Cientifica PLC Update on investments and strategy (9386X)
25 Novembro 2014 - 10:00AM
UK Regulatory
TIDMCTFA
RNS Number : 9386X
Cientifica PLC
25 November 2014
25 November 2014
Cientifica PLC
("Cientifica" or the "Company")
Update on investments and strategy
Cientifica, the AIM quoted investing company focusing on
investment in businesses making use of advanced materials, graphene
and emerging technologies, today provides an update on its
investing strategy.
On 23 October 2014 the Company announced that the Directors have
been in discussions with three potential investee businesses.
Unfortunately, it has not been possible to finalise investments in
these companies on terms which the Directors believe to be in the
best interest of the Company's shareholders. In light of this the
Directors have decided to explore all of the options available to
Cientifica in order to have the suspension of the Company's shares
from trading on AIM lifted. These options include: i) seeking
alternative investments in line with the Company's existing
investment strategy; ii) seeking shareholder approval for an
alternate investing strategy; or iii) undertaking an acquisition
that would constitute a reverse takeover.
In accordance with Rule 15 of the AIM Rules the Company's shares
will remain suspended from trading on AIM until such time the
Company has sufficiently implemented its investing strategy or
undertakes a reverse takeover. However, there can be no guarantee
that this will be achieved. If the Company's investing policy has
not been implemented or a reverse takeover completed by 23 April
2015 (being six months from the date of its shares having been
suspended), then admission of the Company's Ordinary Shares to
trading on AIM will be cancelled.
The Company's financial position is currently constrained, with
its creditors exceeding its cash holding. The Board has recently
undertaken steps to substantially reduce the Company's overheads
and is in discussions with a number of shareholders and creditors
with a view to securing sufficient working capital to be able to
pursue the options outlined above. One of the Company's major
shareholders has indicated to the Board that it would be supportive
should the Company require short term working capital. A further
update will be made as appropriate.
For further information, please contact:
Cientifica PLC
Tim Godwin, Executive Chairman +44 (0) 1604 601002
Allenby Capital (Nominated Adviser)
Nick Naylor/James Reeve +44 (0) 203 328 5656
Peterhouse Corporate Finance (Broker)
Lucy Williams/Duncan Vasey +44 (0) 207 469 0930
This information is provided by RNS
The company news service from the London Stock Exchange
END
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