Healthcare Enterprise Group plc
("Healthcare" or the "Company")
Suspension of Trading in the Company's shares
Board change
In the Company's interim results, which were announced on 19 March 2010, the Company referred to the likelihood of a continued losses in the second half of the financial year and the need to raise further funds to continue to meet operating costs, albeit that these were being kept at a minimal level. In addition, the Company referred to a potential transaction following which the Company would cease to be an "investing Company" under the AIM Rules.
Unfortunately it has not been possible to complete this transaction and the costs incurred as a result, coupled with an inability to raise further equity funding, have further weakened the Company's balance sheet. Until the financial position is clarified, the Company will not be in a position to publish its audited accounts for the year to 30 June 2010, which would otherwise have to be released by 31 December 2010.
The Company has therefore requested that trading in its ordinary shares be suspended pending clarification of its financial position and until the 2010 audited accounts can be published. A further announcement will be made when possible.
The Company announces further that John Honey has resigned from the board with immediate effect to concentrate on running the Company's two investee companies, Ebiox Limited and Reproductive Sciences Limited.
Further Enquiries:
Healthcare Enterprise Group plc John Gunn, Lyndon Gaborit www.hcegroup.com | Tel: +44 (0)20 7680 3649 |
Daniel Stewart & Company plc Antony Legge, Emma Earl | Tel: +44 (0)20 7776 6550 |
