Update on Disposals (5853C)

TIDMATD

RNS Number : 5853C

Asterand PLC

02 May 2012

2 May 2012

Asterand Plc

("Asterand" or the "Company")

Update on Disposals

On 30 April 2012, the Company announced that it had signed separate letters of intent to sell each of its two businesses: BioSeek and the non-BioSeek Tissue Based Solutions ("Tissue") business. The potential bidder for the BioSeek business has now informed the Company that it will no longer pursue the acquisition and has released the Company from an agreed exclusivity provision.

The Board continues to make good progress with regards to the sale the Tissue business. However, the proceeds received from a successful disposal of the Tissue business may not be sufficient to satisfy all amounts owed on the Company's major secured loans, in which regard the Company remains in default. The Company maintains a constructive dialogue with its major creditors and believes that it continues to receive their support during this process.

The Board is exploring a number of alternatives in respect of the BioSeek business, including securing additional funding from a third party, with the intention of reaching an agreement alongside its potential disposal of the Tissue business.

Shareholders should be aware that the completion of any disposal or the securing of additional funding is not guaranteed. Further announcements will be made in due course.

For further information, please contact:

 
 Asterand plc 
 Jack Davis, Chairman               Tel: + 44 (0) 1763 
  and Interim Chief Executive      211 600 / + 1 (313) 
  Officer                                     263-0960 
 Alan Fishman, Interim                        As above 
  Chief Financial Officer 
 
 Daniel Stewart & Company 
  plc 
 Antony Legge                     Tel: +44 (0) 20 7776 
  Matthew Wilson                                  6550 
 
 Beaumont Cornish 
 Roland Cornish                             Tel: (0) + 
 
 Covington Associates 
  LLC 
 Steven Mermelstein             Tel: +1 (914) 420-4510 
  David Wood

A copy of this announcement will be available at www.asterand.co.uk. The content of the website referred to in this announcement is not incorporated into and does not form part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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