Disposal of Trading Subsidiar

RNS Number : 9361P

Stem Cell Sciences plc

01 April 2009

 



STEM CELL SCIENCES PLC

 ("SCS", or the "Company")

Completion of the Disposal of the Trading Subsidiaries of the Company

The Board is pleased to announce today the completion of the disposal of the Trading Subsidiaries of the Company and certain ancillary agreements, assets, properties and rights (the "Disposal"), in accordance with the terms of the Disposal Agreement ( "Completion").

Pursuant to the terms of the Disposal Agreement, the Company received at Completion: (i) 2,120,000 StemCells, Inc. Shares; (ii) a waiver of circa $715,000 (being the amount owed by the Company in respect of the StemCells, Inc. Loans); and (iii) the contingent right to receive up to 530,000 further Stem Cells, Inc. Shares subject to the terms of the escrow arrangements.

The Company anticipates that StemCells, Inc. will register for resale the 2,120,000 StemCells, Inc. Shares within the next 60 days, which will permit the Company to sell the shares.  

Following Completion, the Company's name will be changed to Asset Realisation Company Plc and as set out in the Circular (as defined below), the Company's trading facilities on AIM and ASX will be cancelled not later than the close of dealings on 26 June 2009. 

The Board intends to realise value through the sale of the StemCells, Inc. Shares and distribute proceeds to the Company's shareholders as swiftly as possible.

Capitalised terms not otherwise defined in this announcement shall have the meaning used in the circular containing details of the Disposal, posted to shareholders of the Company on 3 March 2009 (the "Circular"). 

A copy of the Circular is available on the Company's new website, www.assetrealco.com 

For further information, please contact:

Stem Cell Sciences plc (United Kingdom)

Alastair Riddell, CEO

Giorgio Reggiani, Chief Financial Officer

[phone]

Stem Cell Sciences (Australia) Pty Ltd 

Paul Bello, Operations Manager

[phone]

Citigate Dewe Rogerson (United Kingdom)
Mark Swallow / Emma Palmer Foster / Amber Bielecka
[phone]

Talk Biotech (Australia)

Fay Weston, Director

[phone]

Daniel Stewart & Company (United Kingdom)

Simon Leathers / Oliver Rigby

[phone]

 

END

 

 

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