Status of the Company's receivable from Portinho S.A.
November 28 2023 - 12:30PM
Status of the Company's receivable from Portinho S.A.
November 28, 2023
Company Announcement no. 46
Status of the company's receivable from Portinho
S.A.
The Company's Board of Directors, which was
elected in connection with the transition of the Company to a
pharma-company, and Executive Management have, over a longer period
of time, had a very close dialogue with the management of Portinho
S.A. regarding the redemption of the Company's receivable from
Portinho S.A.
At the same time, the Company's Board of
Directors and Executive Management have allocated considerable
resources to identify which transactions from the previous
management originally led to the establishment of the receivables
as well as the rationale for the subsequent transactions of the
former management that have affected the migration of the
receivable.
This work is still ongoing with, among other
things, both Danish and Portuguese legal advice.
The scope and assessment of the preliminary results of the
investigation work has led to the conclusion that it is no longer
the Company's assessment that the receivable will be repaid no
later than December 2023 as announced on September 25, 2023.
In parallel with the ongoing investigations, the
Company has established a dialogue with a local domiciled minority
shareholder of Portinho S.A., who has in-depth knowledge of the
company's activities and strong local roots. This is to identify
options for how and on what terms the Company's receivable can be
repaid.
Capital
As previously announced, the Company has entered into agreements
with its financial creditors, which among other things take into
account a postponement of payment of the Company's receivable from
Portinho S.A.
The company complies with these agreements.
As a result of the postponement of the payment by Portinho S.A.,
the Company has continued to take out loans that will continuously
support the Company's working capital.
The supply of loans is successive and progressing
satisfactorily.
For further information, please contact:
Thomas Kaas Selsø, CEO of Pharma Equity Group A/S, phone: +45
4022 2114
Christian Vinding Thomsen, Chairman of the Board of Directors of
Pharma Equity Group A/S, phone: +45 2622 7222
About Pharma Equity Group
A/S
Pharma Equity Group, a listed company on the
Nasdaq Copenhagen stock exchange, is fully dedicated to advancing
the medical projects of its subsidiary, Reponex Pharmaceuticals
A/S. With an unwavering focus on healthcare, Pharma Equity Group's
primary objective is to bring significant value to Reponex
Pharmaceuticals' medical projects.
The company is committed to providing extensive
support, resources, and expertise to drive the development and
success of these projects. As a strategic partner, Pharma Equity
Group works closely with Reponex Pharmaceuticals, prioritizing the
advancement of innovative medical solutions and breakthrough
therapies. Every effort is currently directed towards ensuring the
utmost success and impact of Reponex Pharmaceuticals' medical
projects, with an unwavering dedication to improving global
healthcare outcomes. Only when the full potential of Reponex
Pharmaceuticals has been unfolded is the intention to explore
opportunities to invest in other companies. This approach ensures a
strong commitment to the current medical projects and their
development, while – on the longer term – remaining open to new
strategic investments for continuous growth.
- 2023 11 28 - Announcement no. 46 - UK
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