Following the sale of its IP assets to Novo Nordisk and the amendments to the licence agreements in place between Merrion and Novo Nordisk last year, Merrion became an investing company with a focus on investments in the healthcare sector. Since that time the Merrion Board has reviewed a number of investment proposals, none of which were deemed sufficiently compelling to recommend to shareholders.
The Merrion Board has now taken the decision to propose the members' winding up of Merrion to facilitate the distribution of the residual funds to shareholders (the "Proposed Liquidation"). The Board have completed a statutory Declaration of Solvency for the Company which indicates net proceeds of approximately €4,500,000 being available to its shareholders from the liquidation. However, the final net proceeds available for distribution may be subject to change once the Proposed Liquidation of the Company and, where applicable, certain of its subsidiaries have been completed to the satisfaction of its appointed liquidator.
The Proposed Liquidation would involve, inter alia, the cancellation of the Company's listing on the Irish Stock Exchange and both the Proposed Liquidation and the cancellation of the listing would require the approval of Merrion shareholders.
A notice convening an EGM of Merrion at which shareholder approval will be sought will be posted to shareholders in due course.
Dr. John Fox also announces his intention to resign as an employee of the Company with effect from the EGM. Dr. Fox will remain as a director of the Board and it is intended he will enter into a short term consultancy arrangement to assist in the liquidation process.
|Merrion Pharmaceuticals plc
|Davy Corporate Finance
Anthony Farrell / Barry Murphy
+ 353 1 679 6363
This announcement contains inside information regarding Merrion Pharmaceuticals plc pursuant to the Market Abuse Regulations.