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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Chromogenex | LSE:CGX | London | Ordinary Share | GB00B0B7XX32 | 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% | 0.325 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCGX RNS Number : 9785N Chromogenex PLC 27 February 2009 27 February 2009 Chromogenex plc (the "Company") Proposed Cancellation of trading of securities on AIM and Director change The Company today announces that the Board has resolved to seek shareholder approval for the cancellation of admission to trading on AIM of the Ordinary Shares in the Company (the 'Cancellation'). In addition to this, the Company announces the departure of Chris Williams as a Director of the Company as from 26 February 2009. Having carefully considered the matter for some time, the board of directors of the Company (the 'Board') concluded that it is no longer in the best interests of the Company for the Company's Shares to continue to be admitted to trading on AIM. The Company has experienced very difficult trading conditions over the past year and the tightening of credit has negatively affected our customers' ability to finance purchases of our products. This has impacted on the results for the year ended 31 December 2008 with sales significantly down on 2007 and an increase in losses. Management accounts see sales for 2008 of GBP2.1m resulting in an operating loss of GBP1m with additional losses likely due to a write down of inventory compared to 2007 sales of GBP4.1m and an operating loss of GBP695k. The Board is, however, confident in the future of the business as a viable and going concern particularly in light of a significant restructuring of the business including a reduction in payroll and other expenses and the benefit of a weak Sterling on exports. The Board considers that in its current position the Company cannot justify the cost of being a public company which it estimates at over GBP100,000 per annum. Given the low market capitalisation of the Company and the low liquidity of the Ordinary Shares and the requirement to conserve cash the Board believes it would be in the best interests of the Company to seek a cancellation of its shares from AIM. The Board is also reviewing the Company's future strategy and believes that in any potential future corporate transaction the current share price would make it very difficult to apportion any meaningful value on the Company and its assets such as Intellectual Property, current assets and tax losses. Impact of the Cancellation Following the Cancellation of trading in the Company's shares on AIM, the shares will not be traded on any public market. However, as mentioned under "Dealing and Settlement arrangements" below, the Directors intend to use reasonable endeavours to create and maintain a matched bargain settlement facility. The Company will not be bound to announce material events, interim or final results, nor to comply with any of the corporate governance requirements for quoted companies. However, the Directors wish to assure Shareholders that they remain committed to a high level of transparency and do not intend the Cancellation to impact on the level of disclosure of material events currently made to Shareholders. As such, the board will post relevant information on the Company's website. They will also hold annual and general meetings in accordance with statutory requirements and the Company's articles, and will continue to send shareholders copies of the Company's audited accounts. Dealing and Settlement Arrangements The Directors are aware that Shareholders may wish to acquire or dispose of shares in the Company. Accordingly, they intend to use reasonable endeavours to create and maintain a matched bargain settlement facility. This facility will be managed by the Company and details of its operation will be made available on the Company's website www.chromogenex.com after the General Meeting. Any Shareholder seeking to purchase or sell any shares should contact the Company Secretary in writing at Units 1&2 Heol Rhosyn, Dafen Park, Llanelli, SA14 8QG. Transfers of interests in shares in certificated form should be sent to the Company's registrars, Share Registrars Ltd, Suite E, First Floor, 9 Lion and Lamb Yard, Farnham, Surrey, GU9 7LL. Existing share certificates remain valid. Dealings in the shares following the Cancellation will continue to be eligible for settlement through CREST in uncertificated form until further notice. General Meeting Under the AIM rules, it is a requirement that Cancellation of the admission to trading on AIM must be approved by not less than 75 per cent of shareholders voting in a general meeting. Accordingly, the Directors have convened a General Meeting to be held at Units 1&2 Heol Rhosyn, Dafen Park, Llanelli, SA14 8QG at 10.00am on 24th March 2009. The notice of General Meeting contains a special resolution to approve the application to the London Stock Exchange for cancellation of admission to trading on AIM of the Company's Ordinary shares. A second resolution is included in the notice of General Meeting to re-register the Company as a private company and to make consequential changes to its Memorandum and Articles of Association. The Company has received proxies and/or irrevocable undertakings from shareholders holding 25,224,091 Ordinary shares representing 41% of the current share capital of the Company, to vote in favour of the Resolutions. The Company has notified the London Stock Exchange of its preferred Cancellation date and assuming the Resolutions are approved, it is expected that cancellation of dealings will take effect at 7.00am on 1st April 2009. A copy of the shareholder circular convening the General Meeting is available on the Company's website www.chromogenex.com. For further information: Chromogenex plc 01554 755444 Peter McGuinness, Chairman 07800 924 995 HB Corporate 020 7510 8600 Luke Cairns Threadneedle Communications 020 7653 9850 Graham Herring/Josh Royston This information is provided by RNS The company news service from the London Stock Exchange END MSCSEAFWMSUSEIE
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