Nanoco Regulatory News (NANO)

5 Jun 2007 07:01

Evolutec Group PLC05 June 2007 Tuesday 5 June 2007 Evolutec Group plc ("Evolutec" or "the Company") Proposed return of cash to shareholders The Board of Evolutec announces that, having completed a thorough strategicreview of its options including consideration of a number of conditionalproposals for the reverse take-over or merger of the Company, and followingconsultation with its major institutional shareholders, it intends to recommendthe return of all remaining cash to shareholders (after full settlement of allliabilities). This will be effected by placing the Company into members'voluntary liquidation. The Company is also proposing to delist its shares fromthe Alternative Investment Market of the London Stock Exchange with effect from9 July 2007. The members' voluntary liquidation and delisting of the Company's shares will besubject to shareholder approval. Accordingly, the Board intends to send acircular to shareholders convening an extraordinary general meeting to be heldon Friday, 6 July 2007 to consider the relevant resolutions. It is expected that the members' voluntary liquidation will be conducted bySamantha Keen and Trevor O'Sullivan each of Grant Thornton UK LLP ("JointLiquidators"). The Joint Liquidators will be responsible for agreeing creditors'claims and thereafter distributing surplus cash to shareholders. The Board of Evolutec has discussed the amount and timing of distribution toshareholders with the Joint Liquidators. On the basis of such discussions, theBoard expects that a total amount of approximately £5.5 million will beavailable for distribution to shareholders representing approximately 21.3 penceper ordinary share. Whilst the exact amount and timing of any distribution isuncertain, the Joint Liquidators have indicated that a first distribution ofapproximately 60% of the expected distribution should be paid to shareholders inOctober 2007. A second distribution will be made in 2008 subject to taxclearances. Mark Carnegie Brown, Chief Executive of Evolutec, said: "The disappointing clinical results with rEV131 earlier this year made itdifficult to continue in the public market. While this outcome is adisappointment to the Board and shareholders it remains the best solution giventhe company's market capitalisation and the time to value for its remainingprogrammes." Enquiries: Evolutec 0118 922 4480Mark Carnegie Brown, Chief Executive OfficerNicholas Badman, Chief Financial Officer Numis Securities Limited 020 7260 1500Michael Meade Financial Dynamics 020 7831 3113David YatesBen Brewerton This information is provided by RNS The company news service from the London Stock Exchange