NetScientific PLC Orderly wind up of Wanda and Vortex (1914T)
18 Março 2019 - 11:07AM
UK Regulatory
TIDMNSCI
RNS Number : 1914T
NetScientific PLC
18 March 2019
NetScientific plc
("NetScientific" or the "Company")
Orderly wind up of Wanda and Vortex
Further to its announcement and circular to shareholders
("Circular") on 15 February 2019, NetScientific plc (AIM: NSCI)
announces that the directors of each of Vortex Biosciences
("Vortex") and Wanda, Inc. ("Wanda"), which are Portfolio Companies
of NetScientific, have resolved to effect the orderly wind up of
those respective companies.
In the Circular, NetScientific had stated that it would allocate
the Company's remaining cash to managing its stakes in those
Portfolio Companies which the Board believed provided the most
realistic prospects of delivering Shareholder returns within the
anticipated lifespan of the Company. At that stage, the Board
believed those Portfolio Companies would be Glycotest, Inc.
("Glycotest"), ProAxsis Ltd ("ProAxsis") and PDS BioTechnology
("PDS").
Absent viable additional funding, the Board continues to believe
that Glycotest, ProAxsis and PDS provide the most realistic
prospects of delivering Shareholder returns within the anticipated
lifespan of the Company. Accordingly, having reviewed and
considered the cash position of the Company, and any potential
additional funding options available to the Company, the Board
resolved that it was not in a position to continue to provide
financial support to Vortex and Wanda without prejudicing its
ability to allocate sufficient cash resources to Glycotest,
ProAxsis and PDS.
The Company has received an indicative proposal from a third
party regarding the sale of the Company's shareholdings in Wanda
and Vortex (the "Potential Disposal"). Having considered the
indicative terms of, and taking account of the anticipated timeline
to complete and the execution risks of, the Potential Disposal, the
Board believes that the level of consideration offered is not
sufficient to justify the Company continuing to provide the
necessary financial support to Wanda and Vortex whilst due
diligence and negotiations regarding the terms of the Potential
Disposal are undertaken, without prejudicing the Company's ability
to allocate sufficient cash resources to Glycotest, ProAxsis and
PDS. The Board has therefore concluded that it was not in the best
interests of the Company to proceed with the Potential
Disposal.
Subsequently, the directors of Vortex and Wanda respectively
resolved to effect the orderly wind up of those companies.
Capitalised terms used in this announcement have the meanings
given to them in the Circular sent to Shareholders on 15 February
2019.
The Company anticipates releasing another announcement regarding
another Portfolio Company shortly.
For more information, please contact:
NetScientific Tel: +44 (0)20 3514
François R. Martelet, M.D., CEO 1800
Ian Postlethwaite, CFO
WH Ireland Limited (NOMAD, Financial Adviser Tel: +44 (0)20 7220
and Broker) 1666
Chris Fielding / Jessica Cave
Consilium Strategic Communications Tel: +44 (0)20 3709
Mary-Jane Elliott / Chris Welsh / Laura Thornton 5700
NetScientific@consilium-comms.com
About NetScientific
NetScientific is a transatlantic healthcare technology group
with an investment strategy focused on sourcing, funding and
commercialising technologies that significantly improve the health
and well-being of people with chronic diseases.
For more information, please visit the website at
http://www.NetScientific.net
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contact rns@lseg.com or visit www.rns.com.
END
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