Shareholders have ratified Asterand’s survival plan as the Cambridge UK BioMedTech company seeks to bounce back from potentially fatal financial problems.All the lifeline proposals that count won support at the AGM and general meeting and the company will forge ahead with a three-point salvage strategy.
A quadruple play will see Asterand, which supplies human tissue to global researchers:-
• Dispose of the human tissue business
• Cancel the listing of the ordinary shares on the official list
• Trigger the admission to trading of the ordinary shares on London Stock Exchange’s main market
• Change the name of the company to BioSeek plc
Completion of the disposal and the settlement of the secured debt which has caused Asterand all the current problems is expected to occur in the next few days.
The change of name to BioSeek should be completed by August 3 at which time the company's website will also change. Asterand says further announcements will be made in due course.
It is expected that the last day of dealing in the ordinary shares on the main market will be August 28 with the main market listing taking effect at 8 am the following day.