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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Advanced Oncotherapy Plc | LSE:AVO | London | Ordinary Share | GB00BD6SX109 | ORD 25P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.925 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Medical Laboratories | 0 | -29.49M | -0.0549 | -0.35 | 10.32M |
TIDMCARE
RNS Number : 4339W
CareCapital Group plc
31 January 2012
31 January 2012
CARECAPITAL GROUP PLC
("CareCapital", "the Group" or "the Company")
Annual General Meeting - Trading Update
CareCapital plc (AIM: CARE) will provide the following Trading Update to the Company's shareholders at its AGM to be held in London today:
"As already approved by shareholders, we sold our entire German portfolio on 9 November 2011 for an aggregate consideration of EUR27.35 million. This transaction has allowed us to substantially deleverage and will provide working capital to realise the value of our UK healthcare development pipeline.
The UK business model is to forward sell individual projects to third party landlords so that financial risk to the Group is minimized without forgoing or reducing development profits. Our confirmed pipeline today comprises developments in: Allesley, Coventry (a medical centre, pharmacy and related ancillary areas); a medical centre in Thingwell, West Wirral; a medical centre in Bishops Stortford and; four medical centres in Wales, of which Buckley and Swansea will see construction commence this year, that are part of the joint-venture with Gaufron Healthcare Limited. Construction is due to start this year on the projects in Wales and in Bishops Stortford. Taken together, these developments have a capital value to CareCapital on completion of GBP21.8 million, of which GBP14.6 million worth have been forward sold to investors. We anticipate completion of these developments within the next two years.
Following the disposal of our German business, the Group has taken the opportunity to rationalise its cost base to a level appropriate to its activities moving forward. In addition to losing the overheads associated with the German operations, we will not be renewing the lease (ending this month) on our head offices in central London. Together with other initiatives, the Board believes that this will save at least GBP250,000 in a full year.
In the opinion of the Directors, the Company's 28.75% shareholding in Advanced Proton Solutions (Holdings) Ltd ("APS") has the potential to be of significant value. Proton Beam Therapy is widely recognised worldwide as the most effective treatment for a variety of cancer conditions. There are currently 32 centres worldwide with a requirement, according to industry sources, of over 1,000 in the next 10 to 15 years. We have already secured planning approval for APS's first London based Proton Beam Therapy centre off Moorgate in the City of London - within easy access of a number of London's major hospitals. Once funding has been secured by APS, construction is scheduled to commence in 2012 and treatment of patients in 2014.
As a result of our involvement with APS, we have been approached by a number of providers of innovative, but proven, cancer treatments. We are currently evaluating these but believe that our activities in this area could form the basis of an exciting new healthcare division for CareCapital. We will provide a strategy update to shareholders in due course.
We are now, I believe, making good progress towards our objective of restoring value to shareholders."
Mike Sinclair
Chairman
31 January 2012
For further information, please visit www.carecapital.co.uk or contact:
Mike Sinclair, Chairman Sandy Jamieson Jon Levinson Simon Hudson, Paul Stacey, Managing Director CareCapital Group Libertas Partners Rivington Street Tavistock Communications Plc LLP Corporate Finance (NOMAD & Joint (Joint Broker) (Financial PR & Broker) IR) 020 7034 1949 020 7569 9650 020 7562 3357 020 7920 3150
This information is provided by RNS
The company news service from the London Stock Exchange
END
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