Client NewsBiON plc: Result of General Meeting, Completion of Disposal and Directorate Change Update on suspension of trading and completion of Placing
BiON (AIM: BION) announces that at its general meeting of shareholders held earlier today, all resolutions were duly passed. This included the resolution to approve the sale of BiON Ventures Sdn Bhd, the Group’s main operational subsidiary, to Minnos Ventures Inc (the “Disposal”), following the passing of which, the Company has completed the Disposal.
Accordingly, the Company has become an AIM Rule 15 cash shell and, as such, is required to make an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 (on or before the date falling six months from completion of the Disposal or be re-admitted to trading on AIM as an investing company under the AIM Rules (which requires the raising of at least £6 million), failing which the Company’s Ordinary Shares would then be suspended from trading on AIM pursuant to AIM Rule 40. Admission to trading on AIM would be cancelled six months from the date of suspension should the Company fail to complete an acquisition or acquisitions which constitutes a reverse takeover under AIM Rule 14 during that period.
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