Status of the company's receivables from Portinho S.A. with payment deadline 1 July 2023
30 June 2023
Announcement no. 36
Status of the company's receivables from Portinho S.A. with payment deadline 1 July 2023
In the consolidated financial statement (with the subsidiary Reponex Pharmaceuticals A/S) as of 31 March 2023, the Company has a receivable from Portinho S.A., recognized at fair value in accordance with IFRS accounting rules on reverse take-over, with a value of DKK 62.4 million.
The recognitions in the consolidated financial statements as well as in the Company's financial statements are based on the receivable amounting to EUR 9.55 million plus interest or equivalent to DKK 72.5 million, and with an agreed maturity no later than 1 July 2023.
Portinho S.A has informed the Company that the owners of Portinho S.A have entered into a binding sales agreement regarding all shares in Portinho S.A on 30 September 2022 and that the Company's receivables will be redeemed in connection with the payment of the purchase price.
Further, Portinho S.A has informed that the buyer's bank has confirmed and documented that the buyer has sufficient funds at its disposal to complete the transaction.
Portinho S.A has announced that neither the sellers of Portinho S.A nor their lawyer have any reason to believe that effective payment will not be realised soon, but not in time for the Company's receivables to be redeemed on July 1, 2023, as agreed.
Based on the above information and a continuous close dialogue between the Company's Board of Directors and the management of Portinho S.A., it is the clear expectation of the Board of Directors that the receivable will be repaid within a short period of time.
Capital
The Company has provided security to several financial creditors, including Sparekassen Sjælland-Fyn A/S, Nykredit A/S and private lenders, in the receivables from Portinho S.A. The due dates of the debts secured by the Portinho receivables will, notwithstanding the above, follow the concluded resolution plan.
A capital contingency plan has been prepared which shows the expected capital requirement in various scenarios and which shows that in all scenarios, including that Portinho's receivables are not settled in 2023, the Company and the Group will have a positive capital adequacy in 2023. It should be noted, as mentioned in the annual report for 2022, that the Company has been provided with an additional credit facility from one of the Company's lenders.
For further information, please contact:
Thomas Kaas Selsø, CEO of Pharma Equity Group A/S, phone: +45 40 22 21 14
Christian Vinding Thomsen, Chairman of the Board of Directors of Pharma Equity Group A/S, phone: +45 2622 7222
About Pharma Equity Group A/S
Pharma Equity Group, a listed company on the Nasdaq Copenhagen stock exchange, is fully dedicated to advancing the medical projects of its subsidiary, Reponex Pharmaceuticals A/S. With an unwavering focus on healthcare, Pharma Equity Group's primary objective is to bring significant value to Reponex Pharmaceuticals' medical projects.
The company is committed to providing extensive support, resources, and expertise to drive the development and success of these projects. As a strategic partner, Pharma Equity Group works closely with Reponex Pharmaceuticals, prioritizing the advancement of innovative medical solutions and breakthrough therapies. Every effort is currently directed towards ensuring the utmost success and impact of Reponex Pharmaceuticals' medical projects, with an unwavering dedication to improving global healthcare outcomes. Only when the full potential of Reponex Pharmaceuticals has been unfolded is the intention to explore opportunities to invest in other companies. This approach ensures a strong commitment to the current medical projects and their development, while – on the longer term – remaining open to new strategic investments for continuous growth.
