Schroder UK Public Private Tst plc Rutherford Health preparation to wind-up (6988N)
06 Giugno 2022 - 8:02AM
UK Regulatory
TIDMSUPP
RNS Number : 6988N
Schroder UK Public Private Tst plc
06 June 2022
Schroder UK Public Private Trust plc (the "Company")
Rutherford Health preparation to wind-up
This announcement contains inside information
The Company (LSE: SUPP) is disappointed to announce that the
Board of Directors of Rutherford Health plc ("Rutherford"), a
private oncology provider based in the UK and a portfolio company,
has resolved to take steps to wind-up the company and appoint the
official receiver as liquidator.
The Company's holding in Rutherford was valued at GBP22.8
million as at 31 March 2022. As it is uncertain if the liquidation
process will result in proceeds for the Company, the Company's AIFM
will write-off the book value of the holding effective as at 6 June
2022, the date of the concurrent announcement of the indicative
unaudited daily NAV per share. The write-off will reduce the
Company's NAV per share by 2.5p. Tim Creed and Roger Doig,
Portfolio Managers of the Company, commented:
"Since assuming portfolio management of the Company, the
Schroders team has spent a significant amount of time working with
Rutherford to improve its financial situation and operational
performance, but regrettably today's sad announcement could not be
avoided.
While there were a number of factors contributing to
Rutherford's failure, the flawed expansion strategy pursued by the
company in the initial development phase from 2015 to 2019 laid the
ground for an ultimately unsustainable funding need. Over GBP240
million was spent in developing four oncology therapy centres with
a significant amount of the capital expenditure spent on the site
requirements and the equipment required to offer proton beam
therapy. While there is rising evidence that proton therapy is a
better clinical option for many patients, it remains a service
which still has very limited reimbursement in the UK. Building and
operating four centres led to a high and unsustainable cash burn
which ultimately resulted in today's announcement as Rutherford has
been unable to attract sufficient new funding to continue
trading.
We would like to thank the Chairman Dr Mark Jackson and Interim
CEO Sean Sullivan who did an outstanding job managing a very
difficult situation since taking over in December 2021. We put in a
new leadership team which vigorously pursued multiple options over
the last months to seek to preserve value for shareholders but
ultimately could not correct the inherited severe underlying
challenges in the business.
Despite the failure of Rutherford, we are positive on the
outlook of Schroder UK Public Private Trust plc. Challenges have
been resolved and many successful exits realised. The Company has
made a number of new private and public investments and we remain
highly confident in the portfolio's potential to generate long-term
shareholder value."
Enquiries:
Schroder Investment Management Limited
Estelle Bibby (Press) Tel: 020 7658
3431
John Spedding Tel: 020 7658
3206
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
UPDFAMBTMTMMTBT
(END) Dow Jones Newswires
June 06, 2022 02:02 ET (06:02 GMT)
Grafico Azioni Woodford Patient Capital (LSE:WPCT)
Storico
Da Mag 2024 a Giu 2024
Grafico Azioni Woodford Patient Capital (LSE:WPCT)
Storico
Da Giu 2023 a Giu 2024