AGM Statement

RNS Number : 1453K

Totally PLC

25 July 2013

 



Totally Plc

("Totally" or the "Company")

AGM statement

Totally is today issuing the following statement ahead of its Annual General Meeting to be held at the offices of Totally, Unit 801 Highgate Studios, 53-79 Highgate Road, Kentish Town, London NW5 1TL at 12.00 noon today.

Current trading and order pipeline

Since the announcement on 31 May 2013 of the Company's results for the year ended 31 December 2012 (the "2012 results") and as announced on 5 June 2013, Totally was successful in winning the extension and expansion of the Chronic Obstructive Pulmonary Disease health coaching service programme, working with Leicester City Clinical Commissioning Group (CCG) with effect from 1 July 2013. In addition, the Company is in negotiation with a large number of other CCGs, Councils and private sector healthcare providers many of which are approaching finalisation. That said, Totally continues to experience delays both in the award of new contracts and the extension of existing contracts, principally due to the well publicised difficulties arising from the recent transition from PCTs to CCGs in April this year. The Board of Totally hopes that the situation will improve in the near term so as to enable the Company to fulfil its undoubted potential.

Financial position

As at 31 December 2012, Totally had cash balances of approximately £0.3 million, with no borrowings and current creditors of approximately £1.0 million. Currently, cash balances amount to approximately £0.1 million with current creditors having been significantly reduced to approximately £0.5 million. The Company is in regular contact with its principal creditors, who remain supportive, and the Directors believe that a combination of its current cash, projected revenues from existing contracts and the net proceeds of the proposed fundraising referred to below will enable it to meet its obligations and to implement its business plan in full.

Proposed fundraising

In the Company's 2012 results, the Company said that "……the Board is exploring options to strengthen the Company's balance sheet over the next few months, one of which may be through the issue of new equity to ensure that the Company has adequate resources to implement its business plan in full and fully capitalise on the exciting opportunities that the Company has ahead of it."

In view of the current financial position, the Company confirms that it is in the process of seeking to raise new capital which is likely to constitute new equity capital or equity related capital or a mixture of the two. The Company expects to be in a position to update shareholders further on the proposed capital raise in the first half of next month.

For further information please contact:

Totally Plc	Tel: [phone]
Wendy Lawrence  / Don Baladasan
Allenby Capital Limited (Nominated Adviser & Joint Broker)	Tel: [phone]
Mark Connelly / Nick Athanas
Optiva Securities Limited (Joint Broker)	Tel: [phone]
Christian Dennis / Jeremy King

 

END

 

 

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