14 March 2019
NetScientific plc
(“NetScientific” or the “Company”)
Share Price Movement
NetScientific plc (AIM: NSCI) notes its recent share price movement and confirms that it is not aware of any reason for such movement.
Furthermore, the Company notes, that despite the increase in share price over recent days, the current share price still represents a substantial discount to the share price prior to announcing the update to the Strategic Review on 20 December 2018.
In line with Circular sent to Shareholders on 15 February 2019, the Company’s strategy remains to seek to maximise shareholder value from the Portfolio Companies based upon the remaining cash resources of the Company by:
(a) allocating the Company’s remaining cash to managing the Company’s stakes in those Portfolio Companies which the Board believes provide the most realistic prospects of delivering Shareholder returns within the anticipated lifespan of the Company. At this stage, those Portfolio Companies would be Glycotest, ProAxsis and PDS;
(b) assessing the funding requirements of each Portfolio Company against its prospects of generating a Shareholder return within the anticipated lifespan of the Company. At this stage, Glycotest, ProAxsis and PDS do not require further funding from the Company. However, Wanda and Vortex do require further funding and, currently, have not secured such funding from third parties; and
(c) reducing the Company’s central functions and costs significantly such that as much of the remaining cash as possible can be so allocated to the Portfolio Companies and the Company can continue to operate for as long as is reasonably possible whilst it seeks to generate shareholder value from the Portfolio Companies on the basis detailed in the Circular.
Capitalised terms used in this announcement have the meanings given to them in the Circular sent to Shareholders on 15 February 2019.
For more information, please contact:
NetScientific
Ian Postlethwaite, CFO Tel: +44 (0)20 3514 1800
WH Ireland Limited (NOMAD, Financial Adviser and Broker)
Chris Fielding / Jessica Cave / Chris Viggor Tel: +44 (0)20 7220 1666
Consilium Strategic Communications
Mary-Jane Elliott / Chris Welsh / Laura Thornton
NetScientific@consilium-comms.com Tel: +44 (0)20 3709 5700
About NetScientific
NetScientific is a transatlantic healthcare technology group with an investment strategy focused on sourcing, funding and commercialising technologies that significantly improve the health and well-being of people with chronic diseases.
For more information, please visit the website at http://www.netscientific.net