Business
Update and Directorate change
Update and Directorate change.
About this update from Metir Plc
[{"type":"text","content":"\n\n25 September 2023\nMicrosaic Systems plc\n(\"Microsaic\" or the \"Company\")\nUpdate and Directorate change\n \n \nThe Company announced on 26 and 29 June 2023 that it was likely that the Company will need to raise further working capital in Q3 2023. The Company currently has cash in the bank of approximately £350k with no debt, and collectable trade debtors of circa £100k, and continues to meet its obligations as they fall due, providing a funding runway through to mid-November.\n \nThe Company is evaluating alternatives including discussions with several parties about strengthening the balance sheet and aims to conclude a fundraising within that period. The Company would then seek reinstatement of its shares to trading on AIM shortly afterwards, subject also to having published the FY22 report and accounts on a going concern basis, issued its interim results to 30 September 2023 and augmented the leadership team. Such fundraising is likely to be subject to shareholder approval to issue and allot new shares. An amount of approximately £1.5-2.0m would provide sufficient funds to remain a going concern, with additional funds to be targeted principally on the final testing and marketing of the Company's new innovative products, namely an acrylamide detector and ProteinID technology that it expects to bring to market in 2024.\n \nGerry Brandon, Executive Chairman, has resigned and will leave the Company and the Board with immediate effect, to enable him to devote more time to his other business commitments. Gerry joined the Company in January 2021 and has been instrumental in the transformation of the Company to be a commercially focused service provider as well as a mass spectrometry manufacturing business.\n \nThe Company is pleased to announce the appointment of Bob Moore, who joined the Company as a Non-Executive Director in March 2022, as Executive Chairman.\n \nIn addition to the above management changes, the Company intends to progress with the recruitment of a new CEO to ensure that the Company has the full set of skills necessary to take the business forward and return to compliance with the appropriate corporate governance standards. At that time it is expected that Bob Moore would revert to a non-executive role.\n \nBob Moore commented: \"The Company and Board are gratef...