Business
Statement re Proposed Return
Statement re Proposed Return.
About this update from Nanoco Group Plc
[{"type":"text","content":"\n Evolutec Group PLC\n05 June 2007\n\nTuesday 5 June 2007\n\n\n\n Evolutec Group plc\n ('Evolutec' or 'the Company')\n\n Proposed return of cash to shareholders\n\nThe Board of Evolutec announces that, having completed a thorough strategic\nreview of its options including consideration of a number of conditional\nproposals for the reverse take-over or merger of the Company, and following\nconsultation with its major institutional shareholders, it intends to recommend\nthe return of all remaining cash to shareholders (after full settlement of all\nliabilities). This will be effected by placing the Company into members'\nvoluntary liquidation. The Company is also proposing to delist its shares from\nthe Alternative Investment Market of the London Stock Exchange with effect from\n9 July 2007.\n\nThe members' voluntary liquidation and delisting of the Company's shares will be\nsubject to shareholder approval. Accordingly, the Board intends to send a\ncircular to shareholders convening an extraordinary general meeting to be held\non Friday, 6 July 2007 to consider the relevant resolutions.\n\nIt is expected that the members' voluntary liquidation will be conducted by\nSamantha Keen and Trevor O'Sullivan each of Grant Thornton UK LLP ('Joint\nLiquidators'). The Joint Liquidators will be responsible for agreeing creditors'\nclaims and thereafter distributing surplus cash to shareholders.\n\nThe Board of Evolutec has discussed the amount and timing of distribution to\nshareholders with the Joint Liquidators. On the basis of such discussions, the\nBoard expects that a total amount of approximately £5.5 million will be\navailable for distribution to shareholders representing approximately 21.3 pence\nper ordinary share. Whilst the exact amount and timing of any distribution is\nuncertain, the Joint Liquidators have indicated that a first distribution of\napproximately 60% of the expected distribution should be paid to shareholders in\nOctober 2007. A second distribution will be made in 2008 subject to tax\nclearances.\n\nMark Carnegie Brown, Chief Executive of Evolutec, said:\n\n'The disappointing clinical results with rEV131 earlier this year made it\ndifficult to continue in the public market. While this outcome is a\ndisappointment to the Board and shareholders it remains the best solution given\nthe company's market capitalisation a...