NMT Group PLC
10 February 2006
10 February 2006
NMT Group plc ('the Company')
Review of Existing Business
Following the EGM in September 2005, the Board has conducted a review of the
Company's existing business and operations in order to determine how best to
maximise value for shareholders.
The review involved examining the Company's existing customer pipeline as well
as identifying and visiting potential outright acquirers of the Company's
products and its intellectual property. Discussions with some parties are
ongoing.
At the same time a review of the Company's costs has been carried out.
Significant reductions have been made to the Company's overheads. On 31 January
we announced that Graham Crowther, the Company's Chief Executive Officer had
decided to leave the Company today to take up a new post elsewhere. The
remainder of the staff will leave the Company by no later than the end of April
2006 and the Livingston office closed by mid-July 2006.
Net Assets
The Company's balance sheet remains strong with un-audited cash per share of 70p
and un-audited net assets per share of 69p as of 31 December 2005.
Future Strategy
The Board has concluded that it is not in the interest of shareholders to
continue investment in the safety syringe business since there is no likelihood
of near or medium-term customers for the Company's existing or
yet-to-be-developed products. In addition, there is insufficient cash remaining
in the Company to build a foreseeable profit stream through investment on the
longer term.
As a result it is the Board's intention that the Company become an investment
company. The investment strategy of the Company will be put to shareholders in
due course.
Enquiries:
NMT Group PLC Jonathan Lander 020 7979 7574
Shore Capital & Corporate Limited Guy Peters 020 7408 4090
This information is provided by RNS
The company news service from the London Stock Exchange
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