Cientifica PLC Statement re Suspension (5506K)

TIDMCTFA

RNS Number : 5506K

Cientifica PLC

17 April 2015

Cientifica PLC

("Cientifica" or the "Company")

Statement re suspension

Cientifica, the AIM quoted investing company focusing on investment in businesses making use of advanced materials, graphene and emerging technologies, today provides the following update.

The Directors have been pursuing options for the implementation of the Company's investing strategy. Unfortunately, it has now become apparent that it will not be possible to implement the investing strategy in accordance with the requirements of the AIM Rules for Companies (the "AIM Rules") prior to the deadline of 23 April 2015. As a result, and in accordance with Rule 15 of the AIM Rules, the Directors expect that admission of the Company's ordinary shares to trading on AIM will be cancelled on or around 23 April 2015.

Following the suspension of trading in the Company's ordinary shares on AIM on 24 October 2014, the Directors continued to look at ways in which the Company's investing strategy could be implemented. Initially a number of potential reverse takeover transactions were identified, considered and qualified by the Board. The Board approved the progression of three potential transactions over the period from November 2014 to March 2015. However, notwithstanding the Board's efforts to finalise terms with the parties involved, in each case the transactions were unable to proceed to contract and completion. As a result the Board and its advisers concluded that there was insufficient time to conclude a reverse takeover transaction ahead of the delisting deadline and the Board decided, in the time available, to look to implement the Company's investing strategy by raising further funds and identifying new investments.

In recent weeks the Board identified and agreed, conditional on trading in the Company's ordinary shares being restored, a number of potential new investment projects. Sources of funding for these potential investments was identified and committed in principle. However the Board has been advised that it will be unable to implement the Company's investing strategy in accordance with the requirements of the AIM Rules and as a result the Directors expect that admission of the Company's ordinary shares to trading on AIM will be cancelled on or around 23 April 2015.

The Board will shortly be meeting with its advisers and principal shareholders to consider the Company's position and agree what course of action should now be taken. The Board are considering appointing JP Jenkins to provide a matched bargain dealing facility in the Company's ordinary shares and further a further announcement will be made in due course.

A further announcement will be made in due course.

For further information, please contact:

 
Cientifica PLC 
Tim Godwin, Executive Chairman          [phone] 
 
Allenby Capital (Nominated Adviser) 
Nick Naylor/James Reeve                 [phone] 
 
Peterhouse Corporate Finance (Broker) 
Lucy Williams/Duncan Vasey              [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

STRGMGMDLNZGKZG