REG - Oxford Cannabinoid - Capital Reorganisation

Oxford Cannabinoid Technologies HoldingsAnnouncement

14/02/2024 13:00

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RNS Number : 1548D  Oxford Cannabinoid Tech.Holdings  14 February 2024

 

Oxford Cannabinoid Technologies Holdings plc

("OCTP" or the "Company")

 

Capital Reorganisation

 

Oxford Cannabinoid Technologies Holdings plc (LSE:OCTP), the biotech company
developing prescription cannabinoid medicines, announces that, further to the
Company's announcement of 30 January 2024, which includes details of the
Company's proposed Capital Reorganisation which was approved by Shareholders
at the Company's General Meeting held on 28 September 2023, applications have
been made to the Financial Conduct Authority ("FCA") and the London Stock
Exchange Group Plc ("LSE"), for the redenominated ordinary shares of 0.1 pence
each ("Redenominated Shares") resulting from the Capital Reorganisation to be
admitted to the Official List of the FCA and to trading on the Main Market of
the LSE in place of the existing ordinary shares of £0.01 each ("Existing
Ordinary Shares"). It is expected that the 960,415,644 Redenominated Shares
will be admitted to trading and dealings will commence on the London Stock
Exchange in the Redenominated Shares on 16 February 2024 ("Admission").

 

As a result of the Capital Reorganisation, Shareholders will receive 1
Redenominated Share and 1 deferred share of 0.9p ("Deferred Share") in
substitution for every 1 Existing Ordinary Share held.

 

The total issued ordinary share capital of the Company will remain the same on
Admission, being 960,415,644 ordinary shares.

 

The Redenominated Shares have the same rights as the Existing Ordinary Shares,
including voting, dividend and other rights. Immediately following the
implementation of the Capital Reorganisation, it is expected that the market
price of a Redenominated Share should be approximately equal to an Existing
Ordinary Share immediately beforehand. Existing Shareholders will own the same
proportion of the Company as they did immediately prior to the implementation
of the Capital Reorganisation.

 

The Deferred Shares will not be transferable. The holders of the Deferred
Shares shall not, by virtue or in respect of their holdings of Deferred
Shares, have the right to receive notice of any general meeting of the Company
or the right to attend, speak or vote at any such general meeting. The
Deferred Shares will not entitle their holders to receive any dividend or
other distribution. The Deferred Shares will on a return of assets in a
winding up entitle the holders only to the repayment of £1.00 for the entire
class of Deferred Shares. The Company will have irrevocable authority at any
time to appoint any person to execute on behalf of the holders of the Deferred
Shares a transfer thereof and/or an agreement to the transfer of the same to
such persons as the Company may determine or as the Company determines as
custodian thereof, without making any payment to the holders thereof, and/or
consent to cancel the same (in accordance with the provisions of the Act)
without making any payment to or obtaining the sanction of the holders
thereof. The Company may, at its option at any time, purchase all or any of
the Deferred Shares then in issue, at a price not exceeding £1.00 for each
aggregate holding of Deferred Shares so purchased. The directors of the
Company consider the Deferred Shares, so created, to be of no economic value
and they will not be admitted to the Official List nor to trading on the Main
Market.

 

On Admission of the Redenominated Shares the Company's issued ordinary share
capital will consists of 960,415,644 ordinary shares of 0.1 pence each
("Ordinary Shares") and therefore the total number of voting rights in the
Company, attributable to such Ordinary Shares, on Admission will be
960,415,644. This figure should be used by shareholders as the denominator for
calculations by which they can determine if they are required to notify their
interest in, or a change to their interest in, the Company under the Financial
Conduct Authority's Disclosure Guidance and Transparency Rules.

 

The Directors of the Company take responsibility for this announcement.

 

Enquiries:

 

 Oxford Cannabinoid Technologies Holdings plc  +44 (0)20 3034 2820
 Clarissa Sowemimo-Coker (CEO)                 clarissa@oxcantech.com

 Cairn Financial Advisers LLP
 Emily Staples                                 +44 (0)20 7213 0897
 Jo Turner                                     +44 (0) 20 7213 0885

 Axis Capital Markets Limited
 Richard Hutchison                             +44 (0)20 3026 0320

 Acuitas Communications                        020 3745 0293 / 07799 767676
 Simon Nayyar                                  simon.nayyar@acuitascomms.com
 Arthur Dingemans                              arthur.dingemans@acuitascomms.com

 

About Oxford Cannabinoid Technologies Holdings Plc:

Oxford Cannabinoid Technologies Holdings plc ("OCTP") is the holding company
of Oxford Cannabinoid Technologies Ltd (together the "Group"), a
pharmaceutical Group developing prescription cannabinoid medicines initially
targeting the US$ multi-billion global pain market.

 

OCTP currently has a portfolio of four drug development programmes. Its lead
compound, OCT461201, will initially target neuropathic and visceral pain
(including irritable bowel syndrome ("IBS") and chemotherapy induced
peripheral neuropathy ("CIPN"). The global market for CIPN alone is currently
forecast to reach US$1.17bn by 2028.

 

OCTP's drug development pipeline comprises both natural and synthetic
compounds, and includes compounds targeting trigeminal neuralgia, a severe
type of face pain, and cannabinoid derivatives targeting pain and potentially
other therapeutic areas. Having established an exclusive licence agreement
with Canopy Growth Corporation for their entire pharmaceutical cannabinoid
derivative library, OCTP now has a portfolio of almost five hundred
derivatives and intellectual property rights including fourteen patent
families and associated research data.

 

OCTP has a clearly defined path to commercialisation, revenues and growth. The
Group is developing drug candidates through clinical trials to gain regulatory
approval (FDA/MHRA/EMA) that will enable medical professionals to prescribe
them with confidence. OCTP's portfolio aims to balance risk, value and time to
market, whilst ensuring market exclusivity around all its key activities.

 

 

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