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Company Information

Oxonica is an advanced materials business with its headquarters in Haddenham (UK).

At the Company’s Annual General Meeting on 24th September 2010, the following trading update was provided to shareholders:

Beckton Dickinson – We have an ongoing agreement with BD (Beckton Dickinson) to provide royalties related to bio-diagnostic products. The latest information from BD suggests that royalties will not commence before 2013 at the earliest. There is no guarantee that a significant royalty stream will develop.

Croda – the agreement with Croda in respect of UV protection products is now generating a royalty stream.

Oxonica Energy Limited – This company was sold to Energenics in September 2009 in full and final settlement of legal actions between Neuftec and Oxonica.

Oxonica Materials Inc. – The company was sold to Cabot Corporation in July 2010, generating nett proceeds of approximately $4 million.

The cash position of the Group is now much improved from £403K at end-2009 to approximately £1.75 million as at end-August 2010, after payment of all outstanding loans and creditors. The cost base of the Company has been reduced to a very low level and steps will be taken to reduce costs further.

The Board’s primary objectives are now to:

• Seek ways to return surplus capital to shareholders as tax efficiently as possible. This may require a restructure of the Balance Sheet and re-registration of the Company as a private limited entity. Distributions will need to take account of potential warranty liabilities in the OMI sale agreement.
• Establish methods whereby shareholders can buy/sell shares. A listing on Sharemark, as previously discussed, does not seem justified on cost grounds and alternatives are being explored for implementation as soon as practicable.
• Drive down costs still further to minimise cash burn pending receipt of potential royalties from BD.

Please find below details of a circular issued to shareholders on 17th December 2010 relating to proposed re-registration of the Company, with consequential amendments to the Company’s Articles, and proposed reduction of capital.