Detail of legal demand;Placing/Subscription update

RNS Number : 1868B

Integumen PLC

19 September 2018

 

19 September 2018

Integumen plc

("Integumen" or "the Company")

Update : details of legal demand; finalisation of Placing and Subscription

The Company announced in its Interim Report on 29 August 2018 that it is seeking to divest itself of under-performing assets, and further that the Company had declined an offer for its skin care division received from Mr Donald Nicholson as it seriously undervalued the assets being sought for purchase, many of which were not for sale.

Subsequently, the Company has received a formal demand for payment of certain amounts due and claimed to be due to Mr. Nicholson and Mercuriali Limited, for services provided to the Company.  Mercuriali is owned by Mr Nicholson and is a c11% shareholder in Integumen.

Whilst the Board acknowledges that certain of the claimed amounts are owed to Mr Nicholson and Mercurali, it notes that Mr Nicholson, on behalf of himself and Mercuriali, previously agreed  that these amounts are not due to be paid before 9 July 2019.

In addition the formal notice seeks payment of debts owed by Integumen Inc, one of Integumen plc's subsidiaries, to third parties.

The Company  believe these demands for immediate payment are without merit, and it will strongly contest such claims if pursued.

The Board expects to complete the final elements of the Subscription, the Placing and acquisition of a stake in Cellulac plc, as announced on 16 July 2018 (and updated on 19 July 2018 and 24 July 2018), shortly.

Integumen plc	Gerard Brandon, Chief Executive	[phone]
SPARK Advisory Partners Limited (Nominated Adviser)	Neil Baldwin/Andrew Emmott	[phone]
Hybridan LLP  (Broker)	Claire Noyce	[phone]

 

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