Abaco Capital plc

 

News

06 April 2018

Final Results for the year ended 31 December 2017 and
Notice of Annual General Meeting

Abaco Capital plc (AIM: ABA), today announces its results for the year ended 31 December 2017. The Company also notifies today its intention to seek Shareholders' approval for the cancellation of admission of its Shares to trading on AIM (the "Delisting") and to place the Company into a Members Voluntary Liquidation (the "Liquidation"). Further details of the proposed Liquidation and Delisting are included in a separate announcement.

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The Company also gives notice of its annual general meeting (the "AGM") to be held on 8 May 2018 at 11.30 a.m. at the offices of DWF LLP at 20 Fenchurch Street, London EC3M 3AG. The Report and Accounts and a shareholder circular detailing the Delisting and liquidation and  incorporating the Notice of AGM will be posted to shareholders today and both documents will be available to download at the Company's website at www.abacoplc.com.

HIGHLIGHTS

  • Loss before tax of £2.06m (2017: £1.38m)
  • Cash balances at 31 December 2017 of £19.23m (2017: £21.88m)
  • Net assets at 31 December 2017 of £19.01m (2017: £22.56m)
  • Post year end, and as announced today, the Board are proposing the voluntary liquidation of the Company's assets to realise shareholder value

David Norwood, Chairman of Abaco Capital plc, commented:

"Since the demerger of Oxford Pharmascience Limited (OPL) on 22 December 2017, the Company has been classified as an AIM Rule 15 cash shell,  requiring an acquisition which constitutes a reverse takeover (within the meaning of AIM Rule 14).

In the first quarter of 2018, the Board evaluated several potential reverse takeover candidates but, after consultation with major shareholders, have been unable to obtain a consensus as to a preferred target meaning that completion of an investment qualifying as an AIM Rule 14 reverse takeover is not practical. The Board have therefore resolved that the most efficient way to realise shareholder value will be to liquidate the assets of the Company via a Members Voluntary Liquidation. A circular will today be sent to shareholders explaining the reasoning behind this decision and to seek their approval for the resolutions necessary to carry out the Liquidation.

Shareholders in the Company at the date of demerger continue to hold shares in OPL allowing shareholders to participate in any potential upside in the future performance of OPL.".

 

Contacts:

Abaco Capital plc  
Chris Hill, Chief Financial Officer +44 207 554 5875
   
N+1 Singer  
Aubrey Powell
Jen Boorer
+44 20 7496 3000

 

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014 ("MAR").

 

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