5th Sep 2005 07:01
Tepnel Life Sciences PLC05 September 2005 TEPNEL LIFE SCIENCES PLC STATEMENT RE POSSIBLE OFFER FOR TEPNEL Further to the announcement made on 14 July 2005, Tepnel Life Sciences PLC (AIM:TED) ('Tepnel' or 'the Company') the UK-based international Research Products &Services and Molecular Diagnostics group, announces today that talks withpotential offerors for the Company have been terminated by the Tepnel Board. TheCompany continues to talk with various parties on a number of commercialcollaborations including distributorships and joint venture opportunities. Whilst a proposed valuation of the Company received from a third party was abovethe current share price, the Board believes that such a valuation underestimatedthe present and future potential value of Tepnel. Consequently the Board of theCompany is not in a position to recommend to shareholders any of the proposalsmade to the Company. The Board believes it has an excellent future as anindependent company and will continue to explore means of building and enhancingreturns to its shareholders. The Board looks forward to updating shareholders of the further significantprogress in its financial performance when the interim results for the sixmonths ended 30 June 2005 are released in September. In a recent tradingstatement issued in July, Tepnel announced that Group sales this year wereapproximately 35% ahead of the same period last year at £6.85m (unaudited)(2004: £5.07m). Sales for second quarter of the year were approximately £3.66m(unaudited). The Company expects to maintain significant sales growth for theremainder of the year. Tepnel's management team is focused on delivering value to shareholders. TheBoard of Tepnel firmly believes that the current strategy of the Group willresult in continued delivery of growth and excellent returns to shareholders. About Tepnel Tepnel is a UK based international biotechnology company. The Company haslaboratories, manufacturing and operations in the USA, UK and France with 175employees. Tepnel provides test kits, reagents and services to two highlysynergistic markets, these being Molecular Diagnostics and Biomedical Research.The company's strategy has been to identify high growth niche opportunitieswithin these multi-billion pound markets. Tepnel focuses on these nicheopportunities with internally developed products, patents, expertise andknow-how as well as strategic acquisitions, to develop a leadership positionwithin these defined market segments. Enquiries: Ben Matzilevich, Chief Executive Officer, Tepnel Life Sciences plc 0161 946 2200Gron Ffoulkes-Davies, Finance Director, Tepnel Life Sciences plc 0161 946 2200Mark Percy, Seymour Pierce Limited 0207 107 8000Richard Anderson, De Facto Communications Ltd 0207 940 1000 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
TED.L