Graft Polymer (UK) PLC Update on recent developments

RNS Number : 6920N

Graft Polymer (UK) PLC

09 May 2024

 

9 May 2024

 

Graft Polymer (UK) Plc

(the "Company")

 

Update on recent developments

 

Graft Polymer (UK) Plc (LSE:GPL) is pleased to provide an overview on recent progress as it focuses on opportunities in the healthcare industry through its Graft Bio division.

 

Publication of accounts

On 30 April 2024, the Company announced the publication of its audited accounts for the year ended 31 December 2023 (the "2023 Accounts"). The 2023 Accounts revealed that the challenges faced by the Company in 2022 had continued into 2023. It had become necessary to reflect this performance, in the 2023 Accounts, as a full impairment of the Company's investment in its Slovenian industrial plastics manufacturing facility (Graft Polymer d.o.o). This impairment was necessary due to slow revenue uptake and ongoing constraints, with a forecasted negative cash position in the near future.

 

Disposal of Graft Polymer d.o.o

On 3 May 2024, and as anticipated in the announcement of the 2023 Accounts, the Company announced the disposal of Graft Polymer d.o.o. to a private consortium in Slovenia for nominal consideration.

 

Board changes

On 15 March 2024, the Company appointed Nicholas Nelson as Chairman following his co-investment in the Company, via a loan facility, to cover the Company's short term expenditure in preparation of a planned equity fundraise.

On 2 May 2024, healthcare industry executive Anthony Tennyson was appointed as Chief Executive Officer of the Company to oversee a comprehensive review of the Company's operations.

 

Operational review and focus on the future

The operational review referenced in the Company's announcement of 2 May 2024 has begun. The review is focused on the Company's healthcare industry orientated Graft Bio division which, in the Directors' opinion, has strong prospects through its intellectual property, licensing agreements, and sales contracts. Shareholders will be kept informed as details of the review emerge.

 

Enquiries:

Graft Polymer (UK) Plc

Anthony Tennyson, CEO and Executive Director: [e-mail]

Yifat Steuer, CFO and Executive Director

Allenby Capital (Broker)                                           Phone: [phone]

Nick Naylor / Liz Kirchner (Corporate Finance)

Guy McDougall (Sales)

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