Funding Update

Microsaic Systems plc

13 November 2023

 

13 November 2023

Microsaic Systems plc

("Microsaic" or the "Company")

Funding update

The Company announced on 3 November that it had begun a very significant cost reduction exercise which would include a substantially reduced operation cost base and the intention to reduce overheads by cancelling admission to trading of its shares on AIM ("Delisting") and conversion to a private company.

The Company has since been engaged in further funding discussions which involve raising funds subject to reinstatement of the Company's shares to trading on AIM. The Company is reviewing the proposals and will provide a further update on the resolutions to be put to shareholders to give effect to such proposals as soon as is reasonably practicable, along with an updated timetable for key events. This will include the revised timing for publication and posting of a circular to shareholders giving notice of a general meeting. The Directors believe that concluding a modest fundraise to support the retention of the AIM listing would be in the best interests of the Company in the medium term. Completion of such a fundraising remains conditional upon, inter alia, the publication of both the FY22 audited annual accounts on a going concern basis and the interim results for the six months ended 30 June 2023.

It is likely that, if proceeding with a fundraising subject to obtaining fresh shareholder authorities to allot new shares on a non-pre-emptive basis, the Company would still need to table an alternate resolution to approve Delisting in the event that the resolutions required to implement a fundraising were not passed. If the fundraising resolutions were to be approved, with firm commitments obtained from investors prior to the GM then being subject only to admission of the new shares (i.e. assuming reinstatement will occur), the Delisting resolution would be withdrawn from the business of the General Meeting.

Enquiries:
Microsaic Systems plc Bob Moore Executive Chairman	[phone]
Singer Capital Markets (Nominated Adviser & Joint Broker)	[phone]
Aubrey Powell / Angus Campbell
Turner Pope Investments (TPI) Limited (Broker) Andy Thacker / James Pope	[phone]

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information as stipulated under the UK version of the market abuse regulation no 596/2014 which is part of English law by virtue of the European Union (Withdrawal) Act 2018, as amended.  On publication of this announcement via a regulatory information service, this information is considered to be in the public domain. The above named director takes responsibility for the release of this announcement.

About Microsaic (www.microsaic.com)

Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested £30m over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology which enables analytical detection and characterisation at the point-of-need, whether within a human health environment, conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection and monitoring of data at any step in the process workflow.

Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing, and point-of-need applications. Microsaic is an innovative company. Most recently the Company has developed an Acrylamide detector for use in the food industry and a ProteinID detector for the biopharma industry that will greatly reduce the manufacturing wastage costs by early detection of expensive product failure throughout the biopharmaceutical manufacturing process. For environmental monitoring, Microsaic has developed a method to analyse perfluoroalkyl-and polyfluoroalkyl (PFAS) substances, otherwise known as 'forever chemicals' using its mass spectrometer. This equipment can analyse water samples and determine whether PFAS concentrations are above legal thresholds with novel mobile testing capability. All of these new products are at the final stage of development and are expected to be released to the market in 2024.

 

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