14th Mar 2006 07:03
Skyepharma PLC14 March 2006 For Immediate Release 14 March 2006 SkyePharma PLC Agreement with Major Shareholders Over Selection of Non-Executive Directors LONDON, UK, 14 March 2006 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) announcesthat following the Extraordinary General Meeting ("EGM") held on 9 March, atwhich a shareholder resolution to appoint a new director was not approved, theCompany has reached agreement with two of its major institutional investors overarrangements for the selection and appointment of two new independentnon-executive directors acceptable to both the Company and those institutions. Dr Jerry Karabelas, SkyePharma's Non-Executive Chairman, said: "AlthoughSkyePharma strives to maintain the highest standards of corporate governance,there is always room for improvement. We have noted the level of dissatisfactionabout certain issues among a significant body of shareholders. We are happy tohave reached agreement over a process that allows us to address these concernsto the satisfaction of all. We can now concentrate on the primary task ofexecution of the Company's new corporate strategy, which we believe will benefitall shareholders." Anita Skipper, Head of Corporate Governance for Morley Fund Management, said: "The Company and its Board have taken the initiative in looking to workconstructively with shareholders following the EGM. We welcome the steps theCompany has taken and look forward to continuing the dialogue." William Claxton-Smith, Director, Investor Responsibility at Insight InvestmentManagement, said: "In light of this development, we are happy that our initialaim of strengthening the Board of SkyePharma will be achieved. We will be fullysupportive of the Company." For further information please contact: SkyePharma PLC +44 207 491 1777 Frank Condella, Chief Executive OfficerPeter Laing, Director of Corporate Communications +44 207 491 5124 Sandra Haughton, US Investor Relations +1 212 753 5780 Buchanan Communications +44 207 466 5000Tim Anderson / Mark Court Notes for editors: About SkyePharma SkyePharma PLC develops pharmaceutical products benefiting from world-leadingdrug delivery technologies that provide easier-to-use and more effective drugformulations. There are now eleven approved products incorporating SkyePharma'stechnologies in the areas of oral, injectable, inhaled and topical delivery,supported by advanced solubilisation capabilities. For more information, visitwww.skyepharma.com. Certain statements in this news release are forward-looking statements and aremade in reliance on the safe harbour provisions of the U.S. Private SecuritiesLitigation Act of 1995. Although SkyePharma believes that the expectationsreflected in these forward-looking statements are reasonable, it can give noassurance that these expectations will materialize. Because the expectations aresubject to risks and uncertainties, actual results may vary significantly fromthose expressed or implied by the forward-looking statements based upon a numberof factors, which are described in SkyePharma's 20-F and other documents on filewith the SEC. Factors that could cause differences between actual results andthose implied by the forward-looking statements contained in this news releaseinclude, without limitation, risks related to the development of new products,risks related to obtaining and maintaining regulatory approval for existing, newor expanded indications of existing and new products, risks related toSkyePharma's ability to manufacture products on a large scale or at all, risksrelated to SkyePharma's and its marketing partners' ability to market productson a large scale to maintain or expand market share in the face of changes incustomer requirements, competition and technological change, risks related toregulatory compliance, the risk of product liability claims, risks related tothe ownership and use of intellectual property, and risks related toSkyePharma's ability to manage growth. SkyePharma undertakes no obligation torevise or update any such forward-looking statement to reflect events orcircumstances after the date of this release. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SKP.L