Microsaic Systems - Funding Update
13/11/2023 08:42
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RNS Number : 2380T Microsaic Systems plc 13 November 2023
13 November 2023
Microsaic Systems plc
("Microsaic" or the "Company")
Funding update
The Company announced on 3 November that it had begun a very significant cost
reduction exercise which would include a substantially reduced operation cost
base and the intention to reduce overheads by cancelling admission to trading
of its shares on AIM ("Delisting") and conversion to a private company.
The Company has since been engaged in further funding discussions which
involve raising funds subject to reinstatement of the Company's shares to
trading on AIM. The Company is reviewing the proposals and will provide a
further update on the resolutions to be put to shareholders to give effect to
such proposals as soon as is reasonably practicable, along with an updated
timetable for key events. This will include the revised timing for publication
and posting of a circular to shareholders giving notice of a general meeting.
The Directors believe that concluding a modest fundraise to support the
retention of the AIM listing would be in the best interests of the Company in
the medium term. Completion of such a fundraising remains conditional upon,
inter alia, the publication of both the FY22 audited annual accounts on a
going concern basis and the interim results for the six months ended 30 June
2023.
It is likely that, if proceeding with a fundraising subject to obtaining fresh
shareholder authorities to allot new shares on a non-pre-emptive basis, the
Company would still need to table an alternate resolution to approve Delisting
in the event that the resolutions required to implement a fundraising were not
passed. If the fundraising resolutions were to be approved, with firm
commitments obtained from investors prior to the GM then being subject only to
admission of the new shares (i.e. assuming reinstatement will occur), the
Delisting resolution would be withdrawn from the business of the General
Meeting.
Enquiries:
Microsaic Systems plc +44 (0)1483 751 577
Bob Moore
Executive Chairman
Singer Capital Markets +44 (0)20 7496 3000
(Nominated Adviser & Joint Broker)
Aubrey Powell / Angus Campbell
Turner Pope Investments (TPI) Limited (Broker) +44 (0) 20 3657 0050
Andy Thacker / James Pope
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 Union (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. The above
named director takes responsibility for the release of this announcement.
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 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. Microsaic is an
innovative company. Most recently the Company has developed an Acrylamide
detector for use in the food industry and a ProteinID detector for the
biopharma industry that will greatly reduce the manufacturing wastage costs by
early detection of expensive product failure throughout the biopharmaceutical
manufacturing process. For environmental monitoring, Microsaic has developed a
method to analyse perfluoroalkyl-and polyfluoroalkyl (PFAS) substances,
otherwise known as 'forever chemicals' using its mass spectrometer. This
equipment can analyse water samples and determine whether PFAS concentrations
are above legal thresholds with novel mobile testing capability. All of these
new products are at the final stage of development and are expected to be
released to the market in 2024.
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