Cellcast plc Update on investment in the Lexinta fund (1026B)
January 05 2018 - 5:00AM
UK Regulatory
TIDMCLTV
RNS Number : 1026B
Cellcast plc
05 January 2018
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 GBP495,000 and the carrying
value of the investment is currently stated in the Company's
accounts at GBP754,358.
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
Allenby Capital Limited (Nominated
Adviser and Broker) 0203 328 5656
Nick Naylor / James Reeve
This information is provided by RNS
The company news service from the London Stock Exchange
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