Cellcast plc Update re Lexinta Fund and trading update (2481W)
13 Novembro 2017 - 5:00AM
UK Regulatory
TIDMCLTV
RNS Number : 2481W
Cellcast plc
13 November 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulations (EU) No. 596/2014.
13 November 2017
Cellcast plc
("Cellcast" or the "Company")
Update re Lexinta Fund and current trading
In its interim results, announced on 25 September 2017, the
Company stated it had elected to redeem its investment in the
Lexinta Fund and bring the cash back into the business. This
followed the decision of the fund manager of the Lexinta Fund to
liquidate the fund's entire portfolio.
The investment in the Lexinta Fund (which is based in Zurich and
regulated by the Swiss financial regulator) formed part of the
Company's treasury management scheme and investment strategy. The
total amount of cash invested by the Company directly or through
associates into the Lexinta Fund is GBP495,000. In the Company's
interim accounts for the six-month period ended 30 June 2017, the
carrying value of the assets related to the investment in the
Lexinta Fund amounted to GBP754,358.
The Company was previously informed in writing by the Lexinta
Fund that it would be receiving these funds last week, however, as
at the date of this announcement, payment has not been received.
The Company, together with a number of other investors in the
Lexinta Fund (which includes a private equity fund), has written to
the Swiss financial regulator to notify it that the payments have
not been made by the Lexinta Fund in accordance with the previously
agreed timetable.
At this time, the Company has no reason to believe that the
amounts due to it from the Lexinta Fund will not be received,
however, the Company continues to have GBP718,000 of cash reserves
as at 31 October 2017 held outside the Lexinta Fund, which the
Directors consider to be sufficient for the continued running and
expansion of the business. Further updates on the receipt of
amounts due from the Lexinta Fund will be provided in due
course.
The Directors of Cellcast also wish to provide an update on
current trading. Following the introduction of the new supplier
agreement earlier this year, details of which were announced on 27
July 2017, the Company has been trading profitably at the operating
profit level, based on unaudited management accounts. In addition,
the online segment of the business has been performing well.
The Directors are pleased with the trading performance of the
Company in the second half of the year to date and are optimistic
about the prospects for the next financial year.
For further information:
Cellcast plc 020 3376 9420
Mike Neville - Non-Executive Chairman
Craig Gardiner - Chief Executive
Officer
Emmanuelle Guicharnaud - Finance
Director
Allenby Capital Limited (Nominated
Adviser and Broker) 0203 328 5656
Nick Naylor / James Reeve
This information is provided by RNS
The company news service from the London Stock Exchange
END
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