TIDMOCTP
RNS Number : 1916C
Oxford Cannabinoid Tech.Holdings
18 February 2022
18 February 2022
Oxford Cannabinoid Technologies Holdings plc
("OCTP" or the "Company")
Requisition of General Meeting
The Board of Oxford Cannabinoid Technologies Holdings plc (the
"Board") announces that it has today received a letter (the
"Letter") from Gavin Sathianathan in his capacity as Chairman, CEO
and Director of GHS Capital Limited, which is the holder of
78,146,151 ordinary shares, representing 8.14 per cent of the
issued ordinary share capital in the Company. Mr Sathianathan
resigned from his role as non-executive director of the Company on
24 November 2021.
The Letter requests the Company to convene a general meeting of
the Company's shareholders pursuant to section 303 of the Companies
Act 2006 (the "Act") and consider and, if thought fit, propose
resolutions to remove Neil Mahapatra, Julie Pomeroy, John Lucas,
Cheryl Dhillon, Bishrut Mukherjee and Richard Hathaway as directors
of the Company, and to appoint James Brodie, Richard Bedford and
Richard Grethe, as directors of the Company.
A copy of the Letter is included as Schedule 1 to this
release.
The Board intends to comply with its obligations in accordance
with section 304 of the Act which requires it to call a general
meeting within 21 days of receipt of a valid requisition and to
hold such general meeting on a date not more than 28 days after the
date of the notice convening such general meeting.
Shareholders are advised to take no action at this time. Further
announcements will be made in due course.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014 (which forms part of
domestic UK law pursuant to the European Union (Withdrawal) Act
2018).
The Directors of the Company accept responsibility for the
content of this announcement.
Enquiries:
Oxford Cannabinoid Technologies +44 (0)20 3034 2820
Holdings plc john@oxcantech.com
Dr John Lucas (CEO) clarissa@oxcantech.com
Clarissa Sowemimo-Coker (COO)
Cairn Financial Advisers
Emily Staples +44 (0)20 7213 0897
Jo Turner +44 (0) 20 7213 0885
Walbrook PR Limited +44 (0)20 7933 8780
Paul Vann +44 (0)7768 807631
Nicholas Johnson oxcantech@walbrookpr.com
Harbor Access LLC +1 (203) 862 0492
Jonathan Paterson Richard.Leighton@harboraccessllc.com
Richard Leighton
About Oxford Cannabinoid Technologies Holdings Plc :
Oxford Cannabinoid Technologies Holdings plc is the holding
company of Oxford Cannabinoid Technologies Ltd, a pharmaceutical
company developing prescription cannabinoid medicines for approval
by key medicines regulatory agencies worldwide and targeting the U$
multi-billion pain market (together the "Group"). Cannabinoids are
compounds found in the cannabis plant that have been shown to have
a range of therapeutic effects on the body, including pain relief.
The Group 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.
The Group's portfolio aims to balance risk, value and time to
market, whilst ensuring market exclusivity around all its key
activities. The Group's lead compound, OCT461201, is a highly
potent and selective CB2 agonist and is being developed by OCT in a
solid oral dosage form. OCT is conducting pre-clinical testing and
development with pre-clinical trials scheduled for 2022. The
Group's product pipeline also uses a balanced drug product strategy
that employs both natural and synthetic compounds for the treatment
of rare diseases and includes chemically modified phytocannabinoids
with improved drug-like characteristics and a proprietary library
of cannabinoids.
OCTP operates a partnership model with external academic and
commercial partners.
Schedule 1
The Directors / Company Secretary
Oxford Cannabinoid Technologies Holdings Plc
1 Maddox Street
London W1S 2PZ
UK
Dear Sir/Madam
Notice to requisition a General Meeting (and special notice of
Ordinary
Resolutions to be passed at such meeting) of Oxford
Cannabinoid
Technologies PLC (the "Company")
Pursuant to section 303 of the Companies Act 2006 (the "Act")
and the Company's
articles of association, I, the undersigned, holding at least 5
per cent. of the paid-up
share capital of the Company carrying the right to vote at
general meetings as at the date of this requisition, hereby request
and require the directors of the Company to convene a general
meeting of the Company (the "Requisitioned General Meeting"), the
general nature of the business of which will be the composition of
the board of directors of the Company.
The following resolutions are intended to be moved at the
Requisitioned General
Meeting:
Resolutions:
To consider and, if thought fit, pass the following resolutions,
which will be proposed
as ordinary resolutions:
1. THAT James Brodie be and is hereby appointed as a director of
the Company
(with such appointment taking immediate and simultaneous
effect)
2. THAT Richard Bedford be and is hereby appointed as a director
of the
Company (with such appointment taking immediate and simultaneous
effect)
3. THAT Richard Grethe be and is hereby appointed as a director
of the
Company (with such appointment taking immediate and simultaneous
effect)
4. THAT Julie Pomeroy be and is hereby removed as a director of
the Company
5. THAT Cheryl Dhillon be and is hereby removed as a director of
the Company
6. THAT John Lucas be and is hereby removed as a director of the
Company
7. THAT Neil Mahapatra be and is hereby removed as a director of
the Company
8. THAT Bishrut Mukherjee be and is hereby removed as a director
of the
Company
9. THAT Richard Hathaway be and is hereby removed as a director
of the
Company
10.THAT any person appointed as a director of the Company since
the date of
the requisition of the Requisitioned General Meeting at which
this resolution is
proposed, and who is not one of the persons referred to in the
resolutions
numbered 1 through 10 (inclusive) above, be and is hereby
removed as a
director of the Company.
Upon resolutions 1 through 10 (inclusive) taking effect, the
total number of directors
of the Company shall be five and I hereby give you special
notice of such resolutions
in accordance with section 312 of the Act.
I enclose at Appendix 1 a statement with respect to the matters
referred to in the
resolutions above (the "Statement") which, in accordance with
section 314 of the
Act, I require the Company to circulate to those members
receiving notice of the
Requisitioned Meeting.
I have also appended, at Appendix 2, details of each of the
persons referred to in
resolutions 1 through 3 (inclusive) which satisfy the
requirements of section 163 of
the Act. On appointment of a proposed director, we undertake to
procure that details to fulfil the requirements of section 165 of
the Act are provided to you.
We look forward to receiving notice of the General Meeting in
accordance with the
terms of the Act.
Name of Registered Holder Number of ordinary shares
GHS Capital Ltd 78,146,151
Yours faithfully
Gavin Sathianathan
.................................................
Duly authorised signatory
For and on behalf of GHS Capital Ltd
APPIX 1
Statement
The Requisitioning Shareholder believes that the strategy of the
proposed board of
directors of the Company for value realisation should be to:
-- Initiate an immediate strategic review
-- Immediately reduce the Company's spending on general and administrative
expenses
-- Engage with current and prospective stakeholders with a view to maximising
the potential returns of the Company
-- Improve corporate governance
Proposed board appointments
The requisitioning shareholder proposes the appointment of
directors with sound
reputations and a breadth of experience in whom shareholders can
trust to
undertake the necessary strategic review which is required and
who will provide the
skills required for the Company's future. Specifically, these
directors have a
collective wealth of experience as investors and fully
appreciate the value drivers
which companies are required to seek and adopt to generate
maximum potential returns.
James Brodie
James holds a Masters in Complex Systems and was previously the
Director of
Discovery Research at a NASDAQ listed pharmaceutical company
where he spent 10
years developing cannabis-based medicines.
Richard Bedford
Richard has global experience with all stages of drug
development including Phases
I-III clinical trials submissions (including US IND submissions
and maintenance). He
also has expertise in Orphan Drug Designation Process in the US
and EU as well as
US Fast Track and Breakthrough Designations.
Richard Grethe
Richard is a Chartered Accountant with over 30 years of
experience in the
Pharmaceutical Industry. He has held senior finance roles at
Wellcome PLC, Medeva,
Celltech/Medeva, and UCB in the Branded Pharma sector. He is
also a founding
member and CFO of Focus Pharmaceuticals, which was sold in 2014.
More recently
Richard has been on the Board at Random42, the world's leading
medical animation
company, working as CFO and more recently a Non-Executive
Director. Richard is
currently a Non-Executive Director at Chase People, one of the
leading search
consultants for the Pharma industry.
APPIX 2
Details of proposed directors as required by section 163 of the
Companies
Act 2006
Name: James Brodie
Former name(s): N/A
Service address: The Company's registered office
Country or state of
residency:
England
Nationality: British
Business occupation: Director
Date of birth: 28 April 1983
Name: Richard Bedford
Former name(s): N/A
Service address: The Company's registered office
Country or state of
residency:
England
Nationality: British
Business occupation: Director
Date of birth: 13 March 1970
Name: Richard Grethe
Former name(s): N/A
Service address: The Company's registered office
Country or state of
residency:
England
Nationality: British
Business occupation: Director
Date of birth: 7th April 1972
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END
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