Integumen PLC Detail of legal demand;Placing/Subscription update (1868B)
September 19 2018 - 2:01AM
UK Regulatory
TIDMSKIN
RNS Number : 1868B
Integumen PLC
19 September 2018
19 September 2018
Integumen plc
("Integumen" or "the Company")
Update : details of legal demand; finalisation of Placing and
Subscription
The Company announced in its Interim Report on 29 August 2018
that it is seeking to divest itself of under-performing assets, and
further that the Company had declined an offer for its skin care
division received from Mr Donald Nicholson as it seriously
undervalued the assets being sought for purchase, many of which
were not for sale.
Subsequently, the Company has received a formal demand for
payment of certain amounts due and claimed to be due to Mr.
Nicholson and Mercuriali Limited, for services provided to the
Company. Mercuriali is owned by Mr Nicholson and is a c11%
shareholder in Integumen.
Whilst the Board acknowledges that certain of the claimed
amounts are owed to Mr Nicholson and Mercurali, it notes that Mr
Nicholson, on behalf of himself and Mercuriali, previously agreed
that these amounts are not due to be paid before 9 July 2019.
In addition the formal notice seeks payment of debts owed by
Integumen Inc, one of Integumen plc's subsidiaries, to third
parties.
The Company believe these demands for immediate payment are
without merit, and it will strongly contest such claims if
pursued.
The Board expects to complete the final elements of the
Subscription, the Placing and acquisition of a stake in Cellulac
plc, as announced on 16 July 2018 (and updated on 19 July 2018 and
24 July 2018), shortly.
Gerard Brandon, Chief
Integumen plc Executive +44 (0) 1223 926 660
SPARK Advisory Partners
Limited Neil Baldwin/Andrew
(Nominated Adviser) Emmott +44 (0) 113 370 8974
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Hybridan LLP (Broker) Claire Noyce +44 (0) 20 3764 2341
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END
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