22nd Jun 2009 15:23
Conversion of £2,500,000 6% 2024 Bonds
LONDON, UK, 22 June 2009 -- SkyePharma PLC (LSE: SKP) today announces that it has received notification in respect of £2,500,000 of the 6% 2024 Convertible Bonds ("Bonds") to convert them into ordinary shares of £1.00 each ("Ordinary Shares"). In accordance with the terms of the Bonds, the conversion will take place at the exchange price of £3.71 per share and, following completion of the exchange process, will result in the issue of an additional 673,854 Ordinary Shares. The reduction in debt will reduce finance costs by £150,000 per annum and strengthen the Group's balance sheet.
Application will be made to the UK Listing Authority and to the London Stock Exchange for the additional Ordinary Shares to be admitted to the Official List. The additional Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares and when issued and allotted the total issued share capital of the Company will be 23,943,162 Ordinary Shares.
The total amount of the £69.6m 6% 2024 Convertible Bonds now converted amounts to £6,587,000 saving £395,220 interest per annum.
For further information please contact:
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SkyePharma PLC |
Ken Cunningham |
+44 20 7491 1777 |
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Peter Grant |
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Financial Dynamics |
Jonathan Birt |
+44 20 7831 3113 |
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Susan Quigley |
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About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of existing products to provide a clinical advantage and life-cycle extension. The Company has twelve approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.
Related Shares:
SKP.L