LONDON (Thomson Financial) - Biocare Solutions PLC said it expects full-year
operating results for 2007 to be similar to 2006 due to a lack of production
capacity following delays in commissioning its new factory.
The nutrition and biological science company also said its new production
facilities in southern Italy are now fully operational.
It said following the transfer of its operations into the new plant at
Ferrandina and the closure of manufacturing facilities in Meda, near Milan, it
expects overhead and production cost savings to impact its performance
positively as it moves into 2008.
Biocare said non-executive chairman Stuart Anderson is to become the group's
executive chairman as managing director Tony Higson is taking up a new role as
international commercial director. Finance director Martin Shelley, who is
fluent in Italian, assumes responsibility for the Italian operations.
The Biocare board also said substantial shareholder RAB Special Situations
(Master) Fund Ltd has agreed to extend its short term facility by a further
300,000 stg pending discussions to restructure existing and any further short
term loans to the group and to replace these with a significantly lower-cost
convertible loan.
Other than this facility the company is debt free and so has enough headroom
for suitable bank funding which is expected to be put in place during 2008
as production expands.
tf.TFN-Europe_newsdesk@thomson.com
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