Redx administrators make moves to return company to directors

Josh White Sharecast | 13 Oct, 2017 14:29 | | |

Redx Pharma


17:18 23/10/17
  • 13,294.42
  • -0.29%-38.48
  • Max: 13,332.90
  • Min: 13,277.17
  • Volume: 0
  • MM 200 : n/a
08:30 24/10/17
  • 1,022.08
  • 0.17%1.73
  • Max: 1,022.36
  • Min: 1,020.55
  • Volume: 0
  • MM 200 : n/a
08:30 24/10/17

Drug discovery and development company Redx looked to be closer to coming out of administration on Friday, as it announced that Jason Baker and Miles Needham of FRP Advisory LLP - joint administrators of the company and of its subsidiary Redx Oncology - have applied to the High Court for an order which will enable the companies to be rescued as going concerns and the joint administrators to vacate office.

The AIM-traded company said that, unless adjourned by the court, the application would be heard on 26 October.

“Assuming that the application is approved by the High Court, the joint administrators will subsequently take steps to return control of the company to the directors, following which the directors will seek to lift the suspension of the company's ordinary shares.”

More news

08:20 Andrew Goodsell stepping down from Saga

After 26 years with the business - 14 as chairman - Andrew Goodsell has notified the board of Saga that he intends to retire from the company during 2018.

08:17 Carillion agrees £50m disposal to Serco, announces new financing

Carillion said it has agreed to sell a large part of its UK healthcare facilities management business to Serco for £50.1m, as it announced new financing and contract wins.

08:06 Whitbread interims disappoint but Germany offers Premier potential

First half results from Whitbread showed evidence of a bit of a summer slowdown, with revenues at its Premier Inn hotels and Costa Coffee arms both softening but tight cost control percolating through to a solid profit performance.

07:54 US close: Stocks break record run

Wall Street's main market gauges pulled back from their record highs at the start of the week reached during the previous session, although according to analysts sentiment continued to be underpinned by optimism over Trump’s tax plans as investors look forward to a heavy week in terms of corporate earnings.

07:48 Hints of summer slowdown at Whitbread, fresh funds still arriving steadily at St James's Place

London open

07:39 London pre-open: Stocks seen lower on downbeat US cues

London stocks were set to open a little lower on Tuesday, taking their cue from a downbeat session on Wall Street.

07:37 Anglo American posts higher copper and diamond output

Anglo American posted increased output of copper and diamonds for the latest three-month stretch, albeit alongside declines in production of iron ore, thermal coal and nickel.

07:37 Bunzl third-quarter revenue up 11%, eyes more acquisitions

Distribution and outsourcing group Bunzl reported a rise in third-quarter revenue on Tuesday as it continues to eye further acquisitions.

07:24 Tuesday newspaper round-up: Lloyds, Dr Martens, Saudi Aramco

Sir Hector Sants, a former chief City regulator, is due to give evidence to the high court in private in relation to a case brought by Lloyds Banking Group shareholders over the information they were provided at the time of the HBOS takeover in 2008. The former chief executive of the Financial Services Authority made an application in July to allow him to give evidence in private. This can now be reported after an application to the high court made by five media organisations, including the Guardian, to establish what the judge had described as the “special arrangements” that have been put in place for him to give evidence. – Guardian

23 Oct Europe close: Catalan uncertainty weighs on stocks, focus shifts to voter polls

Europe's main equity benchmarks ended the session mostly higher, albeit off their best levels, amid optimism regarding prospects for tax reform in the States, even as investors kept tabs on the political ructions down in Spain, including some of the most recent and perhaps somewhat unexpected developments.