Evocutis plc (AIM: EVO), the company focused on advanced laboratory and clinical evaluations of skincare products for the health and cosmetic markets, today held a General Meeting of the members of the Company. The General Meeting was convened to consider, in accordance with section 656 of the Companies Act 2006, whether any, and if so, what steps should be taken to manage the situation that the net assets of the Company are less than half its called up share capital.
At the meeting, the Directors summarised the developments that the Company has announced over the preceding twelve months and specifically the formal sale process which commenced in December 2012 and was terminated on 2 October 2013.
At the time of the termination of the formal sale process, the Company also announced that it is continuing to evaluate a number of strategic options open to the Company in order to maximise value for shareholders.
At the meeting today the Directors reported that the Board has made progress on a small number of specific opportunities to derive value from the Company's Labskin™ technology. The Directors believe that the best course of action for shareholders remains for the Company to continue with those discussions until they reach a conclusion, however the outcome remains uncertain and is dependent upon a number of commercial factors. Should none of the ongoing opportunities and discussions reach a successful conclusion, and in the absence of new finance being raised for the Company, the Directors will need to consider the financial viability of the Company and the possible distribution of any residual value to shareholders.
The Company will provide a further update to the market as appropriate.
The BOD must have praying that the forecast storm would arrive on time and it has saved their backsides from one roasting - from me !! Pointless me even trying to get there which disappoints me no end.The fairest thing would be to postpone meeting but I doubt they will allow this as it is their interests to have as few shareholders there as possible.From researching the very limited information made available it would appear that our CEO was brought on board at a huge cost - salary appears to be around £264K per annum - with the sole goal to sell the company as it appears to have shut down completely since around April.Details of the allotment of shares part of his salary has not taken place since November and they are supposed to be announced three monthly !! Since he has been unable to fulfill his mission I think his employment should be terminated WITHOUT COMPENSATION at the earliest possible moment and his duties taken over by our Chairman in a PAID position.The position of our biggest shareholder is of paramount importance as far as I can see.I am hoping for the best but like many others I would expect I am expecting the worst without a recent announcement to the Stock Exchange regarding an progress made.I would expect them to secrete our final results out at the meeting.To anybody attending the meeting I would implore them to give the directors a roasting before they disappear out of sight into their noise proof hiding hole !!!! GLA
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