Renovo buys back shares
RENOVO, the AIM-listed company which has moved from bio-medical operations to become an investment company, has completed the latest phase of its share buyback plan.
The Manchester University spin-out, which has a cash pile of nearly £30m for investments, has purchased 169,308 of its ordinary shares of 10p each at a price of 17.75p per share to be held in treasury.
Following this transaction, the company has a total of 194,549,571 ordinary shares in issue, of which 42,837,703 will be held as treasury shares.
The total number of voting rights in the company will be 151,711,868.
The Manchester-based company – a one-time pioneer of drugs to help scars heal – ended its development on a product called Prevascar earlier this year, laid off the majority of its 100 employees and closed its head office, and is now essentially a listed investment company.
