Ark Therapeutics Group PLC Interim Management Statement (9427E)

TIDMAKT

RNS Number : 9427E

Ark Therapeutics Group PLC

17 May 2013

Ark Therapeutics Group plc

Interim Management Statement and Notice of Annual General Meeting

17 May 2013 - Ark Therapeutics Group plc ("Ark" or the "Company") today publishes its interim management statement for the period from 1 January 2013 to date.

-- On 30 January 2013 the Company announced that having failed to gain sufficient support for an institutional fundraising in late 2012/early 2013 it had appointed WG Partners to assist the Company in reviewing and evaluating a number of strategic options open to the Company to maximise value for Shareholders. These options included a formal sale process, which was initiated on 30 January 2013.

-- On 28 February 2013 the Company announced that it had not received any indicative offers pursuant to the formal sale process. In parallel, the Board had attempted at various points to obtain finance from clients, direct competitors, banks and via the disposal of non-core product assets. However, all such steps proved unsuccessful.

-- On 7 March 2013 Wölbern Private Equity ("WPE") made a formal offer for the operating subsidiaries of the Company - Ark Therapeutics Limited, Ark Therapeutics Oy and Lymphatix Oy (the "Subsidiaries"). This offer was expressly conditional on the UKLA (UK Listing Authority) agreeing to apply a waiver under Listing Rule 10.8 to the Disposal. WPE therefore confirmed to the Board on 10 March 2013 that the transaction had to be completed on or before 15 March 2013 otherwise its offer would lapse.

-- On 15 March 2013 the Company made a comprehensive and detailed announcement that it had disposed of the Subsidiaries having been granted a Listing Rule 10.8 waiver.

-- On 29 April 2013 the Company announced its financial results for the year ended 31 December 2012:

o Total revenues and other income for the year ended 31 December 2012 of GBP1.9m (31 December 2011: GBP7.2m)

o Net assets at 31 December 2012 of GBP2.8m (31 December 2011: GBP15.4m)

o Cash and short-term deposits at 31 December 2012 of GBP2.1m (31 December 2011: GBP9.5m)

o Loss for year of before tax was GBP13m (31 December 2011: GBP4.4m)

Iain Ross, Chairman, commented: "Whilst we intend to consider any options available to the remaining business, I confirm that in the absence of any viable 'reverse' or other transaction being put to Shareholders the plan would be, following the receipt of any deferred consideration from the woundcare business disposal, to distribute the remaining funds to Shareholders in early 2014 through a solvent liquidation process."

The Annual General Meeting will be held at 2.00 pm on 24 June 2013 at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 4HA.

For further information please contact:

 
 Ark Therapeutics Group plc            Tel: [phone] 
 Iain G Ross, Non-Executive Chairman 
 David Venables, Non-Executive 
  Director 
 

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding Ark's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Ark's control that could cause the actual results, performance or achievements of Ark to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Ark's present and future business strategies and the environment in which Ark will operate in the future. These forward-looking statements speak only as at the date of this announcement. Ark expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Ark's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.

This information is provided by RNS

The company news service from the London Stock Exchange

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