9 May 2024
Graft Polymer (UK)
Plc
(the
"Company")
Update on recent
developments
Graft Polymer (UK) Plc
(LSE:GPL) is pleased to provide an
overview on recent progress as it focuses on opportunities in the
healthcare industry through its Graft Bio division.
Publication of
accounts
On 30
April 2024, the Company announced the publication of its audited
accounts for the year ended 31 December 2023 (the "2023 Accounts").
The 2023 Accounts revealed that the challenges faced by the Company
in 2022 had continued into 2023. It had become necessary to reflect
this performance, in the 2023 Accounts, as a full impairment of the
Company's investment in its Slovenian industrial plastics
manufacturing facility (Graft Polymer d.o.o). This impairment was
necessary due to slow revenue uptake and ongoing constraints, with
a forecasted negative cash position in the near future.
Disposal of Graft Polymer
d.o.o
On 3
May 2024, and as anticipated in the announcement of the 2023
Accounts, the Company announced the disposal of Graft Polymer
d.o.o. to a private consortium in Slovenia for nominal
consideration.
Board
changes
On 15
March 2024, the Company appointed Nicholas Nelson as Chairman
following his co-investment in the Company, via a loan facility, to
cover the Company's short term expenditure in preparation of a
planned equity fundraise.
On 2
May 2024, healthcare industry executive Anthony Tennyson was
appointed as Chief Executive Officer of the Company to oversee a
comprehensive review of the Company's operations.
Operational review and focus
on the future
The
operational review referenced in the Company's announcement of 2
May 2024 has begun. The review is focused on the Company's
healthcare industry orientated Graft Bio division which, in
the Directors' opinion, has strong prospects through its
intellectual property, licensing agreements, and sales contracts.
Shareholders will be kept informed as details of the review
emerge.
Enquiries:
Graft Polymer (UK)
Plc
Anthony
Tennyson, CEO and Executive Director:
anthonytennyson@graftpolymer.com
Yifat
Steuer, CFO and Executive Director
Allenby Capital
(Broker)
Phone: +44 (0) 20 3328 5656
Nick
Naylor / Liz Kirchner (Corporate Finance)
Guy
McDougall (Sales)