TIDMPURE
RNS Number : 1805N
PureCircle Limited
20 September 2019
Postponement of results announcement
PureCircle (LSE: PURE) (the "Company" and together with its
subsidiary undertakings, the "Group"), the world's leading producer
and innovator of great tasting stevia sweeteners for the global
food and beverage industry, announces that it is postponing the
publication of its results for the year ended 30 June 2019, which
was scheduled to take place on Monday 23 September 2019.
During the course of the audit of the Group's financial
statements for the year ended 30 June 2019, a potential issue
relating to the classification and valuation of certain inventory
items was identified by the Group's auditors,
PricewaterhouseCoopers. The Company and its professional advisers
have commenced an investigation, which is expected to take a number
of weeks. The Company will make further announcements as the
results of the investigation become known.
At this stage of the investigation, the Company is unable to
determine whether or not the potential issue is material or whether
it is limited to the year ended 30 June 2019. There can be no
certainty as to quantum at this stage in the process, but the
Company currently believes the aggregate amount of the potential
issue could be up to US$30 million. Based on the initial
indications from the investigation, the Company and its
professional advisers have seen no indication that the potential
issue has any impact on the net debt of the Group or the cash
generation of the business.
As a consequence of the identification of the potential issue,
the Company will be approaching its banks and will seek appropriate
waivers under its banking arrangements as required.
20 September 2019
Enquiries:
Investors/Analysts
Rakesh Sinha, CFO
Email: Rakesh.sinha@purecircle.com
Newgate Communications, Media Relations
Elisabeth Cowell
Giles Croot
Email: purecircle@newgatecomms.com
Phone: +44 (0) 20 3757 6880
Notes to Editors
About PureCircle
-- PureCircle is the only company that combines advanced R&D
with full vertical integration from farm to high-quality,
great-tasting innovative stevia sweeteners.
-- The Company collaborates with farmers who grow the stevia
plants and with food and beverage companies which seek to improve
their low- and no-calorie formulations using a sweetener from
plants.
-- PureCircle will continue to: lead in research, development
and innovation; produce a growing supply of multiple varieties of
stevia sweeteners with sugar-like taste, using all necessary and
appropriate methods of production; and be a resource and innovation
partner for food and beverage companies.
-- PureCircle stevia flavor modifiers work in synergy with
sweeteners to improve the taste, mouthfeel and calorie profile, and
enhance the cost effectiveness, of beverage and food products.
-- Founded in 2002, PureCircle is continually investing in
breakthrough research and development and it has been granted over
100 stevia-related patents with more than 250 applied for patents
pending.
-- PureCircle has offices around the world with the global headquarters in Chicago, Illinois.
-- To meet growing demand for stevia sweeteners, PureCircle is
rapidly ramping up its supply capability. It completed expansion of
its Malaysian stevia extract facility in March 2017, increasing its
capacity to rapidly supply the newer and great-tasting specialty
stevia sweeteners and helping provide ever-increasing value to its
customers.
-- PureCircle's shares are listed on the main market of the London Stock Exchange.
-- For more information, visit: www.purecircle.com
About stevia
-- Given the growing global concerns about obesity and diabetes,
beverage and food companies are working responsibly to reduce sugar
and calories in their products, responding to both consumers and
health and wellness advocates. Sweeteners from the stevia plant
offer sugar-like taste and are becoming an increasingly important
tool for these companies.
-- Like sugar, stevia sweeteners are from plants. But unlike
sugar, they enable low-calorie and zero-calorie formulations of
beverages and foods.
-- Stevia leaf extract is a natural-based, zero calorie,
high-intensity sweetener, used by global food and beverage
companies as a great-tasting zero-calorie alternative to sugar and
artificial sweeteners.
-- Stevia is a naturally sweet plant native to South America;
today, it is grown around the world, notably in Kenya, China and
the US.
-- The sweet-tasting parts of the stevia leaf are up to 350 times sweeter than sugar: stevia's high-intensity sweetness means it requires far less water and land than sugar.
-- Research has shown that the molecules of the stevia leaf are
present and unchanged in the dried stevia leaf, through the
commercial extraction and purification process, and in the final
stevia leaf extract product. All major global regulatory
organisations, across 65 countries, have approved the use of
high-purity stevia leaf extracts in food and beverages.
-- For more information on the science of stevia, please visit
https://www.purecirclesteviainstitute.com/
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END
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