REG - Nanosynth Group PLC - Company Insolvency

NanosynthAnnouncement

14/11/2023 16:15

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RNS Number : 4412T  Nanosynth Group PLC  14 November 2023

14 November 2023

nanosynth group plc

("nanosynth", the "Company" or the "Group")

 

Company Insolvency

 

As announced on 16 May 2023, the Board, after taking independent advice,
concluded that as potential funding options were unlikely to come to fruition
within a required time frame, in order to protect creditors, an insolvent
liquidation of the company should be pursued. After the announcement, several
expressions of interest in providing funding to the Company were received. As
a result, as announced on 14 June 2023, the insolvency process was put on hold
while those funding options were explored.

 

Regrettably, the expressions of interest have not resulted in a firm offer of
funding sufficient for the Company to either continue as a going concern and
commercialise its nanoparticle technology or to become a shell company.

 

As a result, the Board has no option other than to resume the insolvent
liquidation process. Given the Company's current working capital position, the
liquidation is being progressed by way of an application to the court for an
administration order. Shareholders will receive a further update on the
administration process in due course.

 

As at 16 November 2023, trading in the Company's shares on AIM will have been
suspended for six months. As a result, in accordance with AIM Rule 41, the
admission of the Company's ordinary shares to trading on AIM will be cancelled
with effect from 07.00 a.m. on 17 November 2023. As a result of the court
application, the Company's nominated adviser and joint broker, SP Angel
Corporate Finance LLP, has resigned with immediate effect. Peterhouse Capital
Limited has also resigned as joint broker to the Company with immediate
effect.

 

The information contained within this announcement is deemed by the Company to
constitute inside information as stipulated under the Market Abuse Regulations
(EU) No. 596/2014 ('MAR') which has been incorporated into UK law by the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement via Regulatory Information Service ('RIS'), this inside
information is now considered to be in the public domain.

 

ENQUIRIES:

 

 nanosynth group plc                 via IFC Advisory

 Financial PR                        +44 20 3934 6630

 IFC Advisory Ltd

 Graham Herring

 Zach Cohen

 Nominated Adviser and Joint Broker  +44 20 3470 0470

 S.P Angel Corporate Finance LLP

 Stuart Gledhill

 Kasia Brzozowska

 Joint Broker                        +44 20 7469 0930

 Peterhouse Capital Limited

 Duncan Vasey

 

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