Celadon Pharmaceuticals Plc

("Celadon", the "Group" or the "Company")

Board Changes and De-Listing Proposal

On 19 March 2025, James Short, Chief Executive Officer and 39.5 per cent shareholder of the Company, informed the Board of an intention to propose resolutions at the next general meeting of Celadon to remove the 4 non-executive directors and Chairman of the Company as directors. The action of Mr Short was motivated by a desire for the Board to propose a de-listing of the Company from AIM, as Mr Short believes it will help the Group to significantly reduce its operational costs and also enable the Company to more easily access capital, and on more attractive terms, as an unlisted company. The Board up to 19 March 2025 had not been supportive of the de-listing proposal.

Following discussions, on 21 March 2025 Mr Robert Barr, Elizabeth Shanahan, David Firth and Dr Steven Hajioff all tendered their resignations as Non-Executive Directors of the Company with immediate effect. Alongside the resignations, Mr Short withdrew his intention to propose resolutions. The remaining directors of the Company are therefore Alexander Anton (Chairman) and James Short (Chief Executive Officer).

Following the Board changes, the Company will proceed with proposing the cancellation of trading of the Company's ordinary shares of £0.01 each ("Ordinary Shares") on AIM (the "Cancellation") via a general meeting. In the event that that the Cancellation is approved by shareholders, the Company will make arrangements for a Matched Bargain Facility to assist Shareholders to trade in the Ordinary Shares. The Matched Bargain Facility is anticipated to be provided by J P Jenkins. A circular with further details will be sent to shareholders in due course.  

Mr Anton intends to review his position as Chairman of the Company following the result of the Cancellation general meeting. In the event that the Cancellation is approved, Mr Anton anticipates he will resign from the board.

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About Celadon Pharmaceuticals Plc

Celadon Pharmaceuticals Plc is a UK-based pharmaceutical company focused on the development, production and sale of breakthrough cannabis-based medicines. Its primary focus is on improving quality of life for chronic pain sufferers, as well as exploring the potential of cannabis-based medicines for other conditions such as autism. Its 100,000 sq. ft UK facility is EU-GMP approved and comprises indoor hydroponic cultivation, proprietary GMP extraction and an analytical and R&D laboratory. Celadon's Home Office licence allows for the commercial supply of its pharmaceutical-grade cannabis product. The Group owns an approved clinical trial using cannabis-based medicinal products to treat chronic pain in the UK. Celadon also has a minority interest in early-stage biopharma Kingdom Therapeutics, which is developing a licensed cannabinoid medicine to treat children with Autism Spectrum Disorder.

For further information please visit our website www.celadonpharma.com

This announcement contains inside information for the purposes of article 7 of the Market Abuse Regulation (EU) 596/2014 as amended by regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.