Cientifica PLC Statement re Suspension (5506K)
17 Abril 2015 - 4:07AM
UK Regulatory
TIDMCTFA
RNS Number : 5506K
Cientifica PLC
17 April 2015
Cientifica PLC
("Cientifica" or the "Company")
Statement re suspension
Cientifica, the AIM quoted investing company focusing on
investment in businesses making use of advanced materials, graphene
and emerging technologies, today provides the following update.
The Directors have been pursuing options for the implementation
of the Company's investing strategy. Unfortunately, it has now
become apparent that it will not be possible to implement the
investing strategy in accordance with the requirements of the AIM
Rules for Companies (the "AIM Rules") prior to the deadline of 23
April 2015. As a result, and in accordance with Rule 15 of the AIM
Rules, the Directors expect that admission of the Company's
ordinary shares to trading on AIM will be cancelled on or around 23
April 2015.
Following the suspension of trading in the Company's ordinary
shares on AIM on 24 October 2014, the Directors continued to look
at ways in which the Company's investing strategy could be
implemented. Initially a number of potential reverse takeover
transactions were identified, considered and qualified by the
Board. The Board approved the progression of three potential
transactions over the period from November 2014 to March 2015.
However, notwithstanding the Board's efforts to finalise terms with
the parties involved, in each case the transactions were unable to
proceed to contract and completion. As a result the Board and its
advisers concluded that there was insufficient time to conclude a
reverse takeover transaction ahead of the delisting deadline and
the Board decided, in the time available, to look to implement the
Company's investing strategy by raising further funds and
identifying new investments.
In recent weeks the Board identified and agreed, conditional on
trading in the Company's ordinary shares being restored, a number
of potential new investment projects. Sources of funding for these
potential investments was identified and committed in principle.
However the Board has been advised that it will be unable to
implement the Company's investing strategy in accordance with the
requirements of the AIM Rules and as a result the Directors expect
that admission of the Company's ordinary shares to trading on AIM
will be cancelled on or around 23 April 2015.
The Board will shortly be meeting with its advisers and
principal shareholders to consider the Company's position and agree
what course of action should now be taken. The Board are
considering appointing JP Jenkins to provide a matched bargain
dealing facility in the Company's ordinary shares and further a
further announcement will be made in due course.
A further announcement will be made in due course.
For further information, please contact:
Cientifica PLC
Tim Godwin, Executive Chairman +44 (0) 7785 360795
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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