REG - RUA Life Sciences - Temporary suspension of trading

Rua Life SciencesAnnouncement

11/12/2023 08:45

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RNS Number : 3258W  RUA Life Sciences PLC  11 December 2023

11 December 2023

 

RUA Life Sciences Plc

("RUA Life Sciences", the "Company" or the "Group")

 

Temporary suspension of trading

 

RUA Life Sciences (AIM: RUA), the holding company of a group of medical device
businesses focused on the exploitation of the world's leading long-term
implantable biostable polymer (Elast-Eon™), notes the London Stock
Exchange's Market Notice N05/23 (the "Notice") released following the
suspension today in trading of the Company's ordinary shares.

The Notice includes the following information:

"London Stock Exchange ("the Exchange") has been monitoring the settlement
situation in RUA Life Sciences plc (ISIN: GB0033360586) following the
Company's recent notifications in relation to the issue of new shares which
are conditional on shareholder consent. As a result of the deterioration in
settlement performance, the trading of RUA Life Sciences plc shares has been
temporarily suspended under Rule 1510 of the Rules of the London Stock
Exchange. Settlement of outstanding transactions can continue whilst the
security is suspended. The Exchange will continue to monitor the settlement
situation and when trading is to be restored, the market will be notified by
Stock Exchange Notice."

"Rule 5000 (Obligation to settle) and its associated guidance places an
obligation on member firms to ensure that every on Exchange trade is duly
settled on the agreed settlement date. This obligation remains even if the
reason for non-settlement is a customer or counterparty having failed to
settle other transactions in the same security."

The Notice can be viewed at:
https://www.londonstockexchange.com/news-article/market-news/n05-23-trading-suspension/16246228
(https://www.londonstockexchange.com/news-article/market-news/n05-23-trading-suspension/16246228)

.

The Company notes that there has been a significant increase in the number of
shares traded during the previous three weeks, with the number of shares
traded during the period equal to a very material proportion of the current
issued share capital.  While the timing of restoration of trading in the
Company's ordinary shares will be determined by the Exchange, the Directors
expect liquidity to improve following the admission of the shares relating to
the recently announced Placing and Retail Offer and are hopeful that the
suspension will be released in the period following this, if not before.
Admission remains subject to passing of the resolutions at the general meeting
on 18 December 2023.

The Company continues to expect to announce its interim results for the
six-month period ended 30 September 2023 on 18 December 2023 and the Company
continues to trade in line with market expectations.  It reiterates the
statement made on 1 December 2023 that the Company is as well positioned as it
has ever been with increased visibility on opportunities in Contract
manufacturing, giving the board confidence that the Company is on track to
meet its objective of doubling the scale of the Contract Manufacture business
in the medium term and testing results of the Company's novel composite
material for the creation of heart valve leaflets that has produced results
that have exceeded expectations and is attracting the interest of major
players in the heart valve industry."

 

For further information contact:

 

 

 RUA Life Sciences

 Bill Brown, Chairman                                                    Tel: +44 (0)1294 317073

 Caroline Stretton, Group Managing Director                              Tel: +44 (0)1294 317073

 Cavendish Capital Markets                                               Tel: +44 (0)20 7220 0500
 Limited

 (Nominated Adviser and Broker)

 Giles Balleny/Dan Hodkinson (Corporate Finance)

 Charlie Combe (Broking)

 Michael Johnson (Sales)

 

 

 About RUA Life Sciences

 

The RUA Life Sciences group was created in April 2020 when RUA Life Sciences
Plc (formerly known as AorTech International Plc) acquired RUA Medical Devices
Limited to create a fully formed medical device business. RUA Life Sciences is
the holding company of the Group's four trading businesses, each exploiting
the Group's patented polymer technology.

 

Our vision is to improve the lives of millions of patients by enabling medical
devices with Elast-Eon(TM), the world's leading long-term implantable
polyurethane. Whether it is licensing Elast-Eon(TM), manufacturing a device or
component, or developing next generation medical devices, a RUA Life Sciences
business is pursuing our vision.

 

Elast-Eon™'s biostability is comparable to silicone while exhibiting
excellent mechanical, blood contacting and flex-fatigue properties. These
polymers can be processed using conventional thermoplastic extrusion and
moulding techniques. With over 8 million implants and 15 years of successful
clinical use, RUA's polymers are proven in long-term life enabling
applications.

 

The Group's four business units are:

 

 RUA Contract Manufacture:  End-to-end contract developer and manufacturer of medical devices and
                            implantable fabric specialist.

 RUA Biomaterials:          Licensor of Elast-Eon(TM) polymers to the medical device industry.

 RUA Vascular:              Commercialisation of open surgical vascular grafts and patches

 RUA Structural Heart:      Development of polymeric leaflet systems for heart valves.

 

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