Proposed Delisting from AIM

    RNS Number : 1079W
  Genosis PLC
  06 June 2008
   

                        6 June 2008
 For Immediate Release


    Genosis PLC ("the Company")

    Proposed Delisting from AIM

    Genosis PLC (AIM - GNOS) today announces that it intends to seek shareholder approval to cancel admission of the ordinary shares of 10p
each in the Company ("Ordinary Shares") to trading on AIM and re-register the Company as a private company ("the Proposals"). A circular
containing details of the Proposals has been sent to shareholders today and copies will be available from the Company's website,
www.genosis.com.

    Over the past year, the Directors have attempted to expand the business of the Company through launching its only product in the United
States. The sales of the product have been disappointing and as a consequence the Directors announced in September 2007 that they would
carry out a strategic review to determine the future direction of the Company. In April 2008 the Directors announced that they wished to
dispose of the Company or its assets as they felt that this would be the best approach to maintaining shareholder value. To achieve this
objective the Directors consider that it would be in the best interests of the Company to de-list from AIM. The market has not recognised
the value of the remaining assets of the Company, notably its Intellectual Property, current assets and its tax losses. The Directors also
consider that the cost of being a public company, in the region of £150,000 per annum, cannot be justified. Given the low market
capitalisation of the Company, the low liquidity of the Ordinary Shares and the requirement to conserve cash, the Directors consider that it would be in the interests of the Company to seek a delisting of
its shares from AIM.

    Under the AIM Rules, it is a requirement that any delisting from AIM must be approved by not less than 75 per cent. of shareholders
voting in a general meeting. Accordingly, an Extraordinary General Meeting ("EGM") has been convened, at which a special resolution to
approve the cancellation of admission of the Company's shares on AIM, and the re-registration of the Company as a private company, will be
proposed. The EGM will be held at 10.00 a.m. on 30 June 2008 at the Company's offices, 1 Crown Square, Woking, Surrey, GU21 6HR. If the
resolution is approved, it is expected that cancellation of dealings will take effect at 7.00 a.m. on 8 July 2008.

    The Directors are aware that shareholders of the Company may still wish to acquire further shares or dispose of their shares and,
accordingly, intend to use reasonable endeavours to create and maintain a matched bargain settlement facility. This facility would be
managed by the Company and details of its operation will be made available on the Company's website after the EGM. 


      Enquiries:

 Genosis plc                            Tel: [phone]

 Paul Bateman, Chief Executive Officer
 Jonathan Pockson, Chief Financial
 Officer

 Evolution Securities                   Tel: [phone]
 Bobbie Hilliam/ Chris Clarke

 Buchanan Communications                Tel: [phone]
 Lisa Baderoon


This information is provided by RNS
The company news service from the London Stock Exchange
 
  END 
 
MSCUUUACQUPRGAA