Actualización corporativa
Difusión de un Anuncio Normativo que contiene información privilegiada a los efectos de la Regulación 11 de las Regulaciones de Abuso de Mercado (Enmienda) (Salida de la UE) 2019/310.
13 de marzo de 2024
CAP-XX limitado
("CAP-XX" o la "Compañía")
Actualización corporativa
CAP-XX, a world leader in the design and manufacture of supercapacitors and energy management systems, provides the following update in relation to its working capital position.
On 1 February 2024, CAP-XX announced its interim results for the six months ended 31 December 2023 ("Interim Results"). In the Interim Results announcement, it was stated that the Company had cash reserves as at 31 December 2023 of A$0.3m and an unused line of credit of approximately A$1.5m. In that announcement, the Company's Chairman also stated that the legal costs and unexpected expenses in relation to the departure of the former CEO and investment in new product developments had resulted in the Company's adjusted EBITDA remaining negative and the Company's cash position being tight and that the Board was managing the Company's cashflows carefully.
Despite these efforts, the Company's working capital position has continued to deteriorate. This is due to a combination of (i) higher than anticipated legal costs associated with the Company's patent infringement litigation; and (ii) revenue and cash receipts for the first eight weeks of the current calendar year being lower than expected, despite the encouraging order book. In addition, the revolving line of credit associated with the Company's R&D facility is fully drawn down to the extent that expenditure has currently been incurred.
As a result of this, the Board has been exploring raising additional financing. The Board has considered debt and sale/leaseback structures but has established that these are not available to the Group. The Board has also been exploring raising additional equity financing and these efforts continue. However, this process is taking longer than anticipated and, whilst the Board has continued to manage CAP-XX's working capital, the Group is now in a highly constrained financial position as highlighted above and requires additional financing by the end of this month.
There is no guarantee that an equity financing will be achievable and, in the absence of any additional financing being available, the Board would have to take steps to preserve and maximise value for its creditors and should the Company fail to achieve a solution in the short term, the Board would have no option but to place the Company into administration. In this eventuality, it is not known how much, if any, value would be returned to shareholders.
Se proporcionará una nueva actualización a su debido tiempo.
Para más información comuníquese con:
CAP-XX limitado
Pat Elliott (presidente) +61 (2) 9157 0000
Lars Stegmann (director ejecutivo)
Allenby Capital (Asesor designado y asesor conjunto Broker)
David Hart / Piers Shimwell (Finanzas corporativas) +44 0 20 3328 5656
Tony Quirke / Stefano Aquilino (Ventas y corretaje corporativo)
Cavendish Securities plc (Conjunto Broker)
Neil McDonald / Perla Kellie +44 0 13 1220 6939
Kreab (relaciones públicas financieras)
Robert Speed +44 (0) 20 7074 1800
Notas para los redactores:
CAP-XX (LSE: CPX) es líder en el diseño y fabricación de supercondensadores planos y delgados y sistemas de gestión de energía utilizados en dispositivos electrónicos portátiles y de pequeña escala y, cada vez más, en aplicaciones más grandes, como la automoción y las energías renovables. . La característica única de los supercondensadores CAP-XX es su muy alta densidad de potencia y su alta capacidad de almacenamiento de energía en un paquete prismático que ahorra espacio. Estos atributos son esenciales en la electrónica industrial y de consumo que consume mucha energía, y ofrecen beneficios similares en aplicaciones automotrices y de transporte. Para más información sobre CAP-XX, visite www.cap-xx.com
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