Anagenics Limited (ASX:AN1) Restructuring Update

Anagenics Limited (ASX:AN1) has announced the sale of its Face MediGroup (FMG) business to the co-founders, Matthew Perry and Sarah Jane Perry. The transaction will result in the Company fully exiting the FMG business, transferring all assets, liabilities, and business specific employees to the purchasers, thereby reducing operating costs and avoiding significant further expenses. The consideration for the sale comprises the assumption of FMG's liabilities and cancellation of the Company's obligation to pay approximately $670,000 to the co-founders. The completion of the transaction is expected on 15 October 2024, with no conditions precedent to its completion.

Executive Commentary

The Company has taken a strategic decision to sell its Face MediGroup business to the co-founders, Matthew Perry and Sarah Jane Perry, and their entities. This move is part of our ongoing initiatives to restructure the business operations, with the aim of right-sizing the BLC Cosmetics business and simplifying our activities to achieve sustainable operations. The completion of this sale will allow us to focus on our core business and work towards achieving financial sustainability. We are actively engaged with various third parties to finalize the restructuring and are committed to completing these matters as soon as practicable.

Summary

Anagenics Limited (ASX:AN1) has announced the sale of its Face MediGroup (FMG) business to the co-founders, Matthew Perry and Sarah Jane Perry, as part of its ongoing restructuring initiatives. The completion of this sale will enable the Company to fully exit the FMG business, reducing operating costs and avoiding significant further expenses. The consideration for the sale comprises the assumption of FMG's liabilities and cancellation of the Company's obligation to pay approximately $670,000 to the co-founders. The Company's voluntary suspension will remain in place until the completion of the restructuring, which is deemed critical to its continued financial sustainability. Anagenics aims to finalize these matters by Thursday, 31 October 2024, and is actively engaged with third parties to achieve this goal.