Update on Strategic Review

RNS Number : 5632R

Evocutis PLC

28 October 2013

 



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

Press Release

28 October 2013

Evocutis plc

("Evocutis" or "the Company")

Update on Strategic Review

Evocutis plc (AIM: EVO), the company focused on advanced laboratory and clinical evaluations of skincare products for the health and cosmetic markets, today held a General Meeting of the members of the Company. The General Meeting was convened to consider, in accordance with section 656 of the Companies Act 2006, whether any, and if so, what steps should be taken to manage the situation that the net assets of the Company are less than half its called up share capital.

At the meeting, the Directors summarised the developments that the Company has announced over the preceding twelve months and specifically the formal sale process which commenced in December 2012 and was terminated on 2 October 2013.

At the time of the termination of the formal sale process, the Company also announced that it is continuing to evaluate a number of strategic options open to the Company in order to maximise value for shareholders.

At the meeting today the Directors reported that the Board has made progress on a small number of specific opportunities to derive value from the Company's Labskin™ technology. The Directors believe that the best course of action for shareholders remains for the Company to continue with those discussions until they reach a conclusion, however the outcome remains uncertain and is dependent upon a number of commercial factors.  Should none of the ongoing opportunities and discussions reach a successful conclusion, and in the absence of new finance being raised for the Company, the Directors will need to consider the financial viability of the Company and the possible distribution of any residual value to shareholders. 

The Company will provide a further update to the market as appropriate. 

-Ends-

For further information, please contact:

Evocutis plc
Tom Bannatyne, Chairman	[phone]
Dr Gwyn Humphreys, Interim Chief Executive Officer	www.evocutis.com

Zeus Capital Limited
Andrew Jones / Nick Cowles	Tel: [phone]
	www.zeuscapital.co.uk

XCAP Securities Plc
Guy Peters / Jon Belliss	Tel: [phone]
	www.xcapgroup.co.uk

Media enquiries:

Abchurch Communications
Sarah Hollins /  Joanne Shears / Jamie Hooper	Tel: [phone]
	www.abchurch-group.com

 

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