Ultrasis PLC Update on financial position (6679Y)

TIDMULT

RNS Number : 6679Y

Ultrasis PLC

03 December 2014

Ultrasis plc

("Ultrasis" or the "Company")

Update on financial position

Further to the announcement made by the Company on 20 October 2014 ("the Announcement"), Mr Paul Bell, a substantial shareholder in the Company, has, with the assistance of his advisors, now carried out further diligence with regard to his consideration of supporting potential funding options for Ultrasis.

Unfortunately, Mr Bell has confirmed to the Company that he is not prepared to participate in any refinancing proposal at this time. Mr Bell has, however, stated that he is willing to continue to support the Company on a limited ad hoc basis to be drawn down under and subject to the existing terms of the facilities he has with the Company (the "Current Facilities"), of which GBP436,000 remains undrawn as at today's date and has today confirmed that he will, upon request for funds, provide additional funding of no less than GBP200,000 under the Current Facilities.

In this instance, and as described in the Announcement, it remains the case that Mr Bell's consent is required in relation to each drawdown under the Current Facilities for the reasons set out in an earlier announcement dated 7 October 2014. Assuming these amounts are drawn down in full, the Board expects to have sufficient working capital for at least the next four weeks. During this period, the Board will pursue all options available to it which may include the disposal of certain assets and operations and/or identifying and securing alternative external investment and/or finance.

If the Company is not able to raise additional funds by early January 2015, then the Board will have to consider whether or not the Company can continue to trade beyond this time.

This announcement does not fall under Rule 2.4 of the Takeover Code as the options currently being pursued by the Board do not include the consideration or solicitation of bids for the listed entity, Ultrasis plc.

For all enquiries relating to Ultrasis please contact:

 
Ultrasis plc                   Tel: +44 (0) 20 7535 
                                2050 
John Smith, Interim Executive 
 Chairman 
 
 
 
  finnCap Ltd                    Tel: +44 (0) 20 7220 
                                 0500 
 
Geoff Nash/Simon Hicks

Notes to Editors:

Ultrasis is a healthcare company with core expertise in health, psychology, software development and programme management. We deliver a range of healthcare products to the consumer, the NHS, the corporate sector and other healthcare providers in the UK and Internationally. Ultrasis was the first company to offer computerised products based on Cognitive Behavioural Therapy (CBT) and interactive multimedia, and is still the world leader in this field.

This information is provided by RNS

The company news service from the London Stock Exchange

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