Plant Health Regulatory News (PHC)

18 May 2023

PLANT HEALTH CARE plc 

("Plant Health Care" or the "Company")

Result of Consultation

On 2 May 2023, the Board of Plant Health Care announced its annual results for the year to 31 December 2022 ("FY22") and indicated that it proposed to evaluate a range of financing options for the Company and, as part of this process, that it would consult with shareholders as to whether AIM remained the right environment for the Company to achieve its ambitions. 

The Company has made significant strategic and commercial progress over recent years and is on track to deliver long-term targeted revenue, cash breakeven and profitability, in line with its strategy. It was clear in the consultation process that investors are consistently supportive of the Company's track record of delivering growth over recent years. Moreover, the Board is encouraged that a number of shareholders were supportive of providing further capital to accelerate organic growth, if justified by returns over the current plan.

Whilst there are various perspectives within the shareholder base with regards to the listing on AIM and there is a broad acceptance that the Company is currently under-valued, there is clearly a prevailing view that the Company should remain listed. Having considered the feedback in full, the Board is pleased to confirm, therefore, that the Company remains committed to its listing on AIM, including for any potential funding needs.

The Board appreciates that investors have a favourable view of Plant Health Care, as the Company delivers its ambitious growth plans. The clarity provided through the consultation process will enable us to focus on driving the growth of the organic business, with support from shareholders. The Board expects that commercial delivery will be reflected in the share price performance of the Company in due course.

Chris Richards, Non-Executive Chairman of Plant Health Care, commented: "We are grateful to shareholders for taking part in the consultation. The Board is pleased with the strong support we received from investors for the Company's organic growth strategy, and their belief in the long-term prospects of the Company.

The Company will seek to continue delivering commercial progress through a diversified product offering and enhanced geographic reach. We have developed the exciting PREtec platform to deliver our future product pipeline and Harpinαβ continues to demonstrate strong growth. Delivering revenue growth of 40% in FY22 is testament to the quality of the management team and we remain on track to achieve our target of $30m revenue in 2025, achieving cash breakeven and profit along that track"

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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 (Withdrawal) Act 2018, as amended.