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SOUTHAMPTON, UK - Synairgen plc (LSE: SNG), a respiratory drug development company, announced today that its shareholders have approved the re-registration of the company as a private limited entity, Synairgen Limited. The decision came during a General Meeting following a poll on resolutions outlined in a notice dated March 11, 2025.
The company, known for developing SNG001, a treatment containing interferon beta for respiratory diseases, will see its last day of trading on the AIM market on April 8, 2025. The shares will be delisted the following day at 7:00 a.m. As a result of the transition, a secondary market trading facility via Asset Match will commence on April 9, 2025, to facilitate the trading of ordinary shares after cancellation from AIM.
Asset Match will provide an electronic off-market dealing facility for the shares, which will be operational for at least two years post-cancellation. This platform will host periodic auctions to match buyers with sellers, displaying volumes of bids and offers along with their prices and closing dates. Transactions will be determined based on supply and demand through a non-discretionary algorithm.
The new articles of association, which will be adopted upon re-registration as a private company, grant TFG Asset Management UK a "right of first refusal" for any share transfers exceeding 1,000,000 shares by a single shareholder, subject to certain conditions. Shareholders wishing to sell shares beyond this threshold must first offer them to TFG Asset Management UK, which has five business days to exercise this right before the shares can be sold to another buyer on Asset Match.
Due to this "right of first refusal," shares will no longer be held in uncertificated form in CREST. Share certificates will be issued to shareholders by April 23, 2025. Shareholders who have not received their certificates by April 30, 2025, are advised to contact the company.
This move to privatization reflects a strategic shift for Synairgen, which has been actively engaging its shareholders in its future direction. The information for this article is based on a press release statement from Synairgen plc.
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