Disposal of Shares and Update on Funding
18 March 2009 - 9:46PM
UK Regulatory
TIDMHCEG
RNS Number : 0513P
Healthcare Enterprise Group PLC
18 March 2009
Healthcare Enterprise Group plc
("HCEG", "the Company" or "the Group")
Disposal of shares in First Aid Holdings Limited and update on funding
Healthcare Enterprise Group plc (AIM: HCEG) announces that on 2nd February 2009
it sold 208,400 shares in First Aid Holdings Limited ("FAH") raising GBP260,500
before expenses and reducing its holding from 34.3% to 24.9%, in order to
provide working capital for the Group. FAH and its subsidaries are engaged in
the sale of first aid and healthcare related products.
Whilst this has provided additional working capital for the Group's immediate
needs, discussions continue with a small group of investors to raise additional
capital for the Group. Whilst these discussions have yet to reach a conclusion,
the directors remain confident that further funds will be raised although there
can be no guarantee that additional funds will be secured. In the event that
these discussions are not successfully concluded in the next month, the Group's
funding position will be such that it will be required to consider a range of
alternatives including further sales of shares in its investee companies. If the
Company is unable to raise sufficient cash from such sales, the Directors may
have no alternative but to consider whether it is appropriate for the Group to
remain as a going concern.
Pursuant to the announcement made on 22 December 2008, the Company's shares
remain suspended from trading on AIM.
Further Enquiries:
Healthcare Enterprise Group Plc
Lyndon Gaborit, Executive Deputy Chairman Tel: + 44 (0)1925 898 200
www.hcegroup.com
Daniel Stewart & Company Plc
Lindsay Mair/Stewart Dick Tel: + 44 (0) 207 776 6550
Notes to Editors:
Healthcare Enterprise Group PLC companies include Ebiox Limited, a specialist
disinfectant and decontamination company which has a range of proprietary
products patented and approved for sale in multiple world markets; Reproductive
Sciences Limited which invests in medical devices product development,
particularly in the area of women's' health; and investments in healthcare
products and services.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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