6th Sep 2013 15:13
LONDON (Alliance News) - United Drug PLC Friday said that its subsidiary Sharp Clinical Services UK, received a EUR11.4 million demand for payment arising from a bond issued in 2010 by the subsidiary's previous parent, Indian company Bilcare Limited.
The international provider of services to healthcare manufacturers and pharmaceutical retailers said that the demand only affects Sharp Clinical Services and it will be using all avenues possible to pursue Bilcare and Bilcare's directors and ensure its shareholder funds are fully protected from what it called an undisclosed liability.
The company said it has initiated legal proceedings.
United Drug bought Sharp Clinical Services UK from Bilcare in August 2012, at which time its said that Bilcare directly confirmed and warranted that the subsidiary was not a guarantor of any liabilities, including Bilcare's 2010 bond issue.
United Drug shares were down 1.8% or 5.90 pence Friday afternoon at 332.00 pence.
By Rowena Harris-Doughty; [email protected]; @rharrisdoughty
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