea Generale Straordinaria il 9 dicembre 2024, per richiedere l'approvazione degli azionisti per una riorganizzazione del capitale. L'azienda propone una suddivisione 1:2 delle azioni esistenti in nuove azioni ordinarie e azioni differite, seguita da una consolidazione 400:1. Questa ristrutturazione mira a contrastare la percezione delle 'penny stock' che scoraggia gli investitori istituzionali. L'azienda cerca l'autorità di disapplicare i diritti di prelazione su oltre il 50% delle azioni emesse per sostenere il finanziamento dei trial clinici HEMO-CAR-T. Attualmente detiene 1.401.815.988 azioni ordinarie, la riorganizzazione influenzerà le partecipazioni inferiori a 400 azioni, portando potenzialmente a diritti frazionari.
Hemogenyx Pharmaceuticals anuncia una Junta General Extraordinaria el 9 de diciembre de 2024, buscando la aprobación de los accionistas para una reorganización del capital. La compañía propone una subdivisión de 1:2 de las acciones existentes en nuevas acciones ordinarias y acciones diferidas, seguida de una consolidación de 400:1. Esta reestructuración tiene como objetivo abordar la percepción de 'acciones de centavo' que desalienta a los inversores institucionales. La empresa busca la autoridad para desestimar los derechos de preferencia sobre más del 50% de las acciones emitidas para apoyar la financiación de los ensayos clínicos HEMO-CAR-T. Actualmente posee 1.401.815.988 acciones ordinarias, la reorganización afectará a las participaciones por debajo de las 400 acciones, resultando potencialmente en derechos fraccionarios.
Hemogenyx Pharmaceuticals는 2024년 12월 9일 주주 승인을 요청하기 위해 임시 주주총회를 발표했습니다. 회사는 기존 주식을 새로운 보통주와 후속주로 1:2 비율로 분할한 뒤 400:1 비율로 통합하는 것을 제안합니다. 이번 구조조정은 기관 투자자들을 저해하는 ‘펜니 주식’ 인식을 해소하는 것을 목표로 합니다. 회사는 HEMO-CAR-T 임상 시험 자금을 지원하기 위해 발행된 주식의 50% 이상에 대한 우선 매수권을 포기할 권한을 요청합니다. 현재 1,401,815,988주를 보유하고 있으며, 이번 재조정은 400주 미만의 보유에 영향을 미쳐 잠재적으로 분수권을 초래할 수 있습니다.
Hemogenyx Pharmaceuticals annonce une Assemblée Générale Extraordinaire le 9 décembre 2024, cherchant l'approbation des actionnaires pour une réorganisation du capital. La société propose une subdivision de 1:2 des actions existantes en nouvelles actions ordinaires et actions différées, suivie d'une consolidation de 400:1. Cette restructuration vise à contrer la perception des 'penny stocks' qui décourage les investisseurs institutionnels. L'entreprise recherche l'autorisation de renoncer aux droits de préemption sur plus de 50 % des actions émises pour soutenir le financement des essais cliniques HEMO-CAR-T. Détenant actuellement 1.401.815.988 actions ordinaires, la réorganisation affectera les participations de moins de 400 actions, ce qui pourrait entraîner des droits fractionnés.
Hemogenyx Pharmaceuticals kündigt eine Außerordentliche Hauptversammlung für den 9. Dezember 2024 an, um die Zustimmung der Aktionäre zu einer Kapitalreorganisation einzuholen. Das Unternehmen schlägt eine 1:2-Spaltung der bestehenden Aktien in neue Stammaktien und Nachrangaktien vor, gefolgt von einer 400:1-Konsolidierung. Diese Umstrukturierung zielt darauf ab, das Image der 'Penny Stocks' zu beseitigen, das institutionelle Investoren abschreckt. Das Unternehmen beantragt die Ermächtigung, die Bezugsrechte über mehr als 50 % der emittierten Aktien aufzuheben, um die Finanzierung der HEMO-CAR-T-Klinikversuche zu unterstützen. Es hält derzeit 1.401.815.988 Stammaktien, und die Umstrukturierung wird sich auf Bestände unter 400 Aktien auswirken, was potenziell zu bruchteiligen Rechten führen kann.
- Strategic capital restructuring to attract institutional investors
- Potential to improve funding access for clinical trials
- Company at pivotal stage with recent equity capital injections
- Shareholders with less than 400 shares will lose their positions
- Urgent need for funding indicating financial pressure
- Dilution risk from potential 50% pre-emption rights disapplication
- Failure to pass resolutions would compromise clinical trial financing
Hemogenyx Pharmaceuticals plc
("Hemogenyx Pharmaceuticals" or the "Company")
Notice of Extraordinary General Meeting
Proposed Capital Reorganisation and New Articles of Association
LONDON, UK / ACCESSWIRE / November 22, 2024 / Hemogenyx Pharmaceuticals plc (LSE:HEMO), the biopharmaceutical group focused on developing new therapies for blood diseases announces that it has posted, or otherwise made available, a circular to shareholders containing a notice convening an Extraordinary General Meeting to be held at 10.00 a.m. on 9 December 2024 at 1 Heddon Street, London W1B 4BD.
The Company is seeking the approval of shareholders by way of an ordinary resolution to execute a subdivision followed by a consolidation of its ordinary shares and to grant authority to the Directors to allot new shares. Further, the Company is seeking the approval of shareholders by way of a special resolution to disapply the statutory pre-emption rights in relation to the issue and allotment of new shares and to adopt of a new set of articles of association.
Background and reasons for seeking approval for the Resolutions
The Company is at a pivotal stage in its progress and has received injections of equity capital to support its clinical trial activities. The Directors consider, having received feedback from some potential funders, that the "penny share" perception of the Company's shares deters most institutional and professional investors from participating in capital raises which the Company undertakes. This is relevant to both UK institutions and US-based life-sciences oriented institutional investors and potential partners. As it enters clinical trials for HEMO-CAR-T and resumes development of its other product candidates, it will potentially seek further funding and believes that a higher share price following a reorganised share capital is likely to open up the pool of such potential institutional and professional investors who will, it believes be more likely to subscribe for new equity in future fundraises. To enable the Company to raise sufficient funding to take the HEMO-CAR-T clinical trials forward to the extent necessary and to enable the Company to have sufficient working capital for the period up to the next annual general meeting, the Directors are also seeking authority to disapply pre-emption rights over
It is essential that the proposed resolutions are passed. Failure to do so would severely compromise the Company's ability to finance clinical trials on a continuing basis.
Capital Reorganisation
The Company currently has 1,401,815,988 ordinary shares of £0.01 each in issue (the "Existing Ordinary Shares"). The Board proposes to carry out a subdivision and reclassification of the Existing Ordinary Shares by 1:2 so that each Existing Ordinary Share will be subdivided and reclassified into 1 new ordinary share of £0.000025 each (the "New Ordinary Shares") and 1 deferred share of £0.009975 each (the "Deferred Shares") (the "Subdivision"), followed by a consolidation of the New Ordinary Shares by 400:1 so that every 400 New Ordinary Shares will be consolidated into 1 New Ordinary Share of £0.01 each (the "Consolidation", together with the Subdivision, the "Capital Reorganisation").
The Deferred Shares will have no right to vote or participate in the capital of the Company (save as set out under the heading 'New Articles' within the published circular) and the Company will not issue any certificates or credit CREST accounts in respect of them. The Deferred Shares will not be admitted to trading on any exchange. The rights of the New Ordinary Shares and the Deferred Shares will be set out in the New Articles proposed to be adopted by the Company. The purpose of the Capital Reorganisation is to reduce the nominal value of the Existing Ordinary Shares and to reduce the number of shares in issue.
For purely illustrative purposes, examples of the effects of the proposed Capital Reorganisation (should it be approved by Shareholders) are set out below:
Number of Existing Ordinary Shares of | Number of New Ordinary Shares of £0.01 each following the Capital Reorganisation | Number of Deferred Shares of £0.009975 each following the Capital Reorganisation |
400 | 1 | 400 |
4,000 | 10 | 4,000 |
40,000 | 100 | 40,000 |
400,000 | 1,000 | 400,000 |
It is likely that the Capital Reorganisation will result in fractional entitlements to a New Ordinary Share where any holding is not precisely divisible by 400. No certificates will be issued for fractional entitlements to New Ordinary Shares. Following the implementation of the Capital Reorganisation, certain shareholders may not have a proportionate shareholding of New Ordinary Shares exactly equal to their proportionate holding of Existing Ordinary Shares. Furthermore, any shareholders holding fewer than 400 Existing Ordinary Shares as at 6.00pm on the Record Date (as defined in the published circular) will cease to be a shareholder of ordinary shares in the Company. The minimum threshold to receive New Ordinary Shares will be 400 Existing Ordinary Shares.
The Company's articles of association permit the Directors to sell shares representing fractional entitlements arising from the proposed Capital Reorganisation. Any New Ordinary Shares in respect of which there are fractional entitlements will therefore be aggregated and sold for the best price reasonably obtainable on behalf of shareholders entitled to fractions. The Company will distribute the proceeds of sale in accordance with the Company's articles of association.
Share certificates in respect of the New Ordinary Shares will be issued following the Capital Reorganisation or, in the case of uncertificated holders, Euroclear UK and International Limited will be instructed to credit the CREST participant's account with New Ordinary Shares.
Enquiries:
Hemogenyx Pharmaceuticals plc |
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Dr Vladislav Sandler, Chief Executive Officer & Co-Founder |
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Peter Redmond, Director |
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SP Angel Corporate Finance LLP |
| Tel: +44 (0)20 3470 0470 |
Matthew Johnson, Vadim Alexandre, Adam Cowl |
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Peterhouse Capital Limited |
| Tel: +44 (0)20 7469 0930 |
Lucy Williams, Duncan Vasey, Charles Goodfellow |
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About Hemogenyx Pharmaceuticals plc
Hemogenyx Pharmaceuticals is a publicly traded company (LSE:HEMO) headquartered in London, with its US operating subsidiaries, Hemogenyx Pharmaceuticals LLC and Immugenyx LLC, located in New York City at its state-of-the-art research facility.
The Company is a clinical stage biopharmaceutical group developing new medicines and treatments to treat blood and autoimmune diseases. Hemogenyx Pharmaceuticals is developing several distinct and complementary product candidates, as well as platform technologies that it uses as engines for novel product development.
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SOURCE: Hemogenyx Pharmaceuticals PLC
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FAQ
What is the purpose of Hemogenyx's (HOPHF) capital reorganization in December 2024?
How will Hemogenyx's (HOPHF) share consolidation work in December 2024?
What happens to Hemogenyx (HOPHF) shareholders owning less than 400 shares after the reorganization?
