No suitors for NetScientific as it suggests delisting

Healthcare intellectual property commercialisation group NetScientific updated the market on its strategic review on Thursday, which it announced in late November.

The AIM-traded firm said it had received indications of interest in a potential acquisition of certain of its portfolio companies.

However, to date, that indicative interest had not resulted in any binding or non-binding offer for any of its portfolio companies.

NetScientific said it was not in receipt of any approaches, and was not in discussions with any potential offeror at the time of its announcement on Thursday.

“There can be no certainty that an offer will be made, nor as to the terms on which any offer will be made, or that any transaction will ensue from the strategic review,” the board cautioned in its statement.

As at 31 December, NetScientific said it expected to have available cash resources of approximately £3m.

In each of 2019 and 2020, NetScientific expected to have central costs of approximately £2m and to invest up to approximately £5m in its portfolio companies, should they fail to raise external finance.

“Therefore, the board continues to assess all of its strategic options, including seeking additional funding from its shareholders and taking material action to reduce further the company's costs, which may include seeking a delisting.”