Result of EGM
May 26 2009 - 8:45AM
UK Regulatory
TIDMIIN
RNS Number : 8151S
Inion Oy
26 May 2009
Inion Oy
("Inion" or the "Company")
Inion shareholders approve proposal to cancel admission of Ordinary Shares to
the Official List and to trading on the London Stock Exchange's market for
listed securities
Tampere, Finland and Guildford, UK. 26 May 2009, Inion (LSE: IIN.L)
announces that its proposal to cancel the admission of its Ordinary Shares to
the Official List and to trading on the London Stock Exchange's market for
listed securities was approved by shareholders at an Extraordinary General
Meeting held today in Tampere, Finland. Following this approval, the last day of
dealings in the Ordinary Shares is expected to be 23 June 2009, and Delisting is
expected to be effective from 8.00 am on 24 June 2009.
Background to and reasons for the Delisting
Over the past year, the Directors have been seeking efficient and cost-effective
ways to raise further equity capital to allow the Company to continue the
development of its various projects. Regrettably, against the background of the
current financial market, the Company has had difficulty raising sufficient
capital for such purposes.
As the Company announced on 26 March 2009, Inion has continued to attempt to
conserve its cash resources by implementing measures to reduce overhead
expenditure and headcount levels. Notwithstanding these measures, the Company
continues to require urgent additional funding to finance its working
capital requirements in the short term. After careful consideration, the Board
has come to the conclusion that the regulatory and financial requirements of a
listing on the Official List are too onerous for a company of Inion's size and
place too great a burden on the Company as it continues to seek methods of
raising additional funding.
The Directors believe that following the Delisting, the Company will be better
placed as an unlisted company either (i) to approach potential investors and/or
buyers of the Company's assets in order to raise the necessary funds to execute
the business plan, focused on the spinal implant range, or (ii) failing such
additional investment/disposals, to facilitate a liquidation of the Company.
- Ends -
For further information, please contact:
+-----------+-----------+
| Inion | Tel: +44 |
| Oy | (0)1483 |
| Chris | 685390 |
| Lee, | |
| Chief | |
| Executive | |
| Officer | |
| Julien | |
| Cotta, | |
| Chief | |
| Financial | |
| Officer | |
| | |
+-----------+-----------+
| Citigate | Tel: +44 |
| Dewe | (0)207 |
| Rogerson | 638 9571 |
| Mark | |
| Swallow | |
| / Helena | |
| Galilee | |
| / David | |
| Dible | |
| | |
+-----------+-----------+
| Piper | Tel: +44 |
| Jaffray | (0)20 |
| Ltd | 3142 8700 |
| Will | |
| Carnwath | |
| / Vijay | |
| Barathan | |
+-----------+-----------+
About Inion (www.inion.com)
Inion Oy is a medical devices company focused on the development and successful
commercialisation of innovative and unique biodegradable and bioactive surgical
implants in selected high value orthopaedic market segments.
Inion's core expertise and technology lies in the design and manufacture of
innovative biodegradable plates, screws, pins and membranes, which are used to
enhance the healing of bone or soft tissue injuries to the skeleton, such as
those caused by trauma or by reconstructive surgery. Inion implants are made
from its proprietary Inion Optima(TM) family of biomaterials, with properties
tailored for specific surgical applications, in terms of strength, flexibility
and rate of degradation
Inion is also focused on developing proprietary new bioactive and
biodegradable biomaterials that promote bone healing and accelerate patient
rehabilitation.
Inion was incorporated in early 2000 and listed on the Official List of the UK
Listing Authority in December 2004 (ticker: IIN). The Company has offices in the
UK and USA, and its head office, R&D and production facilities are in Tampere,
Finland.
This announcement includes "forward-looking statements" which include all
statements other than statements of historical facts, including, without
limitation, those regarding the Group's financial position, business strategy,
plans and objectives of management for future operations (including development
plans and objectives relating to the Group's products), and any statements
preceded by, followed by or that include forward-looking terminology such as the
words "targets", "believes", "estimates", "expects", "aims", "intends", "will",
"can", "may", "anticipates", "would", "should", "could" or similar expressions
or the negative thereof. Such forward-looking statements involve known and
unknown risks, uncertainties and other important factors beyond the Group's
control that could cause the actual results, performance or achievements of the
Group to be materially different from future results, performance or
achievements expressed or implied by such forward-looking statements. Such
forward-looking statements are based on numerous assumptions regarding the
Group's present and future business strategies and the environment in which the
Group will operate in the future. Among the important factors that could cause
the Group's actual results, performance or achievements to differ materially
from those in forward-looking statements include those relating to Inion's
funding requirements, regulatory approvals, reliance on third parties,
intellectual property, key personnel and other factors. These forward-looking
statements speak only as at the date of this announcement. The Group expressly
disclaims any obligation or undertaking to disseminate any updates or revisions
to any forward-looking statements contained in this announcement to reflect any
change in the Group's expectations with regard thereto or any change in events,
conditions or circumstances on which any such statements are based. As a result
of these factors, prospective investors are cautioned not to rely on any
forward-looking statement.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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