Interim Management Statement

RNS Number : 3187L

Phytopharm PLC

09 August 2013

 

9 August 2013

Interim Management Statement

Phytopharm plc (PYM: London Stock Exchange) ("Phytopharm", the "Group" or the "Company") today issues its Interim Management Statement ("IMS") which relates to the period from 1 April 2013 to 9 August 2013 and contains information up to the date of publication of this IMS.

During the period

·     Following the completion of a strategic review on 21 May 2013 the company announced it had signed heads of terms in connection with the possible acquisition of a revenue generating UK-based private company in the healthcare sector (the "Target").

·     On 19 July 2013 the Company announced the proposed cancellation of the Company's listing on the Official List and admission to trading on AIM which was approved by shareholders on 5 August 2013.

·     Upon Admission to AIM the Company will be classified as an Investing Company and shareholders have approved the Company's investing policy which is set out below.

·     Admission to trading on AIM is expected to take place at 8.00 am on 4 September 2013. The Company's shares are expected to remain suspended upon Admission to AIM until the Company publishes an AIM admission document in respect of the acquisition of the Target or announces that discussions have been terminated.

·     As required by the AIM Rules the Company issued a Schedule 1 announcement on 6 August 2013 and published via its website additional information required in connection with the Admission to AIM.

·     The Company has also received shareholder approval for a share capital consolidation in order to create a share capital base which is more consistent with that of companies of a similar size. The share capital consolidation will take place immediately prior to Admission to trading on AIM. The existing ordinary shares will be consolidated on the basis of one consolidated ordinary share for every fifty existing ordinary shares.

·        Our financial performance from 1 April 2013 to date continues to be in line with our expectations. As at 31 July 2013 the Group had unaudited money market investments and cash and cash equivalents of £5.15 million. Following the failure of Cogane™ in a Phase II clinical trial earlier in the year we have significantly curtailed expenditure in order to preserve the Company's financial resources.

Investing Policy

The Directors intend to pursue suitable corporate acquisitions offering the potential to deliver a favourable return to Shareholders over the medium term, primarily in the form of capital gain.

The Company's Investing Policy is to invest in businesses that typically have attributed to them some or all of the following characteristics:

·     Healthcare sector:

·     Revenue generating or near revenue generating;

·     Embedded or protected IP;

·     UK based;

·     Capable of significant growth potential; and

·     A credible management team.

Notes to Editors

Enquiries Phytopharm plc Tim Sharpington, CEO Zoe McGowan Company Secretary [phone]

Proposed Nominated Adviser James Steel Vijay Barathan [phone]

U.K. Investor Relations FTI Consulting LLP Ben Atwell John Dineen [phone]

 

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