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BRIEF-NeuroSearch announces main components of resolution plan
November 22, 2016 / 11:05 AM / in a year

BRIEF-NeuroSearch announces main components of resolution plan

Nov 22 (Reuters) - NeuroSearch A/S :

* Sets resolution plan after Danish Supreme Court found co guilty of market manipulation based on events occurring in H1 2010

* Says will scan market for potential buyers of NeuroSearch and underlying tax loss

* Will initiate process to identify any possibilities of divesting co’s entitlement to potential milestone payments

* Says Board of NsGene, in which NeuroSearch holds 26.8 pct stake, has advanced plans to close down company at beginning of 2017; co may be entitled to receive small single-digit million Danish crown amount in 2017

* Costs relating to 5 million Danish crown ($714,572) fine and legal expenses for recently closed Supreme Court case will be incurred in 2016

* In 2016 expects operating loss in range of 4 million - 6 million crowns

* Intends to further above-mentioned initiatives during coming months and to present to shareholders at 2017 AGM reasoned proposal for how to proceed with resolution of company Source text for Eikon: Further company coverage: ($1 = 6.9972 Danish crowns) (Gdynia Newsroom)

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