28th Aug 2018 18:19
LONDON (Alliance News) - SalvaRx Group PLC said Tuesday that a shareholder circular from Portage Biotech Inc has been submitted to the Canadian Securities Exchange for review.
Earlier this month, the biotechnology company said it will sell its 94.2% stake in its SalvaRx Ltd unit for USD67.5 million, to be satisfied by the issue of 757.9 million shares in Portage.
The company said the consideration shares are valued at USD75.8 million, and represent a premium more than triple the market valuation of SalvaRx.
Upon completion of the review, the company expects to make a further announcement.
SalvaRx shares closed down 6.0% at 70.25 pence each.
Related Shares:
SALV.L