Ark Therapeutics : Interim Management Statement

Ark Therapeutics Group plc

Interim Management Statement and Notice of Annual General Meeting

13 May 2014 - Ark Therapeutics Group plc ("Ark" or the "Company") today publishes its interim management statement for the period from 1 January 2014 to date.

·           On 28 March 2014, we were pleased to announce that the Company had signed heads of terms in connection with the possible acquisition of a revenue-generating and profitable UK-based private company in the healthcare support services sector ("Target").

The transaction would be structured by way of an acquisition of the Target by Ark in consideration for the issue of new Ark shares to the shareholders of the Target.  Due to its size in relation to Ark, the proposed acquisition of the Target would constitute a 'reverse takeover' for the purposes of the Listing Rules.  

In response to a request by the Company, the UK Listing Authority suspended the listing of Ark's Premium listed shares on the Main Market of the London Stock Exchange on 28 March 2014 pending publication of the required shareholder documents.  Shareholder approval would be required to approve the acquisition of the Target which would be sought at a general meeting to be convened in due course, after which the Company would also expect to seek a lifting of the trading suspension. 

The Board will make further announcements in due course.

·           On 30 April 2014, the Company announced its financial results for the year ended 31 December 2013:

·          Total revenues and other income for the year ended 31 December 2013 of £0.3m (31 December 2012:  £1.9m)

·          Net assets at 31 December 2013 of £0.9m (31 December 2012: net liabilities of £0.2m)

·          Cash and short-term deposits of £0.8m (31 December 2012: £1.7m)

·          Profit for the year after tax was £1.1m (31 December 2012: loss after tax was £2.5m)

The Company's Annual General Meeting will be held at 2.30 pm on 30 June 2014 at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 4HA.

For further information please contact:

This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding Ark's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Ark's control that could cause the actual results, performance or achievements of Ark to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Ark's present and future business strategies and the environment in which Ark will operate in the future. These forward-looking statements speak only as at the date of this announcement. Ark expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Ark's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.