TIDMNEOS

RNS Number : 0685W

Neos Resources PLC

22 January 2013

NEOS Resources plc ("NEOS")

Update

Since December 2011, NEOS has been focused on a strategy of procuring and trading oils from multiple non-edible oilseed types in India with an objective of achieving profitability and cash flow sustainability within a manageable time horizon.

In October 2012, NEOS issued its audited accounts for the 18 months ended 30 June 2012. In that report, the Directors reported that NEOS would require additional funding during the second quarter of 2013 in order to successfully pursue its business plan.

NEOS has continued to make losses in the 6 month period ended 31 December 2012 and following a review of its Indian operation, the Directors have now concluded that even with funding, the business will not be scalable to the level where it becomes a viable long-term business for the Group. In light of this, the Directors no longer propose to raise funds in the second quarter of 2013 to develop the Indian business. The Directors are currently evaluating the structure of NEOS' operation and its overall cost base and reviewing its future plans, including exploring other opportunities. This evaluation may lead the Directors to conclude that NEOS should become an investing company. Further announcements will be made in due course.

 
 NEOS Resources plc             +44 (0) 20 7499 5626 
 Steven Rudofsky - Executive 
  Chairman 
 
 finnCap Ltd                    +44 (0) 20 7220 0500 
 Stuart Andrews 
  Christopher Raggett

This information is provided by RNS

The company news service from the London Stock Exchange

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