Sareum suspends shares as ‘strategic transaction’ proves elusive in current environment
Three weeks ago Sareum Holding plc's Board said it believed that the Company needed to undertake a strategic transaction and that should it decide that a strategic transaction was not achievable, it would take a decision as to the future of the Company in its present form, as it would not be able to continue operations without a significant fundraising.
Since then, the Board has continued discussions with a number of parties, including in respect of a possible reverse transaction, but at this time does not consider that it will be able to conclude a strategic transaction for several months.
Sareum is a specialist structure-based drug discovery company. It seeks to accelerate and improve the productivity of both its in-house and partners' discovery research using proprietary approaches.
Further, in the current difficult financial markets, the Board does not consider that it will be possible to achieve a significant fundraising to enable Sareum to continue operations in its present form although the Board may still need to secure interim funding to enable it to complete a strategic transaction.
In view of the uncertainty that the Company will be able to raise funds or complete a strategic transaction, the Board has requested a suspension of trading in its shares on AIM.
