![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Oxonica | LSE:OXN | London | Ordinary Share | GB00B0D09P49 | 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% | 3.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMOXN RNS Number : 4642U Oxonica plc 24 June 2009 24 June 2009 Oxonica plc Strategy Update and Board Changes Oxonica plc ("Oxonica, the Group or the Company"), a leading international nanomaterials group, today announces further details regarding the future strategic positioning of the Company, associated cost reductions and changes to the Board. As set out in the Group's 2008 Annual Report and the AGM Statement issued on 18 June 2009, the Board's objective is to improve the profitability of Oxonica and ensure that the Group has a sustainable position from which to build for the future. It is the Board's intention to achieve this within the Group's current resources. Oxonica's strategy was set-out in the AIM Admission Document issued in July 2005. This document stated that the Group's strategy was to introduce products to large end user markets, to establish the customer value proposition, create customer demand and outsource manufacturing. The objective was then to seek to form partnerships with international brand owners to maximise market reach. Having developed product offerings in all of its businesses, Oxonica is now focusing on partnering the Group's businesses to secure profitable platforms for growth. In 2008, Oxonica's Diagnostics business was partnered with BD and the Company is currently in partnering discussions for its remaining three businesses. The structure and value of the resulting partnerships will be announced on completion of the negotiations. The Board has also been reviewing the cost base of the business. As a result of this review the Board announced on 18 June 2009 its intention to seek shareholders' approval for the cancellation of the admission of the Company's shares to trading on AIM. In parallel with these strategic developments, Dr Kevin Matthews, Oxonica's CEO, has informed the Company of his intention to resign from the Board. Dr Matthews has been offered the opportunity of joining and leading a private biotechnology business and will leave the Company on 29 September 2009. Commenting on this decision,Richard Farleigh, Oxonica's Chairman said, "Kevin joined Oxonica when it was a research team with the challenge of identifying market needs for the technology, developing products and growing the business through to profitability. With the establishment of the partnerships across the Group's businesses this strategy will have been realised. The Board would like to thank Dr Matthews for his leadership of the Company over the past 8 years and wishes him well in his future career". The Company is commencing the search for a replacement for Dr Matthews. In the meantime Richard Clarke, CFO will assume the role of CEO. In addition, Oxonica needs to ensure that the Group is appropriately structured given the proposed de-listing from AIM and partnering activities. A redundancy programme has been initiated in the UK with a number of individuals being informed that their jobs are at risk. The size of the Board will also be reduced. Ed Weeks currently the senior independent director and Chairman of the Remuneration Committee will step down from the Board on 29th September 2009. The Board believes that the successful completion of the partnership discussions currently in progress along with the cost reductions and Board changes will result in Oxonica being able to achieve a cash break-even position with a sustainable, relatively low-risk business model. For further information, please contact: Oxonica plc 01865 856 700 Kevin Matthews, Chief Executive Richard Clarke, Finance Director Panmure Gordon020 7459 3600 Hugh Morgan Andrew Potts Notes to Editors About Oxonica plc - www.oxonica.com Oxonica (AIM: OXN.L) is a leading nanomaterials group with products already launched into international markets. Oxonica's leading product is Envirox(TM) Fuel Borne Catalyst - a nanocatalyst improving fuel economy and reducing emissions. The Group has also developed Optisol(TM), a photostable UV protection system designed to optimise the performance of quality sunscreens and anti-premature ageing products, and generates licence and development revenue from activities in the clinical diagnostics and security markets. This information is provided by RNS The company news service from the London Stock Exchange END MSCILFSRREISFIA
1 Year Oxonica Chart |
1 Month Oxonica Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions