Remote Monitored Systems PLC - London-based survey and inspection services provide - Says mask making machine at its Pharm 2 Farm Ltd subsidiary in Nottingham is now operational and ready to produce its 4-ply anti-viral mask. Current production rate "significantly below" the previously announced maximum capacity of around 5 million masks a month when operated 24/7. Commissioning process identifies "a number of issues that need to be resolved over the coming weeks in order to improve the machine's productive capacity." Remote Monitored is in talks regarding appointment of an independent adviser to assist Pharm 2 Farm in developing the production facility. This would include building up the production team to operate a single shift and allowing a gradual increase from the current limited production level to begin. Notes that despite high demand for materials, "key raw materials for the next few months" have been obtained. Development of a 5-ply mask is on hold.
Remote Monitored embarks on a strategic review of its other CloudVeil and Gyrometric subsidiaries, as well as Pharm 2 Farm. Explains that: "The purpose of the strategic review is to identify how to employ the funds raised last year to focus on and develop the most attractive opportunities among the large number now presenting themselves, alongside the investment that has been required to manufacture masks."
Trevor Brown and Alex Vergopoulos step down from the Remote Monitored board. Intends to appoint Gareth Cave as a non-executive director - subject to due diligence. Also looking to appoint an additional independent non-executive director in the near future, ideally "with a strong scientific background". Issues Brown with 8 million shares in place of his remaining 14.8 million options and director fees if he had stayed until the AGM later this year, when he had been scheduled to depart. Also agrees to pay Vergopoulos-owned FortOak Rolls Ltd GBP150,000 and provide him with 8 million shares and options over an additional 7 million shares.
Also agrees to issue 5 million shares to John Richardson "in recognition of his work supporting the company and P2F over the last year and his salary sacrifice taken in 2020" as well as his "key role in providing the finance function for the company during this time".
Current stock price: 1.85 pence; down 31% on Thursday
Year-to-date change: up 33%
By Anna Farley; annafarley@alliancenews.com
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