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02-Jul-2019

Annual General Meeting Statement from Allied Minds plc

Boston, MA, 28 June 2019 – Allied Minds plc (LSE: ALM), an IP commercialisation company focused on early stage company creation and development within the technology and life science sectors, is holding its Annual General Meeting (AGM) today.  No new information on current trading will be given during the meeting.

 

Allied Minds remains focused on delivering against its strategic objective: to maximise returns to all shareholders from monetisation of the existing portfolio.

 

Actions undertaken in 2018 and in 2019 to date, including financings led by strategic co-investors and signature of commercial terms with powerful corporate partners, have materially strengthened our technology portfolio. Over the course of 2018 we added Boeing, Arm Holdings, Applied Materials, and Sumitomo Corporation to our roster of strategic co-investors, already including Raytheon, Charter Communications, Arris and American Tower.

 

The Company continues to be optimistic that each of HawkEye 360, Federated Wireless and Spin Memory will generate commercial revenue in 2019, with the potential for attractive and valuable growth thereafter.

 

The Company is also optimistic that Federated Wireless and HawkEye 360 will complete successful fundraisings in the near term.

 

Announced cost reductions are being executed, including through the recently announced reduction of the Non-Executive Board from five to three directors. These measures put the company on a sound footing to support the portfolio with existing cash resources and to deliver on the goal of maximising shareholder returns.

 

Jeff Rohr, Chairman Elect of Allied Minds, commented: “We have conviction in our stated strategy to maximise returns to all shareholders by monetising our promising portfolio, taking full advantage of the growth profile of our key companies. The Board is grateful for the support of shareholders for this strategy and looks forward to supporting management as they focus on execution.”

 

The Company will release its 2019 Half Yearly Report on 19 September 2019.

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Last Updated: 02-Jul-2019