25th Mar 2009 15:09
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For Immediate Release |
25 March 2009 |
SkyePharma PLC ("the Company")
Conversion of £200,000 6% 2024 Bonds
Additional Listing
Application has been made to the UK Listing Authority and to the London Stock Exchange for an additional 53,908 Ordinary Shares of £1.00 each to be admitted to the Official List and to the London Stock Exchange's market for listed securities. The additional Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares.
These shares have been issued following the conversion of £200,000 of the 6% 2024 Convertible Bonds at a conversion price of £3.71.
Since 31 December 2008, notices have been received to convert a total of 1,970 of the 6% 2024 Convertible Bonds with a principal value of £1,970,000 into Ordinary Shares at a conversion price of £3.71, resulting in the issue of an additional 530,995 ordinary shares. These conversions will reduce interest costs by £118,200 per annum and strengthen the Group's balance sheet through the reduction in debt.
Following the issue, SkyePharma's issued share capital as at 31 March 2009 will consist of 22,698,690 Ordinary Shares.
Related Shares:
SKP.L