Cambridge Nutritional Sciences PLC Settlement of DHSC Claim
16 Januar 2025 - 8:00AM
RNS Regulatory News
RNS Number : 5114T
Cambridge Nutritional Sciences PLC
16 January 2025
Cambridge Nutritional Sciences
plc
(the "Company" or "CNSL")
Settlement of DHSC
Claim
Cambridge Nutritional Sciences plc
(AIM:CNSL), the specialist medical diagnostics company focused on
promoting a personalised and functional approach to health and
nutrition, announces that its subsidiary, Omega Diagnostics Limited
("Omega") has settled its long-running dispute with the
Secretary of State for Health and Social Care
("DHSC").
DHSC and Omega have agreed settlement terms on a
"drop hands" basis with no admission of liability, with the effect
that DHSC will not pursue its claim relating to reimbursement of
pre-production payments and Omega will not pursue its claims in
relation to additional losses arising from DHSC's failure to place
orders for LFTs. The agreement reached is in full and final
settlement of all claims held by either party arising from the
Letter of Intent and Contract. Each party will bear its own legal
costs, which in the case of Omega, are expected to be circa £0.2m
for the year ending 31st March 2025 (to be recorded as
an exceptional item in the Company's Statement of Comprehensive
Income).
The result of the settlement will allow £2.5m
of 'Deferred Income' held in the group balance sheet to be
reclassified as 'Other exceptional Income' for the year ending
31st March 2025. This movement will not impact the
Company's key KPI of adjusted EBITDA as this income and its
associated costs are exceptional in nature and so are not
indicative of the current underlying business
performance.
Contacts:
|
Cambridge Nutritional Sciences
plc
|
www.cnsplc.com
|
|
Carolyn Rand, Non-Executive
Chair
|
investors@cnsplc.com
|
|
James Cooper, Interim Chief
Executive
|
|
|
Cavendish Capital Markets Limited
|
Tel: 020
7220 0500
|
|
Geoff Nash / Edward Whiley /
(Corporate Finance)
|
|
|
Nigel Birks / Harriet Ward
(ECM)
|
|
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|
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|
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THIS
ANNOUNCEMENT CONTAINS INSIDE INFORMATION FOR THE PURPOSES OF
ARTICLE 7 OF THE MARKET ABUSE REGULATION (EU) 596/2014 AS IT FORMS
PART OF UK DOMESTIC LAW BY VIRTUE OF THE EUROPEAN UNION
(WITHDRAWAL) ACT 2018 ("MAR") AND IS DISCLOSED IN ACCORDANCE WITH
THE COMPANY'S OBLIGATIONS UNDER ARTICLE 17 OF MAR
About Cambridge Nutritional Sciences plc
Cambridge Nutritional Sciences plc
(AIM: CNSL) is a specialist medical
diagnostics company focused on promoting a personalised and
functional approach to health and nutrition.
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