Aptitude Regulatory News (APTD)

microgen

www.microgen.com

26 January 2016

BUSINESS UPDATE & NOTICE OF RESULTS

Microgen plc ('Microgen' or 'the Group') anticipates issuing its preliminary results for the year ended 31 December 2015 on 3 March 2016. Trading in the final months of the year continued satisfactorily and Microgen anticipates reporting results in line with Board expectations together with good progress by the Group's two operating businesses on their strategic plans, as set out in the Strategic Review issued in October 2013. At 31 December 2015, the Group had gross cash of £18.6 million (2014: £40.9 million) and net funds of £5.4 million (2014: £24.6 million) following corporate cash outflows of £25.3 million in 2015 (including returns to shareholders of £22.4 million and net acquisition consideration of £2.9 million).

In line with previous announcements Ivan Martin joined the Board on 1 January 2016 as Non-Executive Director and Chairman Designate. Also joining the Board at the same time were the Managing Directors of the Group's two operating businesses, Simon Baines and Tom Crawford. Mr Martin will assume the role of Non-Executive Chairman when Martyn Ratcliffe retires from the Board following the release of the 2015 Results.

To provide continuity, it is considered appropriate for the Audit Committee Chairman, Peter Bertram, to continue in his role until the 2017 Annual General Meeting. As Peter Bertram will have completed nine years' service as a Non-Executive Director a resolution will be proposed at the forthcoming Annual General Meeting to re-appoint Mr Bertram until the 2017 Annual General Meeting.

Having successfully managed the appointment of the new Chairman, Vanda Murray OBE, has advised the Company of her intention to retire from the Board upon the appointment of a replacement Non-Executive Director. Peter Whiting will assume the role of Remuneration Committee Chair following the 2016 Annual General Meeting and will also become the Senior Independent Director at that time.

Contacts

Martyn Ratcliffe, Chairman 020-7496-8100

Philip Wood, Group Finance Director

Lucy Delaney, FTI Consulting 020-3727-1131