THIS ANNOUNCEMENT CONTAINS INSIDE
INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014
AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF
THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF
THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE
INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC
DOMAIN.
03 May
2024
Graft Polymer (UK)
Plc
(the
"Company")
Divestment of Graft Polymer
d.o.o - the Slovenian facility
The Company announced its audited
accounts for the year ended 31 December 2023 on 30 April 2024 (the
"2023 Accounts"). The 2023 Accounts revealed that a full impairment
of the investment in the Slovenian manufacturing facility had been
necessary due to the slow pick up of revenue and ongoing
constraints, and with a forecasted negative cash position in the
near future.
As also anticipated in the
announcement of the 2023 Accounts, the Board has disposed of the
Company's Slovenia entity (Graft Polymer d.o.o) to a private
consortium in Slovenia for nominal consideration.
The Directors believe that the
Company's Graft Bio division represents significant value to
investors based primarily on the revenue generating possibilities
of Graft's intellectual property, intangible assets and research
& development contracts.
Nicholas Nelson, Chairman,
commented:
"Following an extraordinarily difficult two years for the
Company resulting in a huge depletion of funds on account and
severe constraints on our ability to continue trading, I joined the
Board to oversee a strategic change and to progress a short term
fundraise.
"The Slovenian Polymer facility and Graft Polymer d.o.o had,
in the opinion of the Board, become untenable and we have had to
divest this to enable the other core business to
flourish."
Enquiries:
Graft Polymer
(UK) Plc
Nicholas Nelson, Chairman
nelson@nexfin.org.uk
Yifat Steuer, CFO and Executive
Director
Allenby
Capital (Joint broker) +44 (0) 20 3328
5656
Nick Naylor / Liz Kirchner (Corporate
Finance)
Guy McDougall (Sales)
