Announcement • Jul 22
C4X Discovery Holdings Limited Announces Board Changes C4X Discovery Holdings Limited provides an update on the business following its delisting from AIM earlier in the year. At the same time, the company appointed two new Non-Executive Board members: Harmesh Suniara, who joins from Lombard Odier 1798 Volantis, a great supporter of business; and Richard Jones, a respected finance operator within the industry. Each bring unique and important skills which will broaden and enhance the Board’s guidance and strategic direction to drive a successful future for the Company. The company also announced the resignation of Simon Harford after three years on the Board and thank him for his support and counsel during this time.Richard Jones is an experienced healthcare and life sciences Director. He was most recently CFO of Medica Group, a PE backed international tele-medicine business which was taken private in a £270m deal by IK partners from the UK main market; and is currently SID and Chair of the Audit Committee at Alliance Pharma PLC, an AIM listed consumer healthcare company. Richard previously gained extensive experience in the healthcare sector as CFO at UK AIM Listed companies Mereo BioPharma Group PLC and Shield Therapeutics PLC. At Mereo, he had a leading role in the merger with US listed OncoMed Pharmaceuticals Inc. and its subsequent dual listing on Nasdaq in 2019. At Shield, he established the finance operations and guided the company through several private financing rounds and its 2016 IPO. Prior to his CFO roles, Richard held senior investment banking positions at Investec and Brewin Dolphin Securities, where he advised healthcare clients on a wide range of transactions and fundraisings including IPOs, M&A and fundraisings. Richard qualified as a Chartered Accountant with PwC. Harmesh Suniara has over 15 years' experience of working in investment management, with a particular focus on UK small and mid-cap equities including the technology and life sciences sectors. He brings a wealth of expertise in active engagement with companies that Lombard Odier has invested in. He has worked as a Portfolio Manager at Lombard Odier 1798 Volantis since 2017, and prior to this he was an Investment Manager at Henderson Volantis Capital and Gartmore Investment Management. Harmesh graduated in Physics from the University of Cambridge. Lombard Odier 1798 Volantis is a major shareholder in C4X Discovery. Announcement • Mar 28
C4X Discovery Holdings plc Proposes Voluntary Delisting C4X Discovery Holdings plc announced the proposed cancellation of admission of its Ordinary Shares to trading on AIM ("Cancellation") and re-registration as a private limited company ("Re-registration"). A circular ("Circular") will be sent to Shareholders on 27 March 2024, setting out the background to and reasons for the proposed Cancellation and the Re-registration. The Company is seeking Shareholder approval for the Cancellation, Re-registration and adoption of the New Articles at a general meeting, which has been convened for 11.00 a.m. on 15 April 2024 at the offices of Panmure Gordon (UK) Limited, 40 Gracechurch Street, London EC3V 0BT ("General Meeting"). If the Cancellation Resolution is passed at the General Meeting, it is anticipated that the Cancellation will become effective at 7.00 a.m. on 26 April 2024. The Cancellation Resolution is conditional, pursuant to Rule 41 of the AIM Rules, upon the approval of Shareholders holding not less than 75% of the votes cast by Shareholders (whether present in person or by proxy) at the General Meeting, notice of which is set out in the Circular. The Company has received irrevocable undertakings from Richard Griffiths, Polar Capital LLP and the Directors, and a non-binding letter of intent from Lombard Odier as set out below, representing approximately 57.0% of the Company's issued share capital, to vote in favour of the Resolutions. Dr Clive Dix, CEO of C4X Discovery, said:"We have not taken this decision lightly, however, following an extensive review and deliberation to ascertain the most effective way to maximise Shareholder value in the longer term and increase the potential for the long-term success of the Company, the Board has unanimously concluded that it is in the best interests of the Company and our Shareholders to delist from AIM and re-register as a private limited company. Despite delivering on our strategy including three major deals with leading pharmaceutical companies demonstrating our scientific expertise and deal making capabilities, the recent downturn in the financial markets has adversely impacted our share price, and with it, our future ability to raise funds in the public markets. The Board believes the current public market valuation does not reflect the underlying potential of our business or our achievements to date and that this is unlikely to change in the short-to-medium term. We believe that we can potentially access a larger quantum of future funding required to accelerate our strategy as a private company and therefore we believe that a cancellation of the Company's admission on AIM is in the best interest for Shareholders and for the future of our business as a whole". New Risk • Feb 21
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are expected to decline, then in most cases the share price will decline over time as well. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-UK£6.0m free cash flow). Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings are forecast to decline by an average of 1.3% per year for the foreseeable future. Minor Risks Revenue is less than US$5m (UK£1.7m revenue, or US$2.2m). Market cap is less than US$100m (UK£31.5m market cap, or US$39.8m). 
