Genedrive PLC Notice of GM (7592Y)

TIDMGDR

RNS Number : 7592Y

Genedrive PLC

24 August 2018

For release: 24 August 2018

genedrive plc ("genedrive" or the "Company")

Notice of General Meeting

genedrive plc, the near patient molecular diagnostics company, today gives notice that a General Meeting of the Company will be held at 10.00 am on 13 September 2018 at The Incubator Building, 48 Grafton Street, Manchester M13 9XX pursuant to Section 656 of the Companies Act ("Section 656").

The Company and its Auditors are in the process of completing the Financial Statements for the Company and the Group for the year ended 30 June 2018. It is anticipated that the Company's Preliminary Results will be published no later than November 2018 with the Annual Report sent to Shareholders directly thereafter. As stated in the Trading Update of 13 July 2018, the Group closed the financial year with GBP3.5 million of cash, ahead of previous market expectations and since then the Company has continued to trade in line with management's expectations.

Whilst the audited net assets of the Company as at 30 June 2018 are not yet available, the Board believes that on completion of the audit, the net assets of the Company will fall below half of the value of the called-up share capital. Section 656 requires a public company whose net assets are half or less of its called-up share capital to call a General Meeting for the purpose of considering whether any, and if so what, steps should be taken to deal with the situation.

Given the level of cash in the business, the commencement of commercial sales for the genedrive HCV(c) ID Kit in March 2018 and the award of over GBP2m of grant funding in the last financial year, the low net assets are not of material concern to the Board. The Board does not therefore consider that specific steps are required to be taken in respect of Section 656 and accordingly, no resolutions will be put to Shareholders at the General Meeting.

The circular to shareholders convening a General Meeting for 13 September 2018 will be posted to shareholders later today. Copies of the circular may also be found on the Company's website (www.genedriveplc.com).

- Ends -

For further details please contact:

genedrive plc

David Budd: CEO

[phone]

Matthew Fowler: CFO

Peel Hunt LLP

James Steel [phone]

Oliver Jackson

Stanford Capital Partners Limited

[phone]

Patrick Claridge

Consilium Strategic Communications

Chris Gardner [phone]

Matthew Neal

Laura Thornton

[e-mail]

Notes to Editors

About genedrive plc

genedrive plc is a molecular diagnostics company developing and commercialising a low cost, rapid, versatile, simple to use and robust point of need molecular diagnostics platform for the diagnosis of infectious diseases and for use in patient stratification (genotyping), pathogen detection and other indications. The Genedrive(R) HCV-ID test has received CE-IVD Certification and has been launched in Africa and Asia Pacific. genedrive has distribution agreements with subsidiaries of Sysmex Corporation for the distribution of the Genedrive(R) platform in the EMEA and SE Asia (ex-India), and with ARKRAY Healthcare pvt Ltd for the distribution of the Genedrive(R) HCV ID Kit and Genedrive(R) platform in India.

Further details can be found at: www.genedriveplc.com and www.genedrive.com

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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August 24, 2018 02:01 ET (06:01 GMT)