Cancellation of admission to AIM

19 April 2023

BiON plc

("BiON" or the "Company") 

Cancellation of admission to AIM

Further to the Company's announcement of 20 October 2022, BiON (AIM: BiON) confirms that the Company will not complete a reverse takeover under AIM Rule 14 within the six-month period from its shares being suspended from trading on AIM.

BiON became an AIM Rule 15 cash shell ("AIM Cash Shell") following completion of the disposal of its operating business on 19 April 2022. As a result of not announcing a reverse takeover within six months of becoming an AIM Cash Shell, trading in the Company's shares was suspended on AIM on 20 October 2022, in accordance with the AIM Rules for Companies (the "AIM Rules").

Despite efforts it has not been possible for the Company to complete an acquisition, or acquisitions, which constitutes a reverse takeover under AIM Rule 14 within 12 months of the Company becoming an AIM Cash Shell and, accordingly, admission of BiON's shares to trading on AIM will be cancelled at 7.00 a.m. on 20 April 2023 ("Cancellation").

With effect from Cancellation, the Company will no longer be subject to the AIM Rules and, accordingly, among other things, the Company will not be bound to:

-      make any public announcements of material events, or to announce interim or final results;

-      announce substantial transactions and transactions with related parties;

-      comply with any of the corporate governance practices applicable to AIM companies;

-      comply with the requirement to obtain shareholder approval for reverse takeovers and fundamental changes in the Company's business; and

-      retain a nominated adviser and broker.

In addition, the Cancellation may have either positive or negative taxation consequences for shareholders (shareholders who are in any doubt about their tax position should consult their own professional independent adviser).

Following the Cancellation all shareholders will remain shareholders in the Company. However, there will be no formal market mechanism enabling shareholders to trade their shares and the liquidity and marketability of the Company's shares will be constrained.

Notwithstanding that the Company will no longer be subject to the AIM Rules, the BiON Board is committed to keeping shareholders fully abreast of developments and will continue to publish news of these developments on its website https://www.bionplc.com/. For further information, shareholders can contact Vishal Balasingham at Optiva Securities at vishal.balasingham@optivasecurities.com.   

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