Esperite updates its shareholders on the current configuration and business of the company.
Esperite has taken distance from the operative part of its activities and focus its effort on turning itself in an investment company with a focus on Health Care and High-Tech Service.
The current subsidiaries of the group, Output Pharma, Genoma with Agaata are now considered as assets held for sale. Therefore, they will not be part any longer of the consolidation perimeter of the group.
Esperite was the sole shareholder of CryoSave and has never been directly managing the daily operations of the Umbilical Stem Cells activities. Esperite and CryoSave are effectively two distinct entities. Esperite is not a shareholder nor involved any longer with CryoSave or the former cord blood activities. Esperite does not account nor forecast any liability from its former subsidiary Cryo-Save or the current situation. Esperite is not part of the claims against Cryo-Save. Esperite has already published a Press Release on this topic last week.
This major change in the accounting of the company will reveal different metrics, new to Esperite, like growth of capital and long-term earnings.
Consequently, Esperite will present quarterly updates including investments, cash flow, cash position, earning, stakes and their valuation.
The current cash situation of the company is low but sufficient to maintain the administration at its current level.
The shareholders will vote at the next EGM for the reduction of the Shares Nominal Value from 10 eurocents to 1 eurocent.
This will allow the company to resume with the investment contracts put on hold.
The company is currently talking to a couple of additional investors interested in Esperite's new strategy.
On 30 June 2019, Esperite announced that it had agreed an extension of the maturity dates for EUR 4,750,000 in unsecured convertible loan notes (the Loan Notes). Esperite's Loan Notes holders have announced they will convert a significant part of their Loan Notes.
The Loan Notes bear interest at a rate of 15% per year, payable monthly and are convertible into Esperite shares since 1 January 2020 (or at the earlier occurrence of a limited number of events) until maturity at an initial conversion price of EUR 0.10.
The Loan Holders are convinced by the strategy of Esperite and demonstrate their support. This decision will reduce the repayment of the due interests and improve the cash position of the company.
Esperite has established itself as an investment group which focuses on the health care sectors with strong biotechnology background and activities. Secondary, Financials and IT companies with potential synergies are of interests. With more than 20 years of experience, Esperite operates now a light and efficient structure dedicated to growth and active development.
Esperite follows its strategy to invest primarily in smaller-sized companies valuated at a significant discount to their intrinsic value. Another parameter is essential, it measures the company's ability to generate free cash flow over the short to mid-term.
Future investments would certainly be non-controlling position in durable and good quality businesses.
Esperite is now engaging Innovation, Diversification and Sustainability.
Esperite will inform the shareholders in detail during the EGM scheduled on 26 March 2020.
ESPERITE is a diversified investment company group specialized in Immunotherapy, Regenerative Medicine and Precision Medicine. Established in 2000, Esperite is a holding company, listed at Euronext Amsterdam and Paris. ESPERITE invests in companies able to transform the power of state-of-the-art technologies and scientific advancements into high quality products that bring the future of medicine to customers today at an affordable price.
ESPERITE provides early access to key information and knowledge, improving the way Science address human diseases and genetic disorders. ESPERITE attains the highest quality and ethical standards in the pursuit of its vision to bring the benefits of personalized medicine to society.