Annual Financial Report
29 June 2023
Microsaic Systems plc
("Microsaic" or the "Company")
FY22 Annual Report and Accounts
Further to the Company's announcement on 26 June 2023 (the "Prior Announcement"), the Board of Microsaic (AIM: MSYS) now confirms that the Company's annual report and accounts for the year ended 31 December 2022 ("FY22") will not be published by 30 June 2023, being the deadline for publication under the AIM Rules for Companies. Consequently, the Company's shares will be suspended from trading on AIM with effect from 3 July 2023, pending publication of the FY22 annual report and accounts.
The Board noted in the Prior Announcement that, as of 31 May 2023, Microsaic had £0.65m in cash and on deposit, with no bank borrowings. The Company also stated that it continues to meet its obligations as they fall due. In light of the challenges associated with making further recovery of the outstanding debtor balance from DeepVerge plc, and that the conversion of its growing pipeline and the speed and scale of revenue generation are uncertain, the Prior Announcement noted that it was likely that Microsaic will need to raise further working capital during Q3 2023.
The Company confirms that it is working to that end and intends to conclude a fundraising within that period, and to seek reinstatement of its shares to trading on AIM shortly aftewards, subject also to having published the FY22 report and accounts on a going concern basis. Such fundraising is likely to be subject to shareholder approval to issue and allot new shares.
Further announcements will be made as appropriate.
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Enquiries: |
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Microsaic Systems plc Gerry Brandon (Executive Chairman) |
+44 (0)1483 751 577 |
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N+1 Singer (Nominated Adviser & Joint Broker) |
+44 (0)20 7496 3000 |
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Aubrey Powell / George Tzimas (Investment Banking) |
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Turner Pope Investments (TPI) Limited (Joint Broker) Andy Thacker / James Pope |
+44 (0) 20 3657 0050 |
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Market Abuse Regulation (MAR) Disclosure
This announcement contains inside information as stipulated under the UK version of the market abuse regulation no 596/2014 which is part of English law by virtue of the European (withdrawal) act 2018, as amended. On publication of this announcement via a regulatory information service, this information is considered to be in the public domain.
About Microsaic (www.microsaic.com)
Microsaic listed on AIM in 2011 to develop and commercialise micro-engineering chip-based mass spectrometry equipment. Having invested £30m over the last 20 years before and after the IPO, Microsaic has a robust patent portfolio in cutting-edge technology purpose built for "Industry 4.0" which enables analytical detection and characterisation at the point-of-need, whether within a human health environment, conventional laboratory setting, or within a bioprocessing facility for continuous mass spectrometer detection and monitoring of data at any step in the process workflow.
Microsaic's products and systems are commercially available through global markets via a network of regional and local partners, targeting its core laboratory, manufacturing, and point-of-need applications.
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