LONDON (Alliance News) - Ultrasis PLC, a healthcare services company, Wednesday said its talks with shareholder Paul Bell are ongoing as the suspension of its shares from trading on London's AIM continues.
A previously reported plan to raise GBP5.4 million through a subscription, open offer and loan facility is "significantly reliant" on Bell, whose 22% stake makes him the company's largest shareholder. At the end of March, Ultrasis said its future working capital needs remained reliant on Bell, who at that stage had not confirmed if he was able to continue with the proposed fundraising. That prompted the share suspension as Ultrasis said that questions over its financial position gave its directors the belief that it wouldn't be able to continue to trade without an injection of funds.
"Assuming the company is able to proceed with the proposed fundraising...it will need to provide a further update to ensure that independent shareholders are fully informed, prior to their approval being sought regarding the waiver," Ultrasis said in a statement on Wednesday.
Ultrasis said it intends to postpone the shareholder meeting scheduled for April 14, as well as its annual meeting which had been set to occur on the same day.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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