Director's Notification

RNS Number : 5892Y

Physiomics PLC

24 December 2010

 



Physiomics plc

(the "Company")

Director's Notification

In accordance with AIM Rule 17, the following information relating to Mark Chadwick, Chief Executive Officer of the Company, is required to be disclosed under

sub-paragraphs (iii) to (viii) of paragraph (g) of Schedule Two to the AIM Rules for Companies:

Mark Chadwick is also a director of EnviroGene Limited ("EnviroGene") which, on 23rd December 2010, appointed Roger G. Hale and Robert N. Lewis of PriceWaterhouseCoopers LLP ("PWC") as administrators. EnviroGene, which specialises in providing molecular diagnosis solutions to the water and oil and gas industries, had struggled with trading in the current financial climate. Following a substantial restructuring to save costs and a failed attempt at raising funds to continue operations, the decision was taken, in discussions with EnviroGene's major creditor, to put the company into administration. At the last balance sheet date of 20 December 2010 (taken from unaudited management accounts) the Net Asset Value of EnviroGene was approximately £316,378, excluding £790,000 of convertible loan notes.  The majority of the loan notes were held by a single major investor.

Mark had, at all times, ensured Physiomics was fully aware of the working capital position of EnviroGene and the challenges EnviroGene was facing in the current climate.  

Enquiries:

Physiomics plc                                                  

Dr Paul Harper, Non-Executive Chairman 

[phone]

WH Ireland Limited

Katy Mitchell

[phone]

 

END

 

 

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