REG - Ashington Innovation - Update on Cell Therapy and Calon Discussions

Ashington InnovationAnnouncement

05/09/2023 07:00

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20230905:nRSE3475La&default-theme=true

RNS Number : 3475L  Ashington Innovation PLC  05 September 2023

Press Release

 

5 September 2023

 

Ashington Innovation plc

 

("Ashington" or "the Company")

 

Update on Cell Therapy Ltd and Calon Cardio-Technology Ltd Discussions

 

Change of Broker

 

Ashington Innovation plc (LSE: ASHI; FSE: 6FW), a special purpose acquisition
company, announces that further to the announcement of August 24, the Company
continues to pursue negotiations to acquire Cell Therapy Limited ('Cell
Therapy') and Calon Cardio-Technology Limited ('Calon') in accordance with the
signed heads of terms.

 

By way of clarification, the proposed acquisition of Calon is dependent on a
successful close of the Cell Therapy transaction. However, the proposed
acquisition of Cell Therapy is not dependent on an acquisition of Calon.

 

Ashington can confirm that discussions have continued between the parties and
that the Company is continuing its formal due diligence process. As no binding
agreement has yet been reached, the Company cannot guarantee that either
proposed acquisition will complete.

 

Ashington also announces that following a breach of confidentiality by its
broker, SI Capital, the appointment of SI Capital has been terminated and the
Company is seeking to appoint a new sole broker experienced in the
transactions being considered which is in line with its broader strategy to
create a material regenerative medicine group.

 

The Company will provide further updates as and when appropriate.

 

For further information please contact:

 

 Ashington Innovation plc
 David Orchard                       via Tancredi +44 207 887 7633

 General Counsel
 Tancredi Intelligent Communication

 Media Relations
 Helen Humphrey                      +44 7449 226 720

 Charlie Hobbs                       +44 7897 557 112

 Jasmine Gadhavi                     +44 7931 435 236

 ashington@tancredigroup.com

 

About Ashington Innovation plc

Ashington Innovation PLC is a special purpose acquisition company (SPAC),
formed with the intention of acquiring businesses operating in the technology
sector.

 

The Company believes that in the increasingly fast-changing global environment
there will be an abundance of opportunities to acquire existing businesses in
the technology sector, and in particular businesses that possess and utilise
proprietary technologies and own applicable intellectual property.

 

The Company is not limited to any specific geographic region in identifying
its target companies.

 

www.ashingtoninnovationplc.com (http://www.ashingtoninnovationplc.com)

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  UPDFFFSFAIISIIV