Ark Therapeutics Group PLC Interim Management Statement (2826S)
November 06 2013 - 2:00AM
UK Regulatory
TIDMAKT
RNS Number : 2826S
Ark Therapeutics Group PLC
06 November 2013
Ark Therapeutics Group plc
Interim Management Statement
6 November 2013 - Ark Therapeutics Group plc ("Ark" or the
"Company") today publishes its interim management statement for the
period from 1 July 2013 to date.
Business Update
On 9 July 2013 the Company announced that it had amicably
negotiated and settled a potential dispute with Crawford
Healthcare. As a result, the contract with Crawford Healthcare
relating to the sale of the Company's Woundcare Business to
Crawford Healthcare in 2011 was terminated and in return for an
immediate payment of GBP300,000, Ark agreed to release Crawford
Healthcare from any future obligations under the contract.
During the period the Company has progressed discussions with
two specific third parties and has received further approaches from
a number of other third parties interested in possible transactions
with the Company. As of the time of writing we are progressing
discussions, which may or may not lead to a transaction. The
Company will make further announcements as appropriate.
Cash
As we reported in our interim results, the Company had cash and
cash equivalents of GBP0.8m at 30 June 2013.
Risks and Uncertainties
Following the disposal of the operating subsidiaries in March
2013, the key risk facing the Company is the non-completion of the
currently planned, or an equivalent, transaction as this would
impact on the Company's ability to continue in operational
existence. The financial risks identified and outlined in the
Annual Report and Accounts 2012 in the Directors' Report on page
25, which does not form part of this interim management statement,
remain pertinent and relevant for the remainder of 2013.
Summary and Outlook
Iain Ross, Non-Executive Chairman, commented: "We continue to
progress options available to the remaining business. However I
confirm that in the absence of any viable 'reverse' or other
transaction being put to Shareholders the plan would be to
distribute the remaining funds to Shareholders in the first half of
2014 through a solvent liquidation process."
For further information please contact:
Ark Therapeutics Group plc Tel: +44 (0)207 002 1005
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
END
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