Plant Health Care PLC Result of Consultation (7947Z)
May 18 2023 - 2:00AM
UK Regulatory
TIDMPHC
RNS Number : 7947Z
Plant Health Care PLC
18 May 2023
18 May 2023
PLANT HEALTH CARE plc
("Plant Health Care" or the "Company")
Result of Consultation
On 2 May 2023, the Board of Plant Health Care announced its
annual results for the year to 31 December 2022 ("FY22") and
indicated that it proposed to evaluate a range of financing options
for the Company and, as part of this process, that it would consult
with shareholders as to whether AIM remained the right environment
for the Company to achieve its ambitions.
The Company has made significant strategic and commercial
progress over recent years and is on track to deliver long-term
targeted revenue, cash breakeven and profitability, in line with
its strategy. It was clear in the consultation process that
investors are consistently supportive of the Company's track record
of delivering growth over recent years. Moreover, the Board is
encouraged that a number of shareholders were supportive of
providing further capital to accelerate organic growth, if
justified by returns over the current plan.
Whilst there are various perspectives within the shareholder
base with regards to the listing on AIM and there is a broad
acceptance that the Company is currently under-valued, there is
clearly a prevailing view that the Company should remain listed.
Having considered the feedback in full, the Board is pleased to
confirm, therefore, that the Company remains committed to its
listing on AIM, including for any potential funding needs.
The Board appreciates that investors have a favourable view of
Plant Health Care, as the Company delivers its ambitious growth
plans. The clarity provided through the consultation process will
enable us to focus on driving the growth of the organic business,
with support from shareholders. The Board expects that commercial
delivery will be reflected in the share price performance of the
Company in due course.
Chris Richards, Non-Executive Chairman of Plant Health Care,
commented: "We are grateful to shareholders for taking part in the
consultation. The Board is pleased with the strong support we
received from investors for the Company's organic growth strategy,
and their belief in the long-term prospects of the Company.
The Company will seek to continue delivering commercial progress
through a diversified product offering and enhanced geographic
reach. We have developed the exciting PREtec platform to deliver
our future product pipeline and Harpin<ALPHA><BETA>
continues to demonstrate strong growth. Delivering revenue growth
of 40% in FY22 is testament to the quality of the management team
and we remain on track to achieve our target of $30m revenue in
2025, achieving cash breakeven and profit along that track"
For further information, please contact:
Plant Health Care plc
Jeffrey Tweedy, Chief Executive Officer Tel: +1 919 926 1600
Jeffrey Hovey, Chief Financial Officer
Cenkos Securities plc - Nomad & Broker Tel: + (0) 131 220 9771
Neil McDonald / Pete Lynch
SEC Newgate (Financial Communications) Tel:+44 (0)7540 10666
Robin Tozer / George Esmond Email: phc@secnewgate.co.uk
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END
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