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NetScientific says continuing to assess all remaining strategic options after closing formal sale process

Published: 11:44 15 Jan 2019 GMT

No sale sign
NetScientific said it is not aware of any parties who might now make such an approach or initiate such discussions

NetScientific PLC (LON:NSCI) has said it is continuing to assess all of its remaining strategic options, including a possible de-listing, after closing a formal sale process for the company.

The AIM-listed transatlantic healthcare IP commercialisation group announced on 26 November 2018 that it had decided to conduct a review of the various strategic options open to it, one of which was a sale of the company.

READ: NetScientific mulling its options, including a delisting, as it waits for firm offers for its portfolio companies

However, in an update on that process on 20 December 2018, the firm said that indicative interest had not resulted in any binding or non-binding offer for any of its portfolio companies, and the company itself was not in receipt of any approaches and not in discussions with any potential offeror.

In a statement on Tuesday, NetScientific said that remains the case and the board is not aware of any parties who might now make such an approach or initiate such discussions.

Accordingly, the company confirmed, it has closed the formal sale process under the City Code on Takeovers and Mergers that it had commenced as part of the strategic review.

The group said: “In light of the above, the Board continues to assess all of its remaining strategic options, including seeking additional funding from its shareholders and taking material action to reduce further the Company's costs, which may include seeking a delisting.”

In reaction, NetScientific shares dropped 20% to 5.15p.

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