Statement re. Suspension


 

TIDMBGX 
 
RNS Number : 2190M 
Bioganix PLC 
26 January 2009 
 
Bioganix plc 
Suspension announcement 
 
 
The Company announced on 31 December 2008 that it was in discussions with a 
third party that might lead to an offer being made for the entire issued share 
capital of the Company or a disposal of all the business and assets of the 
Group. 
 
 
The Company has progressed these discussions with the potential acquirer, and 
also with other potential acquirors.  Following the most recent discussions it 
has become apparent that none of the potential acquirors is willing to make an 
offer for the entire issued share capital of the Company. However, offers have 
been received for a disposal of the operating business and assets of the Group. 
 
The Company continues to trade in the normal course of business but remains 
reliant upon continuing support from its bank to finance its short term cash 
needs.  From the discussions with potential acquirors, the board believes that 
whilst it is unlikely that the proceeds receivable from any disposal of the 
operating business and assets of the Group will result in a surplus to 
shareholders, it is confident that the operating company will be sold as a going 
concern. 
 
 
Therefore, the Company has requested a suspension, with immediate effect, of 
trading of its shares on AIM, pending conclusion of discussions with the 
potential acquirors of the business and clarification of the Company's financial 
position. 
 
A further announcement will be made as soon as further clarification is 
forthcoming. 
 
 
For further information contact 
 
 
Contacts: 
Nick Helme                             01568 619 115 
Julian Morgan                          01568 619 101 
Bioganix Plc 
 
 
Andrew Raca                           0207 448 4400 
Blue Oar Securities Plc 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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