Statement re Suspension
October 16 2007 - 2:00AM
UK Regulatory
Embargoed for release at 7.00 a.m. 16 October 2007
Regenesis plc ("Regenesis" or the"Company")
Statement re suspension
In the Chairman's statement accompanying the interim results for the six month
period ended 30 June 2007, issued on 29 September 2007, reference was made to
the requirement for the Company to comply, by the close of business on Friday
15 October 2007, with AIM Rule 15. AIM Rule 15 requires that the Company has to
implement the investing strategy approved by shareholders to the satisfaction
of the London Stock Exchange.
The new strategy, which is the provision of short term asset finance, was
approved by shareholders in April 2007. Since that time, the Company has not
been idle. Over the last six months, loan applications totalling �19.1 million
have been reviewed by the board and considered carefully, particularly in the
current financial environment. A loan of �774,500 was committed and drawn down
in May this year and a further loan of �135,000 has been drawn recently; four
further loans have been agreed and committed, but have not yet been drawn down
by the borrowers. When drawn down, these additional loans will utilise most of
the Company's lending capacity, taking into account its current equity capital
base.
In spite of these commitments, an insufficient proportion of the committed
loans was drawn down by close of business on 15 October 2007 to fulfil the
requirements of AIM Rule 15 and, accordingly, trading in Regenesis' shares on
AIM was suspended from the start of business today. The suspension will
continue until the Company can demonstrate that it has complied with AIM Rule
15, at which time, trading will be restored. If this cannot be achieved by 15
April 2008, admission of the Company's shares to AIM will be cancelled.
The directors wish to emphasise that these London Stock Exchange regulatory
matters do not relate to, or have any impact on, the financial position of the
Company.
Further enquiries:
Regenesis Group plc Tel: 0161 929 5088
John Barnacle
John East & Partners Limited Tel: 020 7628 2200
John East/David Worlidge
END
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