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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Biocare | LSE:BSN | London | Ordinary Share | GB00B1528F83 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:0071K Biocare Solutions PLC 17 December 2007 Biocare Solutions plc ("Biocare" or the "Company" or the "Group") Pre-close Trading statement Biocare Solutions plc, the developer, manufacturer and vendor of effective natural household cleaning and laundry products, today issues a trading update ahead of its full year results ending 31 December 2007. Production Facilities As anticipated at the interim results issued in September, the Board is pleased to announce that new production facilities in southern Italy are now fully operational. Following the transfer of the Company's operations into the new plant at Ferrandina and the closure of manufacturing facilities in Meda, close to Milan, overhead and production cost savings are expected which will positively impact the Company's performance as it moves into 2008. The enhanced production capacity provides the company with a platform to expand commercial activities both in Italy and internationally. Trading The Company is pleased to announce the acquisition of a new Italian client who is a specialist in the cleaning products field. We estimate that, when we are supplying all their outlets, it will add Euro500,000 to our annual sales. In line with management expectations, after taking account of delays in commissioning the new factory and consequent lack of production capacity, the Company expects full year operating results for 2007 to be similar to those of 2006. Financing The Board has continued to review the capital needed for expansion and the appropriate capital structure for the Group going forward. RAB Special Situations (Master) Fund Limited ("RAB"), a substantial shareholder of Biocare, which holds 35,040,000 ordinary shares representing 38.23 per cent of the issued share capital of the Company, has agreed to extend its short term facility by a further £300,000 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 which provides sufficient headroom for suitable bank funding which is expected to be put in place during 2008 as production expands. Corporate Structure The Company has also reviewed its corporate structure to meet the needs of the business going forward. To maximise the international potential for the Company's range of all-natural cleaning products, Tony Higson is taking up a new role as International Commercial Director. Martin Shelley, who is fluent in Italian, assumes responsibility for the Italian operations. Stuart Anderson (previously non-executive) has agreed to become Executive Chairman of Biocare. Enquiries: Biocare Solutions plc Stuart Anderson 020 7448 5211 KBC Peel Hunt, Nominated Adviser and Broker 020 7418 8900 Richard Kauffer Deon Veldtman Financial PR 020 7354 0356 James Poole 07768 991 096 This information is provided by RNS The company news service from the London Stock Exchange END TSTILFIDFALSLID
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