LONDON (AFX) - Lombard Medical PLC said shares in the company have been
suspended following the company's failure to publish its results as it updated
shareholders on ongoing offer talks.
In a statement to the stock exchange it said the independent Board remains
in advanced talks that may or may not result in an offer being made for the
entire issued share capital of the company.
No formal offer has been made or received at this time but the board is
hopeful that a formal offer will be forthcoming in the near future.
It added the independent board believes that if an offer is forthcoming, it
is likely to be in the form of a share for share offer with no cash alternative.
Referring to its financial position it said the company's bankers continue
to indicate that they would not expect to call for repayment of the current bank
facility whilst these talks, regarding an offer for the company, are ongoing.
If no offer is forthcoming, the board believes that the company's bankers
would not be prepared to increase or extend the company's current banking
facilities, which remain repayable on demand.
It added it believes that the making of a formal offer pursuant to these
talks should allow the company to post its report and accounts for the year
ended September 30 2002 to shareholders.
Due to the likely conditions attached to the offer, the accounts may be on a
qualified basis.
Following the posting of the report and accounts to shareholders, the
Company's shares will be restored to trading on AIM.
Shareholders will be kept informed of all relevant developments.
