November 28, 2023
Company Announcement no. 46
Status of the company's receivable from Portinho S.A.
The Company's Board of Directors, which was elected in connection with the transition of the Company to a pharma-company, and Executive Management have, over a longer period of time, had a very close dialogue with the management of Portinho S.A. regarding the redemption of the Company's receivable from Portinho S.A.
At the same time, the Company's Board of Directors and Executive Management have allocated considerable resources to identify which transactions from the previous management originally led to the establishment of the receivables as well as the rationale for the subsequent transactions of the former management that have affected the migration of the receivable.
This work is still ongoing with, among other things, both Danish and Portuguese legal advice.
The scope and assessment of the preliminary results of the investigation work has led to the conclusion that it is no longer the Company's assessment that the receivable will be repaid no later than December 2023 as announced on September 25, 2023.
In parallel with the ongoing investigations, the Company has established a dialogue with a local domiciled minority shareholder of Portinho S.A., who has in-depth knowledge of the company's activities and strong local roots. This is to identify options for how and on what terms the Company's receivable can be repaid.
Capital
As previously announced, the Company has entered into agreements with its financial creditors, which among other things take into account a postponement of payment of the Company's receivable from Portinho S.A.
The company complies with these agreements.
As a result of the postponement of the payment by Portinho S.A., the Company has continued to take out loans that will continuously support the Company's working capital.
The supply of loans is successive and progressing satisfactorily.
For further information, please contact:
Thomas Kaas Selsø, CEO of Pharma Equity Group A/S, phone: +45 4022 2114
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.
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