Termination of Formal Sales Process

RNS Number : 1482N

NetScientific PLC

15 January 2019

 

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION

FOR IMMEDIATE RELEASE

15 January 2019

NetScientific plc

("NetScientific" or the "Company")

Termination of Formal Sales Process

On 20 December 2018, NetScientific plc (AIM: NSCI), the transatlantic healthcare IP commercialisation group, announced, inter alia, that, following its decision to conduct a review of various strategic options open to it, announced on 26 November 2018, (the "Strategic Review"), it was not in receipt of any approaches, and that it was not then in discussions with any potential offeror concerning a sale of the Company.

This remains the case and the Board is not aware of any parties who might now make such an approach or initiate such discussions.

Accordingly, the Company confirms that it has closed the formal sale process under the City Code on Takeovers and Mergers (the "Takeover Code") that it had commenced as part of the Strategic Review.

Following this announcement, the Company is no longer considered to be in an "offer period" as defined in the Takeover Code and the requirement to make disclosures under Rule 8 of the Takeover Code has now ceased.

In light of the above, the Board continues to assess all of its remaining strategic options, including seeking additional funding from its shareholders and taking material action to reduce further the Company's costs, which may include seeking a delisting.

Further announcements will be made as appropriate.

For more information, please contact:

NetScientific  François R. Martelet, M.D., CEO Ian Postlethwaite, CFO	Tel: [phone]
WHIreland (NOMAD, Financial Adviser and Broker)    Chris Fielding / Jessica Cave / Chris Viggor	Tel: [phone]
Ondra (Financial Adviser) Michael Tory / Michiel Bröker	Tel: [phone]
Consilium Strategic Communications                 Mary-Jane Elliott / Chris Welsh / Laura Thornton [e-mail]	Tel: [phone]

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

Important notices

Ondra LLP, which is regulated in the United Kingdom by the Financial Conduct Authority, is acting as joint financial adviser exclusively for NetScientific and no one else in connection with the matters set out in this announcement and will not regard any other person as its client in relation to the matters set out in this announcement and will not be responsible to anyone other than NetScientific for providing the protections afforded to clients of Ondra LLP, nor for providing advice in relation to any matter referred to herein.

This announcement has been prepared by, and is the sole responsibility of the Directors of NetScientific. WH Ireland Limited, which is authorised and regulated in the United Kingdom by the Financial Conduct Authority, is acting exclusively for NetScientific and no one else in connection with the matters referred to in this announcement and will not be responsible to anyone other than NetScientific for providing the protections afforded to clients of WH Ireland Limited., or for providing advice in relation to the matters referred to in this announcement.

This announcement is not intended to, and does not, constitute or form part of any offer, invitation or the solicitation of an offer to purchase, otherwise acquire, subscribe for, sell or otherwise dispose of, any securities whether pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions outside the United Kingdom may be restricted by law and therefore persons into whose possession this announcement comes should inform themselves about, and observe, such restrictions. Any failure to comply with the restrictions may constitute a violation of the securities law of any such jurisdiction.

Cautionary note regarding forward-looking statements

This announcement may contain certain forward-looking statements, beliefs or opinions, with respect to the financial condition, results of operations, financial performance, business strategy or plans for future operations the Company. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aims", "continue", "will", "may", "should", "would", "could", or other words of similar meaning. These statements are based on assumptions and assessments made by the Company in light of their experience and their perception of historical trends, current conditions, future developments and other factors they believe appropriate.

By their nature, forward-looking statements involve risk and uncertainty, because they relate to events and depend on circumstances that will occur in the future and the factors described in the context of such forward-looking statements in this announcement could cause actual results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and you are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement.

The Company does not assume any obligation to, and does not intend to, update or correct the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law. There are several factors which could cause actual results to differ materially from those expressed or implied in forward-looking statements. Among the factors that could cause actual results to differ materially from those described in the forward-looking statements are changes in global, political, economic, business, competitive, market and regulatory forces, future exchange and interest rates, changes in tax rates and future business combinations or disposals.

 

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