14 Nov 2023 16:10
14 November 2023
nanosynth group plc
("nanosynth", the "Company" or the "Group")
Company Insolvency
As announced on 16 May 2023, the Board, after taking independent advice, concluded that as potential funding options were unlikely to come to fruition within a required time frame, in order to protect creditors, an insolvent liquidation of the company should be pursued. After the announcement, several expressions of interest in providing funding to the Company were received. As a result, as announced on 14 June 2023, the insolvency process was put on hold while those funding options were explored.
Regrettably, the expressions of interest have not resulted in a firm offer of funding sufficient for the Company to either continue as a going concern and commercialise its nanoparticle technology or to become a shell company.
As a result, the Board has no option other than to resume the insolvent liquidation process. Given the Company's current working capital position, the liquidation is being progressed by way of an application to the court for an administration order. Shareholders will receive a further update on the administration process in due course.
As at 16 November 2023, trading in the Company's shares on AIM will have been suspended for six months. As a result, in accordance with AIM Rule 41, the admission of the Company's ordinary shares to trading on AIM will be cancelled with effect from 07.00 a.m. on 17 November 2023. As a result of the court application, the Company's nominated adviser and joint broker, SP Angel Corporate Finance LLP, has resigned with immediate effect. Peterhouse Capital Limited has also resigned as joint broker to the Company with immediate effect.
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the European Union (Withdrawal) Act 2018. Upon the publication of this announcement via Regulatory Information Service ('RIS'), this inside information is now considered to be in the public domain.
ENQUIRIES:
nanosynth group plc
| via IFC Advisory |
Financial PR IFC Advisory Ltd Graham Herring Zach Cohen
| +44 20 3934 6630 |
Nominated Adviser and Joint Broker S.P Angel Corporate Finance LLP Stuart Gledhill Kasia Brzozowska
| +44 20 3470 0470 |
Joint Broker Peterhouse Capital Limited Duncan Vasey | +44 20 7469 0930 |