Update on Strategic Review

RNS Number : 6055U

Evocutis PLC

03 December 2013

 



NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

Press Release

3 December 2013

Evocutis plc

("Evocutis" or "the Company")

Update on Strategic Review

Evocutis plc (AIM: EVO), the company focused on advanced laboratory and clinical evaluations of skincare products for the health and cosmetic markets, notes the downward movement in its share price earlier today and provides the following update.

Position of employees

As set out in the announcement issued on 28 October 2013, the Directors continue to consider the strategic options for the Company and are actively considering one such opportunity which is detailed below.  However, as set out in that announcement, should this opportunity not reach a successful conclusion, and in the absence of new finance being raised for the Company, the Directors are actively considering the financial viability of the Company and the possible distribution of any residual value to shareholders.  In light of these considerations, the Company confirms that notice of redundancy has been given to each of the employees of the Company (excluding those holding Board positions, none of whom is drawing any remuneration). These employees are continuing to work for the Company during their respective notice periods.

Update on acquisition opportunity

As referred to above, the Company is in discussions with one party, a small private company (the "Target") regarding its acquisition for consideration in ordinary shares in Evocutis.  Such acquisition would be accompanied by, and conditional upon, a fund raising to support the enlarged group and would also be subject to shareholder approval. The Target is a pre-revenue business developing products in the skin science market.  This acquisition would constitute a substantial acquisition under the AIM Rules. 

The Company will provide a further update to the market on the Target and the potential acquisition as appropriate. 

-Ends-

For further information, please contact:

Evocutis plc
Tom Bannatyne, Chairman	[phone]
Dr Gwyn Humphreys, Interim Chief Executive Officer	www.evocutis.com

Zeus Capital Limited
Andrew Jones / Nick Cowles	Tel: [phone]
	www.zeuscapital.co.uk

XCAP Securities Plc
Guy Peters / Jon Belliss	Tel: [phone]
	www.xcapgroup.co.uk

Media enquiries:

Abchurch Communications
Sarah Hollins /  Joanne Shears / Jamie Hooper	Tel: [phone]
	www.abchurch-group.com

 

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