REG - Celadon Pharma. PLC - Board Changes and De-Listing Proposal

Celadon PharmaceuticalsAnnouncement

24/03/2025 07:00

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RNS Number : 8322B  Celadon Pharmaceuticals PLC  24 March 2025

Celadon Pharmaceuticals Plc

("Celadon", the "Group" or the "Company")

Board Changes and De-Listing Proposal

On 19 March 2025, James Short, Chief Executive Officer and 39.5 per cent
shareholder of the Company, informed the Board of an intention to propose
resolutions at the next general meeting of Celadon to remove the 4
non-executive directors and Chairman of the Company as directors. The action
of Mr Short was motivated by a desire for the Board to propose a de-listing of
the Company from AIM, as Mr Short believes it will help the Group to
significantly reduce its operational costs and also enable the Company to more
easily access capital, and on more attractive terms, as an unlisted company.
The Board up to 19 March 2025 had not been supportive of the de-listing
proposal.

Following discussions, on 21 March 2025 Mr Robert Barr, Elizabeth Shanahan,
David Firth and Dr Steven Hajioff all tendered their resignations as
Non-Executive Directors of the Company with immediate effect. Alongside the
resignations, Mr Short withdrew his intention to propose resolutions. The
remaining directors of the Company are therefore Alexander Anton (Chairman)
and James Short (Chief Executive Officer).

Following the Board changes, the Company will proceed with proposing the
cancellation of trading of the Company's ordinary shares of £0.01 each
("Ordinary Shares") on AIM (the "Cancellation") via a general meeting. In the
event that that the Cancellation is approved by shareholders, the Company will
make arrangements for a Matched Bargain Facility to assist Shareholders to
trade in the Ordinary Shares. The Matched Bargain Facility is anticipated to
be provided by J P Jenkins. A circular with further details will be sent to
shareholders in due course.

Mr Anton intends to review his position as Chairman of the Company following
the result of the Cancellation general meeting. In the event that the
Cancellation is approved, Mr Anton anticipates he will resign from the board.

Enquiries:

 Celadon Pharmaceuticals Plc
 James Short                                                                                    Via Canaccord Genuity Limited

 Canaccord Genuity Limited (Nominated Adviser and Broker)
 Bobbie Hilliam / Andrew Potts                                                                  +44 (0)20 7523 8000

 Global Investment Strategy UK Limited (Joint Broker)                                           +44 (0)20 7048 9400

 James Sheehan

 

About Celadon Pharmaceuticals Plc

 

Celadon Pharmaceuticals Plc is a UK-based pharmaceutical company focused on
the development, production and sale of breakthrough cannabis-based medicines.
Its primary focus is on improving quality of life for chronic pain sufferers,
as well as exploring the potential of cannabis-based medicines for other
conditions such as autism. Its 100,000 sq. ft UK facility is EU-GMP approved
and comprises indoor hydroponic cultivation, proprietary GMP extraction and an
analytical and R&D laboratory. Celadon's Home Office licence allows for
the commercial supply of its pharmaceutical-grade cannabis product. The Group
owns an approved clinical trial using cannabis-based medicinal products to
treat chronic pain in the UK. Celadon also has a minority interest in
early-stage biopharma Kingdom Therapeutics, which is developing a licensed
cannabinoid medicine to treat children with Autism Spectrum Disorder.

 

For further information please visit our website www.celadonpharma.com
(http://www.celadonpharma.com)

 

This announcement contains inside information for the purposes of article 7 of
the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the
Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication
of this announcement, this information is now considered to be in the public
domain.

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