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Funding Update

13 Nov 2023 08:42

RNS Number : 2380T
Microsaic Systems plc
13 November 2023
 

13 November 2023

Microsaic Systems plc

("Microsaic" or the "Company")

Funding update

 

The Company announced on 3 November that it had begun a very significant cost reduction exercise which would include a substantially reduced operation cost base and the intention to reduce overheads by cancelling admission to trading of its shares on AIM ("Delisting") and conversion to a private company.

The Company has since been engaged in further funding discussions which involve raising funds subject to reinstatement of the Company's shares to trading on AIM. The Company is reviewing the proposals and will provide a further update on the resolutions to be put to shareholders to give effect to such proposals as soon as is reasonably practicable, along with an updated timetable for key events. This will include the revised timing for publication and posting of a circular to shareholders giving notice of a general meeting. The Directors believe that concluding a modest fundraise to support the retention of the AIM listing would be in the best interests of the Company in the medium term. Completion of such a fundraising remains conditional upon, inter alia, the publication of both the FY22 audited annual accounts on a going concern basis and the interim results for the six months ended 30 June 2023.

It is likely that, if proceeding with a fundraising subject to obtaining fresh shareholder authorities to allot new shares on a non-pre-emptive basis, the Company would still need to table an alternate resolution to approve Delisting in the event that the resolutions required to implement a fundraising were not passed. If the fundraising resolutions were to be approved, with firm commitments obtained from investors prior to the GM then being subject only to admission of the new shares (i.e. assuming reinstatement will occur), the Delisting resolution would be withdrawn from the business of the General Meeting.

 

Enquiries:

Microsaic Systems plc

Bob MooreExecutive Chairman

+44 (0)1483 751 577

Singer Capital Markets(Nominated Adviser & Joint Broker)

+44 (0)20 7496 3000

Aubrey Powell / Angus Campbell

 

 

Turner Pope Investments (TPI) Limited (Broker)

Andy Thacker / James Pope

+44 (0) 20 3657 0050

 

 

 

Market Abuse Regulation (MAR) Disclosure

This announcement contains inside information as stipulated under the UK version of the market abuse regulation no 596/2014 which is part of English law by virtue of the European Union (Withdrawal) Act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain. The above named director takes responsibility for the release of this announcement.

 

About Microsaic (www.microsaic.com)

Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested £30m over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology which enables analytical detection and characterisation at the point-of-need, whether within a human health environment, conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection and monitoring of data at any step in the process workflow.

 

Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing, and point-of-need applications. Microsaic is an innovative company. Most recently the Company has developed an Acrylamide detector for use in the food industry and a ProteinID detector for the biopharma industry that will greatly reduce the manufacturing wastage costs by early detection of expensive product failure throughout the biopharmaceutical manufacturing process. For environmental monitoring, Microsaic has developed a method to analyse perfluoroalkyl-and polyfluoroalkyl (PFAS) substances, otherwise known as 'forever chemicals' using its mass spectrometer. This equipment can analyse water samples and determine whether PFAS concentrations are above legal thresholds with novel mobile testing capability. All of these new products are at the final stage of development and are expected to be released to the market in 2024.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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UPDUOOWROKUAARA
Date   Source Headline
5th Mar 20197:00 amRNSInvestor Event
19th Feb 20197:00 amRNSNotice of Results
11th Jan 20197:00 amRNSNew Protein Identification Product
19th Dec 201811:20 amRNSBioprocessing partnership update & trading update
7th Nov 20187:00 amRNSExclusive US and Canada Distribution Agreement
3rd Sep 20187:00 amRNSInterim Results
7th Aug 20187:00 amRNSNotice of Results
29th Jun 20184:12 pmRNSHolding(s) in Company
26th Jun 20182:04 pmRNSHolding(s) in Company
25th Jun 201810:10 amRNSDirectors' Interests
22nd Jun 201810:40 amRNSResult of GM, Completion of Fundraising & TVR
21st Jun 20187:00 amRNSDistribution Agreement with Amedis, spol. s ro.
13th Jun 20187:00 amRNSDistribution Agreement with Omicron Research Ltd.
6th Jun 20187:00 amRNSSuccessful Fundraising of £5.5 million
5th Jun 20184:46 pmRNSPrimaryBid.com Offer
5th Jun 20184:45 pmRNSFundraising
24th May 20187:00 amRNSDistribution Agreement with Stable Arm Sdn. Bhd.
9th May 20187:00 amRNSAgreement with Rightek Co., Ltd.
4th May 201811:25 amRNSResult of AGM
4th May 20187:00 amRNSAGM Statement
12th Apr 20187:00 amRNSMicrosaic signs Agreement with Knauer
6th Apr 20187:00 amRNSNotice of AGM and Posting of Annual Report
28th Mar 20187:00 amRNSAgreement with Unimicro Technologies Inc.
23rd Mar 20184:45 pmRNSHolding(s) in Company
21st Mar 20187:00 amRNSCommercial contract with CPI Innovation Services
5th Mar 20187:00 amRNSFinal Results
21st Feb 20187:00 amRNSNotice of Results
3rd Jan 20187:00 amRNSAward of Options
19th Dec 20177:00 amRNSDirectorate Change
13th Dec 20177:00 amRNSResearch agreement with global biopharma partner
28th Sep 20177:00 amRNSInterim Results
25th Sep 20177:00 amRNSAppointment of CEO
13th Sep 20177:00 amRNSMicrosaic to Exhibit at BioProcess International
14th Aug 20177:00 amRNSNotice of Results
19th Jun 20177:00 amRNSTrading Statement
15th May 201711:42 amRNSResult of AGM
11th May 20177:00 amRNSMicrosaic Enhances Bioprocessing Capabilities
26th Apr 20177:00 amRNSIntegration with SCPA chromatography software
21st Apr 20177:00 amRNSNotice of AGM
7th Apr 20177:00 amRNSAgreement
21st Mar 20177:00 amRNSFinal Results
13th Mar 20177:00 amRNSChange of registrar
24th Jan 201712:56 pmRNSAppointment of Interim Chairman
13th Dec 20167:00 amRNSTrading Statement
28th Sep 20167:00 amRNSDirectorate Change
21st Sep 20164:39 pmRNSHolding(s) in Company
16th Sep 20161:44 pmRNSDirector/PDMR Shareholding
15th Sep 20161:03 pmRNSHolding(s) in Company
15th Sep 201610:02 amRNSTR-1: Notification of Major Interest in Shares
14th Sep 20165:23 pmRNSHolding(s) in Company

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