Oxford Pharmascience Group Plc completed a demerger, passing the pre-existing business along with certain operating and other assets to its subsidiary, Oxford Pharmascience Ltd.
The company changed its name to Abaco Capital plc. CEO Marcelo Bravo resigned from his position and will join as the chief executive of Oxford Pharmascience Ltd. James White and Karl Van Horn also resigned from the company's board. The new board is comprised of Chairman David Norwood, CFO Chris Hill and John Goddard.
Abaco holds cash resources of approximately £19.3 million as of Oct. 31 as a shell company. It is required by the listing rules to conduct a reverse takeover within the next six months, though it retains the right to return the cash to its shareholders if it does not secure a suitable merger agreement.
The demerger resolution was passed Nov. 27.