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Graft Polymer (UK) Plc announced on 03 May 2024 that its Board has disposed of Graft Polymer d.o.o., the Company's Slovenian entity. This divestment to a private consortium in Slovenia for nominal consideration followed the full impairment of the investment revealed in the 2023 accounts published on 30 April 2024.
| Date | 3 May 2024 |
| Time | 07:00:09 |
| Category | Disposals |
| ID | 0933N |
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF ARTICLE 7 OF EU REGULATION 596/2014 AS IT FORMS PART OF DOMESTIC LAW IN THE UNITED KINGDOM BY VIRTUE OF THE EUROPEAN UNION (WITHDRAWAL) ACT 2018. UPON THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION WILL BE CONSIDERED TO BE IN THE PUBLIC DOMAIN.
03 May 2024
Graft Polymer (UK) Plc
(the "Company")
Divestment of Graft Polymer d.o.o - the Slovenian facility
The Company announced its audited accounts for the year ended 31 December 2023 on 30 April 2024 (the "2023 Accounts"). The 2023 Accounts revealed that a full impairment of the investment in the Slovenian manufacturing facility had been necessary due to the slow pick up of revenue and ongoing constraints, and with a forecasted negative cash position in the near future.
As also anticipated in the announcement of the 2023 Accounts, the Board has disposed of the Company's Slovenia entity (Graft Polymer d.o.o) to a private consortium in Slovenia for nominal consideration.
The Directors believe that the Company's Graft Bio division represents significant value to investors based primarily on the revenue generating possibilities of Graft's intellectual property, intangible assets and research & development contracts.
Nicholas Nelson, Chairman, commented:
"Following an extraordinarily difficult two years for the Company resulting in a huge depletion of funds on account and severe constraints on our ability to continue trading, I joined the Board to oversee a strategic change and to progress a short term fundraise.
"The Slovenian Polymer facility and Graft Polymer d.o.o had, in the opinion of the Board, become untenable and we have had to divest this to enable the other core business to flourish."
Enquiries:
Graft Polymer (UK) Plc
Nicholas Nelson, Chairman
Yifat Steuer, CFO and Executive Director
Allenby Capital (Joint broker) +44 (0) 20 3328 5656
Nick Naylor / Liz Kirchner (Corporate Finance)
Guy McDougall (Sales)