Arix Bioscience PLC has announced the successful completion of the recommended all-share acquisition of its assets by RTW Biotech Opportunities Ltd ("RTW Bio"). The acquisition was carried out through a scheme of reconstruction and the voluntary winding-up of Arix under section 110 of the Insolvency Act 1986. The Resolution proposed to place Arix into members' voluntary liquidation was passed by the requisite majority of Shareholders, and the Scheme has become effective.
As part of the Scheme, Derek Neil Hyslop and Richard Peter Barker of Ernst & Young LLP have been appointed as joint liquidators. The voting results at the Second General Meeting showed that the Resolution to place Arix into members' voluntary liquidation was passed by a significant majority.
Following the passing of the Resolution, trading in the Shares on the London Stock Exchange was suspended, and the Liquidators have been authorized to apply for the cancellation of the listing of the Shares on the standard segment of the Official List and trading on the Main Market. Applications have also been made for the Consideration Shares to be admitted to the Official List and to the London Stock Exchange for trading on its Main Market.
It is expected that the cancellation of the listing and trading of the Shares, and the admission of the Consideration Shares to the London Stock Exchange, will each take effect by 8:00 a.m. on 13 February 2024. For further details, the full text of the Resolution and voting results are available on Arix's website.
The announcement also includes contact information for Arix Bioscience plc, Jefferies (Financial Adviser & Corporate Broker to Arix), and Powerscourt Group (PR & Communications adviser to Arix). Additionally, it contains important information regarding the exclusivity of Jefferies in acting for Arix and a notice to US Shareholders in Arix regarding the publication or distribution of the announcement in the United States of America.