Catenae Innovation PLC Update re Working Capital & Balance Sheet (4807Z)

TIDMCTEA

RNS Number : 4807Z

Catenae Innovation PLC

10 January 2020

Catenae Innovation PLC

("Catenae" or the "Company")

Update re working capital and balance sheet

The Company provides an update following the announcement made on 23 December 2019 which included a statement about its working capital position.

Discussions with a number of parties in respect of securing immediate funding, by way of a placing or short term debt, are continuing and the directors are optimistic that funding of up to GBP100,000 is available to it. The Company is also in discussions with its creditors who are supportive of the Company and the directors consider that the financial position has stabilised since the announcement of 23 December 2019 such that the Company can continue to trade while it concludes the discussions in respect of the fundraising, which it expects to do in the next two weeks.

There is no guarantee that these current discussions will result in new funding being secured or that the terms of any such agreement will be favourable to the Company and its shareholders. In the event that further funding cannot be secured, then the Company will need to consider commencing insolvency proceedings.

A further announcement will be made in due course.

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014. The person who arranged for release of this announcement on behalf of the Company was Guy Meyer, Interim Chief Executive Officer of the Company.

For further information:

 
Catenae Innovation Plc                             Tel: [phone] 
 Guy Meyer                                          7826 
 
  Cairn Financial Advisers LLP, Nominated Adviser    Tel: [phone] 
  Liam Murray / Jo Turner                            0880 
                                                   Tel: [phone] 
  Turner Pope Investments (TPI) Limited, Broker 
  Andrew Thacker / Zoe Alexander 
 

Forward-Looking Statements

Certain statements made in this announcement are forward-looking statements. These forward-looking statements are not historical facts but rather are based on the Company's current expectations, estimates, and projections about its industry; its beliefs; and assumptions. Words such as 'anticipates,' 'expects,' 'intends,' 'plans,' 'believes,' 'seeks,' 'estimates,' and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and other factors, some of which are beyond the Company's control, are difficult to predict, and could cause actual results to differ materially from those expressed or forecasted in the forward-looking statements. The Company cautions security holders and prospective security holders not to place undue reliance on these forward-looking statements, which reflect the view of the Company only as of the date of this announcement. The forward-looking statements made in this announcement relate only to events as of the date on which the statements are made. The Company will not undertake any obligation to release publicly any revisions or updates to these forward-looking statements to reflect events, circumstances, or unanticipated events occurring after the date of this announcement except as required by law or by any appropriate regulatory authority.

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January 10, 2020 07:23 ET (12:23 GMT)