Business
Disposal
Disposal.
About this update from Sareum Holdings Plc
[{"type":"text","content":"\n RNS Number : 9251B Sareum Holdings PLC 26 August 2008 \n \n26 August 2008\n\nSareum Holdings plc (\"Sareum\" or \"the Company\")\n\nDisposal of Assets\n\nFurther to recent announcements regarding its future, Sareum Holdings plc (AIM: SAR), the specialist structure-based drug discovery business, is pleased to announce the successful disposal of substantially all of the equipment assets of Sareum Limited, its wholly owned subsidiary, including its Crystal Bank and fragment screening library, for cash considerations totalling £720,000. The Directors of the Company believe that the disposal is in the best interests of the Company and the shareholders as a whole.\n\nThe most substantial agreement is with Galapagos NV for sale of the structure-based drug discovery service business for a cash consideration of £553,000. Under the terms of this agreement, Galapagos NV has acquired equipment assets and Sareum's ongoing service contracts. A team of five Sareum employees will also be joining Galapagos' service division BioFocus DPI. The text of Galapagos NV's press release, also issued today, is appended below. \nFor the year ended 30 June 2007 the loss before taxation attributed to Sareum Limited was £605,938 and the value of the equipment assets at 31 December 2007 was approximately £588,000. Of this amount approximately £377,000 related to assets that were subject to lease agreements. Of the total consideration of £720,000, approximately £203,000 has been used to terminate these agreements.\n\nThe directors believe that if this disposal had not been completed, Sareum Limited would have been unable to meet its financial commitments as they fell due and consequently would have been unable to continue trading resulting in the appointment of liquidators or administrators.\n\nThe Company has retained the intellectual property of its cancer drug discovery programmes which it plans to develop using the proceeds of the disposal. The Company's shares will remain suspended while it completes its re-organisation and finalises its financial and business strategy. Further announcements are expected to follow shortly.\n\nContacts:\n \n\n\n\n\nSareum Holdings plc\n\n\n01223 497700\n\n\n\n\nTim Mitchell, Chief Executive Officer\n\n\n \n\n\n\n\n\n\n\n\n\n\n\n\nBuchanan Communications\n\n\n020 7466 5000\n\n...