5 Jan 2018 11:00
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.
05 January 2018
Cellcast plc
("Cellcast" or the "Company")
Update on the Company's investment in the Lexinta fund
On the 13 November 2017 and 7 December 2017, the Company issued announcements regarding its investment in the Lexinta fund. The total amount of cash invested by the Company, directly or through associates, into the Lexinta fund was £495,000 and the carrying value of the investment is currently stated in the Company's accounts at £754,358.
In light of the ongoing investigation by the Swiss authorities into Lexinta AG (the manager of the Lexinta fund) and Mr Bismark Badilla (the individual fund manager), the Board of Cellcast has now concluded that it is prudent to make a provision for 100% of the Company's interest in the Lexinta fund in its full year accounts for the year ended 31 December 2017.
The Company will issue further updates as and when more information become available. The Company continues to work with its Swiss lawyers on its options in relation to this matter.
Whilst the issues with the Lexinta fund are not welcomed, the Board reiterates that the Company has sufficient cash available to it for its working capital requirements
For further information:
Cellcast plc | 020 3376 9420 |
Mike Neville - Non-Executive Chairman Craig Gardiner - Chief Executive Officer Emmanuelle Guicharnaud - Finance Director |
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Allenby Capital Limited (Nominated Adviser and Broker) | 0203 328 5656 |
Nick Naylor / James Reeve |
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