REG - Creo Medical Group - Completion of sale of 51% interest in subsidiary

Creo MedicalAnnouncement

12/02/2025 11:15

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RNS Number : 8759W  Creo Medical Group PLC  12 February 2025

 

THIS ANNOUNCEMENT WAS DEEMED BY THE COMPANY TO CONTAIN INSIDE INFORMATION AS
STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 AS THEY FORM
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018.
WITH THE PUBLICATION OF THIS ANNOUNCEMENT, THIS INFORMATION IS NOW CONSIDERED
TO BE IN THE PUBLIC DOMAIN.

 

Creo Medical Group plc

("Creo" the "Company" or the "Group")

 

Completion of sale of 51% interest in Creo's European subsidiary

 

Update on receipt of cash proceeds of approximately €30m

 

Creo Medical Group plc (AIM: CREO), a medical device company focused on the
emerging field of minimally invasive surgical endoscopy for pre-cancer and
cancer patients, announces that the sale of 51% of the issued share capital of
Creo Medical S.L.U. has now completed in escrow, pending receipt of net cash
proceeds of approximately €30m.

 

As announced on 18 September 2024 (RNS 7151E: Strategic partnership &
51% subsidiary cash sale)
(https://www.londonstockexchange.com/news-article/CREO/strategic-partnership-51-subsidiary-cash-sale/16672050)
, Micro-Tech (NL) International B.V., a wholly owned subsidiary of Micro-Tech
(Nanjing) Co. Ltd (SHA: 688029) ("Micro-Tech") agreed to purchase 51% of the
issued share capital of Creo Medical S.L.U. ("Creo Europe"), a wholly owned
subsidiary of Creo, at an equivalent equity value of €72m (the "Sale") on a
cash-free, debt-free basis. Along with other customary conditions, completion
of the Sale was contingent on Micro-Tech obtaining Outbound Direct Investment
clearance in China along with Foreign Direct Investment clearances in Spain,
France, Belgium and Germany. These relevant clearances have all been obtained.

 

The net proceeds are expected to be received shortly and will be used to
strengthen the Group's balance sheet, enabling continued targeted investment
in the growth of its core Creo and Kamaptive business and deliver on its
commercial and operational objectives. A further update will be provided on
receipt.

 

The person responsible for arranging the release of this Announcement on
behalf of the Company is

Richard Rees, a Director of the Company.

 

 

 For further information please contact:

 

 Creo Medical Group plc                                                  www.creomedical.com
                                                                         (https://protect.checkpoint.com/v2/___http:/www.creomedical.com/___.YzJ1OmludHVpdGl2ZTpjOm86NWJlYzBmMzJjY2MyZTBiZWFkNmJkZmVmNzdhM2MwMTI6NjoyYWU4OjczNzQyNWUwODBjYTEwNzAxYWMzNWEyZDQ3YzI1ZmEwYWMzYTc4M2Q2M2NjYzEyNTQwZWM3ODc4NTk3NTE4YTQ6cDpUOk4)
 Richard Craven, Company Secretary                                       Via Walbrook PR

 Cavendish Capital Markets Limited

 (Nominated Adviser and Joint Broker)                                    +44 (0)20 7220 0500
 Stephen Keys / Camilla Hume / George Lawson (NOMAD)
 Michael Johnson (Sales)

 Deutsche Numis (Joint Broker)                                           +44 (0)20 7260 1000

 Freddie Barnfield / Duncan Monteith / Euan Brown

 Walbrook PR Ltd                Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com (mailto:creo@walbrookpr.com)
 Paul McManus / Alice Woodings  Mob: +44 (0)7980 541 893 / +44 (0)7407 804 654

 Phillip Marriage               Mob: +44 (0)7867 984 082

 

 

About Creo Medical

Creo is a medical device company focused on the development and
commercialisation of minimally invasive electrosurgical devices, bringing
advanced energy to endoscopy.

 

The Company's vision is to improve patient outcomes through the development
and commercialisation of a suite of electrosurgical medical devices, each
enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA
powered by Kamaptive full-spectrum adaptive technology to optimise surgical
capability and patient outcomes. Kamaptive is a seamless, intuitive
integration of multi-modal energy sources, optimised to dynamically adapt to
patient tissue during procedures such as resection, dissection, coagulation,
and ablation of tissue. Kamaptive technology provides clinicians with
increased flexibility, precision and controlled surgical solutions. CROMA
currently delivers bipolar radiofrequency ("RF") energy for precise localised
cutting and focused high frequency microwave ("MW") energy for controlled
coagulation and ablation via a single accessory port. This technology,
combined with the Group's range of patented electrosurgical devices, is
designed to provide clinicians with flexible, accurate and controlled clinical
solutions. The Directors believe the Company's technology can impact the
landscape of surgery and endoscopy by providing a safer, less invasive and
more cost-efficient option for procedures.

 

For more information, please refer to the website www.creomedical.com
(https://protect.checkpoint.com/v2/___http:/www.creomedical.com/___.YzJ1OmludHVpdGl2ZTpjOm86NWJlYzBmMzJjY2MyZTBiZWFkNmJkZmVmNzdhM2MwMTI6NjoyYWU4OjczNzQyNWUwODBjYTEwNzAxYWMzNWEyZDQ3YzI1ZmEwYWMzYTc4M2Q2M2NjYzEyNTQwZWM3ODc4NTk3NTE4YTQ6cDpUOk4)

 

 

 

 

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