Open Orphan plc (LON:ORPH), a rapidly growing specialist contract research organisation (CRO) and world leader in testing infectious and respiratory disease products using human challenge clinical trials, has announced that further to the announcements by Arden Partners Plc on 11 and 14 April 2022 regarding the loss of its Nominated Adviser status upon the completion of its recommended takeover, the Company has appointed Liberum Capital Limited (“Liberum“) as its Nominated Adviser and Joint Broker. Given the timing of the completion of the recommended takeover of Arden Partners Plc, the Exchange has agreed that subject to initial due diligence being undertaken, Liberum has until 5pm on 27 July 2022 to complete its full due diligence.
There can be no guarantee on the outcome of the full due diligence and its impact on Liberum’s decision to continue to act as Nominated Adviser. Accordingly, in such circumstances there is a risk that if the Liberum does not continue to act as Nominated Adviser following completion of its full due diligence and the Company has not found an alternative Nominated Adviser, the Company’s AIM securities may be suspended pursuant to AIM Rule 1. If within one month of that suspension, the Company has failed to appoint a replacement Nominated Adviser, the admission of its AIM securities will be cancelled.
Notwithstanding the extension of time provided in respect of completing full due diligence obligations at engagement, Liberum will continue to be subject to all the ongoing Nominated Adviser responsibilities under the AIM Rules for Nominated Advisers.
finnCap plc and Davy will continue to act as the Company’s Joint Brokers.
Yamin ‘Mo’ Khan, Chief Executive Officer at Open Orphan, said: “As the market is aware, Arden Partners can no longer act as Nomad for listed companies from 29 April 2022 and as such, we thank them for their support over the past number of years. We are delighted to now be working with such a prestigious investment bank as Liberum.”
