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29 May 2019 | 08:04

Itaconix sells stake in Alkalon for about £0.242m

Itaconix sold its stake in Alkalon, a privately-held Danish nicotine gum company to existing shareholders, including Helmich Invest ApS, Nolta ApS, Solco ApS, and Commerce Pharma Holding ApS for about £0.242m. The sale marked the last assets from Revolymer's legacy nicotine gum business and was 'final step' in transforming Itaconix into a technology innovator focused on emerging demands for sustainable specialty polymers, said John R. Shaw, CEO of Itaconix. Itaconix held a 22.49% stake in Alkalon, and recognised a profit of about £5,000 for its share of Alkalon's profits in its unaudited management accounts for the year ended 31 December 2018 and a loss of about £0.214m for the year ended 31 December 2017. Proceeds from the sale would be added to the company's cash reserves and used for future working capital needs, the company said. Following impairments for fair value in 2016 and 2017, the book values for Alkalon in Itaconix's unaudited management accounts at 31 December 2018 were £46,000 for the minority equity interest in Alkalon and £30,000 for the shareholder loan and its accrued interest.

At 8:04am: (LON:ITX) Itaconix Plc share price was +0.05p at 3.3p

Story provided by StockMarketWire.com
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