OXN Oxonica

 

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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