Last checked at 26 Jan 2009 07:30
Bioganix plc
Suspension announcement
The Company announced on 31 December 2008 that it was in discussions with a third party that might lead to an offer being made for the entire issued share capital of the Company or a disposal of all the business and assets of the Group.
The Company has progressed these discussions with the potential acquirer, and also with other potential acquirors. Following the most recent discussions it has become apparent that none of the potential acquirors is willing to make an offer for the entire issued share capital of the Company. However, offers have been received for a disposal of the operating business and assets of the Group.
The Company continues to trade in the normal course of business but remains reliant upon continuing support from its bank to finance its short term cash needs. From the discussions with potential acquirors, the board believes that whilst it is unlikely that the proceeds receivable from any disposal of the operating business and assets of the Group will result in a surplus to shareholders, it is confident that the operating company will be sold as a going concern.
Therefore, the Company has requested a suspension, with immediate effect, of trading of its shares on AIM, pending conclusion of discussions with the potential acquirors of the business and clarification of the Company's financial position.
A further announcement will be made as soon as further clarification is forthcoming.
For further information contact
Contacts:
Nick Helme 01568 619 115
Julian Morgan 01568 619 101
Bioganix Plc
Andrew Raca 0207 448 4400
Blue Oar Securities Plc