On 31 March 2017 the Company confirmed its intention to wind down the existing business lines in order to protect the cash position on the balance sheet. The board of zamano (“Board”) has considered its options for effecting this course of action in a manner that maximises the cash available for distribution to shareholders. The Board concluded that the wind down would most effectively be completed by a sale of the Company’s remaining operating business and assets comprising its PSMS business. Accordingly, the Company is in discussions with a number of parties, and the Board believes it is close to executing a transaction with a preferred party.
Any transaction if it proceeds will be for a nominal consideration. zamano will also be required to make a cash contribution to the business to provide it with adequate working capital and in respect of potential liabilities that may arise following completion of the sale.
Shareholders should note that there is no certainty that any transaction will be completed and any transaction will be subject to approval by the company’s shareholders. A further announcement will be made in due course.