REG - Belluscura PLC - Intention to appoint Administrator

BelluscuraAnnouncement

31/10/2025 12:15

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20251031:nRSe7321Fa&default-theme=true

RNS Number : 7321F  Belluscura PLC  31 October 2025

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION AS STIPULATED UNDER THE UK
VERSION OF THE MARKET ABUSE REGULATION NO 596/2014 WHICH IS PART OF ENGLISH
LAW BY VIRTUE OF THE EUROPEAN (WITHDRAWAL) ACT 2018, AS AMENDED. ON
PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS
INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

 

 

31 October 2025

 

 

Belluscura plc

("Belluscura" or the "Company")

 

Intention to appoint Administrator

Resignation of Nominated Adviser

 

Belluscura plc (AIM: BELL), a UK medical device company focused on developing
oxygen enrichment technology spanning broad industries and therapies, has
previously announced that discussions with Omaha Value, Inc. and AI Ventures,
Inc (together the "Omaha Investor Group") regarding a proposal to refinance
the Company have been ongoing.  However despite these protracted discussions
over several weeks and repeated assurances from Michael Luther on behalf of
the Omaha Investor Group that funds will be forthcoming, the Company has been
unable to secure the proposed refinancing.

 

In the meantime, as announced on 28 October 2025, Sallyport Commercial Finance
("Sallyport"), the secured funder of the Company's wholly-owned US trading
subsidiary Belluscura LLC, foreclosed on the facility and has disposed of the
collateralised assets of Belluscura LLC to a third party.  As also announced
on 30 October 2025 given the scale of Belluscura LLC's remaining liabilities
Belluscura LLC filed for Chapter 7 Bankruptcy under the U.S Bankruptcy Code
on 29 October 2025.

 

Belluscura LLC's Chapter 7 Bankruptcy filing constitutes an event of default
in relation to the terms of the existing convertible loan notes issued by the
Company ("CLNs") and, accordingly, the terms of the CLNs provide that all
principal (including any accrued interest and/or capitalised sums) shall
automatically be redeemed in cash. The aggregate amount owing by the Company
in respect of the CLNs currently amounts to £9.17m (US$12.1m) and the Company
does not have sufficient resources to discharge this sum.

 

The Board has no option therefore but to seek to appoint an Administrator for
the Company pursuant to paragraph 22 of Schedule B1 to the Insolvency Act
1986. It is anticipated that an Administrator will be appointed during the
course of today or, in any event, by Monday 3 November 2025.

 

A further announcement will be made in due course.

 

Resignation of Nominated Adviser

 

As a result of the Company's intention to appoint administrators, SPARK
Advisory Partners Limited has informed the Company of its resignation as
Nominated Adviser to Belluscura with immediate effect.  Pursuant to AIM Rule
1, if a replacement Nominated Adviser is not appointed within one month from
the resignation of the current Nominated Adviser, the admission of the
Company's shares to trading on AIM will be cancelled.  The Company has no
current intention of appointing a replacement Nominated Adviser.

 

 

For further information please contact:

 

 Belluscura plc                                      Tel: +44 (0)20 3128 8100
 Paul Tuson, Chairman

 SPARK Advisory Partners Limited                     Tel: +44 (0)20 3368 3550

 Nominated Adviser

 Neil Baldwin

 Dowgate Capital Limited                             Tel: +44 (0)20 3903 7715

 Joint Broker

 Russell Cook / Daniel Ingram

 Allenby Capital Limited                             Tel: +44 (0)20 3328 5656

 Joint Broker

 Amrit Nahal (Sales and Corporate Broking)

 Jeremy Porter / Lauren Wright (Corporate Finance)

 

 

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  APPMBBTTMTBJBMA



            Copyright 2019 Regulatory News Service, all rights reserved