Malin reports 2024 Interim Results
· Intrinsic equity value estimate of
· Current cash balance of approximately
· Proposed capital return to shareholders of approximately
· Notice of EGM issued today to convene EGM and propose capital reduction in advance of tender offer
"We executed on our business strategy during the first half of 2024, with our investee companies continuing to achieve or progress towards further important clinical, operational and transactional milestones said
Financial Highlights
· Estimated intrinsic equity value is calculated using our estimate of the fair value of our investee company holdings in accordance with the International Private Equity and Venture Capital Valuation ("IPEV") guidelines, adjusted for cash.
· Malin's estimated intrinsic equity value per share at
· Malin's estimated intrinsic equity value per share at
· Corporate cash operating expenses for the first half of 2024 were
· The Group's cash position at
Capital Return
As part of its stated strategy, Malin remains committed to returning excess capital of the business to its shareholders having taken account of the corporate spending needs of the business. This includes the possible investment of additional capital into Malin's remaining investee companies if attractive investment opportunities arise or if it is determined the additional capital will help advance the investee company towards a value inflection point or realisation opportunity. In accordance with this strategy and following an assessment of its capital requirements, Malin intends to return approximately
Malin's board has concluded that a tender offer will be used as the mechanism to return the capital to shareholders. It is currently anticipated that the tender offer will take place in Q4 2024. The terms of the tender offer have not yet been determined and the tender offer will be conditional on the approval of shareholders at a general meeting later this year. In advance of this, the Company will need to complete a process to create distributable reserves (see "Capital Reduction" below).
Capital Reduction
Under Irish law, a company may only return capital to shareholders out of its "distributable reserves", which generally means a company's accumulated realised profits less accumulated realised losses, and includes reserves created by way of a share capital reduction. In order to return capital to shareholders by way of a tender offer, Malin must first create additional distributable reserves by reducing its existing share capital (the "Share Capital Reduction"). The Share Capital Reduction requires the approval of shareholders and confirmation by the
Therefore, as a prior step to launching a tender offer, Malin is asking shareholders to approve the creation of further distributable reserves in the Company by approving the reduction of the share capital of the Company by the entire amount standing to the credit of the share premium account and to treat the reserves created by such reduction as distributable. The Company has today issued a Notice of EGM to shareholders, outlining the proposed resolution to reduce the Company's share premium account, and the related EGM will be convened on
Investee Company Updates
The investee company updates below are consistent with those previously outlined in the Company's announcement of
In
Malin has estimated the fair value of its 12% interest in
Malin previously announced that in connection with the sale of
In
In
The need to complete this additional development work has curtailed or delayed commercial launches of the drug in the US and other markets thereby impacting the milestones and royalties that may have become payable to
The challenging macroeconomic situation facing hospitals in the US continues to be a major headwind for
Interim Report
Malin's interim report and further information on Malin is available to view on Malin's website at www.malinplc.com, under the "Investors" section.
ENDS
About
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in
For further information please contact:
Malin
Tel: +353 (0)1 901 5700
Davy Corporate Finance (Euronext Growth Listing Sponsor & Joint Broker)
Tel: +353 1 679 6363
Sodali & Co (Media enquiries)
Tel: +353 87 236 5973
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