Last checked at 2 Nov 2016 13:18
2 November 2016
Revolymer plc ("Revolymer" or the "Company")
Divestment of Nicotine Gum Business
Further to the announcement published on 19 September 2016, Revolymer (AIM: REVO) announces that the divestment of its nicotine gum business to the Danish company Alkalon A/S ("Alkalon") is now complete.
At completion, the consideration to Revolymer for the divestment of this business is a 15% equity holding in the enlarged Alkalon business, which may increase to 20% if certain commercial milestones in the acquired Revolymer nicotine gum business are met in within nine months of completion, namely the award of additional specific contracts in Canada. The consideration is valued at DKK8.2m, equivalent to £1.0m, and Revolymer currently expects to hold the investment for the medium to long term. Revolymer has taken up its right to appoint a director to the board of the combined business and Robin Cridland, Revolymer's CFO, will join the Board of Alkalon.
Ends
The information communicated in this announcement is inside information for the purposes of Article 7 of Market Abuse Regulation 596/2014 ("MAR").
For further information please contact:
Revolymer plc | +44 (0) 1244 283 500 |
Kevin Matthews Rob Cridland
| |
Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
Adam James / Fabien Holler (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) |
About Revolymer
Revolymer is an AIM quoted company (registered number 08024489) whose vision is to be a specialty chemicals business focused on controlled release, responsive systems and delivery systems based on its expertise in the design and synthesis of polymers that improve the functional performance of its customers' products, thereby generating high margin business.
www.revolymer.com