News Column

Ark Therapeutics Loss Narrows, Seeking Approval For Reverse Takeover

April 30, 2014

Hana Stewart-Smith

LONDON (Alliance News) - Ark Therapeutics Group PLC said Wednesday it narrowed its pretax loss for 2013 as impairment costs did not recur, and said that it had identified a target for a potential reverse takeover after the year end.

The company disposed of its trading subsidiaries March 15, after it failed to raise enough funds and evaluated its options. It was initially unable to find a buyer for its business, nor obtain finance. In March 2013 the company received an offer from Wolbern Private Equity for its operating subsidiaries. However, the offer was conditional on the grounds that the UK listing authority waiver the need for shareholder approval.

To avoid going into insolvency, the company accepted the offer.

The company posted a pretax loss of GBP1.1 million, narrowed from GBP2.7 million in 2012, as impairment costs in the previous year did not recur, and revenue declined to GBP300,000 from GBP1.9 million.

In the previous year the company's revenues were boosted by the sale of its woundcare business in 2011 to Crawford Woundcare Ltd.

Ark Therapeutics said it had signed heads of terms in regards to a possible acquisition of a private company in the healthcare support services sector following the period end in a reverse takeover.

It would make the acquisition via the issue of new shares.

As a result, its shares have been suspended from trading.

The company requires shareholder approval to undertake the reverse takeover.

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Source: Alliance News

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