AGM Statement & Intention to Seek Cancellation
18 Junho 2009 - 7:00AM
UK Regulatory
TIDMOXN
RNS Number : 1077U
Oxonica plc
18 June 2009
18 June 2009
Oxonica plc
AGM statement
Intention to Seek Cancellation of Admission to AIM
At the Annual General Meeting of international nanomaterials group Oxonica plc
(LSE: OXN.L), to be held later today, Dr Kevin Matthews, Chief Executive
Officer, will give the following update.
I am pleased to report that, despite the difficulties in world markets,
Oxonica's revenues for the five months to May 2009 are 20% higher than for the
comparative period in 2008. Also, the operating loss and the cash outflow from
operations are both considerably lower than in the corresponding prior year
period. On 16 June 2009, the Group had cash balances of GBP2.9 million. Oxonica
is focused on further improving the profitability of its businesses during 2009.
Oxonica Energy: Although progress in the mining sector has been adversely
impacted by a substantial reduction in activity caused by the collapse in demand
for commodities, the Company has made further progress in this market,
particularly in the USA and expects to benefit from the upturn in activity
anticipated in the second half of the year. The Company has continued to focus
its sales efforts on the UK bus and truck market where it has been able to grow
sales and win new customers. A number of product trials with significant
potential customers are ongoing and market interest in Envirox(TM) continues to
build.
Oxonica Materials: Sales of Optisol(TM) UV absorber have shown some improvement
in 2009 following receipt of a significant order from the Company's Korean
distributor early in the year. However, the overall performance of this product
continues to be disappointing. Having looked to restructure the supply chain for
the product in collaboration with its partners, Umicore and Croda, the Company
is now close to finalising a suitable structure with which to go forward.
Oxonica Security: As reported in December 2008, Oxonica Security received a
letter of intent for three further purchases of development products from an
existing customer amounting to US$4 million for delivery by October 2009.
Deliveries against the associated purchase orders have been made since the year
end with the result that, for the period to date, Security sales are
significantly higher than for the corresponding prior year period. The
businesses' Sol-ID(TM) anti-counterfeiting products were formally introduced at
the Tax Stamp Forum in Budapest in February 2009 and generated a high level of
interest.
Oxonica Diagnostics: As reported in the preliminary results statement released
in March 2009, Oxonica signed an Assignment and License Agreement with BD in
September 2008 under the terms of which, cash payments of US$7.0 million have
been received by the Group. US$4.75 million was received prior to the year end
and the remaining US$2.25 million was received by the end of April 2009
following the successful completion of certain technical milestones.
Licence and patent dispute: The defendant has now submitted its claim for legal
costs in connection with this dispute. A provision of GBP550,000 for these costs
was made in the prior year and the Company remains of the view that this
provision is adequate. Oxonica Energy's appeal against the High Court judgment
is due to be heard in the week commencing 22 June 2009.
AIM Listing: Having reviewed the position, the Board of the Company has decided
to seek shareholders' approval for the cancellation of the Company's admission
to trading on AIM. The Board is concerned by a number of factors, including the
relatively small total market capitalisation of the Company, the small free
float, the limited trading volumes in the Company's shares and the significant
direct and indirect costs of compliance with the AIM Rules. The Board has
undertaken a review, which included consultation with the Company's advisers and
a number of its major shareholders and has come to the view that it is no longer
in the Company's best interests to maintain the admission of the Company's
shares to trading on AIM.
It is the Board's intention to convene a General Meeting at which the necessary
resolution to effect the delisting will be put to the shareholders of the
Company. The Board has evaluated alternative arrangements to enable shareholders
to continue to trade their shares after the delisting and in the event that the
delisting is approved, the Board intends to apply for the shares to be traded on
Sharemark. Sharemark is a periodic auction-based dealing facility offering
smaller companies a simple, flexible and cost effective service through which
their shares or loan stock can be traded. It provides investors in
participating companies with a secure and regulated environment in which to
trade shares.
The Board will shortly post a circular to shareholders setting out further
details of the above proposals and convening the required General Meeting.
Oxonica intends to report its interim results by the end of September 2009.
For further information, please contact:
Oxonica plc 01865 856 700
Kevin Matthews, Chief Executive
Richard Clarke, Finance Director
Panmure Gordon020 7459 3600
Hugh Morgan
Andrew Potts
Notes to Editors
About Oxonica plc - www.oxonica.com
Oxonica (AIM: OXN.L) is a leading nanomaterials group with products already
launched into international markets. Oxonica's leading product is Envirox(TM)
Fuel Borne Catalyst - a nanocatalyst improving fuel economy and reducing
emissions.
The Group has also developed Optisol(TM), a photostable UV protection system
designed to optimise the performance of quality sunscreens and anti-premature
ageing products, and generates licence and development revenue from activities
in the clinical diagnostics and security markets.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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