31st Oct 2008 12:15
Sinclair Pharma plc
31 October 2008, Godalming, UK: Sinclair Pharma plc ("Sinclair": SPH:L), the international specialty pharma company, today announces it has put in place further facilities to meet peak funding requirements for 2008/9.
Sinclair had been in negotiations with one financial institution and discussions were at an advanced stage. However, the proposed terms were amended at the final credit committee stage and the Directors of Sinclair, therefore, took action to obtain funding through a combination of alternative facilities from another lender to the Sinclair group plus funds provided from certain of the Directors and their families.
In aggregate Jerry Randall, Michael Flynn (through his wife Sookja Flynn) and Jean-Charles Tschudin have agreed to lend a total of ‚£350,000 to Sinclair group companies, these amounts to be advanced before 14 November 2008. The loans are repayable in April 2009 and are on arms length commercial terms.
In addition, Michael Flynn and Jean-Charles Tschudin are intending to invest a further ‚£450,000 by way of a share subscription to take place during November 2008. The subscription will be at 23 pence per share based on the share price at market close on 30 October 2008.
The annual report and accounts for the year ended 30 June 2008 will be published later today. They will show a post balance sheet adjustment to the income statement. The adjustment is an exceptional write-off of capitalised costs of ‚£330,000 relating to a proposed credit facility which Sinclair decided not to enter in to.
Sinclair reported its first year of profit at an EBITDA level for the year to 30 June 2008. Trading for the first quarter is in line with the Board's expectations.
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For further information please contact:
Sinclair Pharma plc Tel: +44 (0) 1483 410 600
Dr Michael Flynn, CEO
Mariyam Rawat, Communications & Investor relations [email protected]
Capital MS&L
Mary Clark, Anna Mitchell Tel +44 (0)20 7307 5340
Notes to Editors:
About Sinclair Pharma Plc www.sinclairpharma.com
Sinclair Pharma plc is an international specialty pharmaceutical company. It has a growing sales and marketing operation that is already present in France, Italy, UK, Spain and Portugal, and a complementary marketing partner network that spans more than 80 countries.
Sinclair has proven expertise in acquiring or developing commercially attractive and undervalued products, registering these products and bringing them to market within a short timeframe. The company focuses on niche therapeutic areas and its current portfolio includes products for a wide range of dermatological conditions and oral health.
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