Cellcast plc Update on investment in the Lexinta fund (1026B)

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RNS Number : 1026B

Cellcast plc

05 January 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

05 January 2018

Cellcast plc

("Cellcast" or the "Company")

Update on the Company's investment in the Lexinta fund

On the 13 November 2017 and 7 December 2017, the Company issued announcements regarding its investment in the Lexinta fund. The total amount of cash invested by the Company, directly or through associates, into the Lexinta fund was GBP495,000 and the carrying value of the investment is currently stated in the Company's accounts at GBP754,358.

In light of the ongoing investigation by the Swiss authorities into Lexinta AG (the manager of the Lexinta fund) and Mr Bismark Badilla (the individual fund manager), the Board of Cellcast has now concluded that it is prudent to make a provision for 100% of the Company's interest in the Lexinta fund in its full year accounts for the year ended 31 December 2017.

The Company will issue further updates as and when more information become available. The Company continues to work with its Swiss lawyers on its options in relation to this matter.

Whilst the issues with the Lexinta fund are not welcomed, the Board reiterates that the Company has sufficient cash available to it for its working capital requirements

For further information:

 
 Cellcast plc                              020 3376 9420 
 Mike Neville - Non-Executive Chairman 
  Craig Gardiner - Chief Executive 
  Officer 
  Emmanuelle Guicharnaud - Finance 
  Director 
 Allenby Capital Limited (Nominated 
  Adviser and Broker)                      0203 328 5656 
 Nick Naylor / James Reeve 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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January 05, 2018 06:00 ET (11:00 GMT)