19th Oct 2018 07:00
BIOPHARMA CREDIT PLC
(The "Company")
Conversion of C Shares
Further to the Company's announcement on 20 September 2018 regarding its investment in Amicus Therapeutics, Inc., and following the funding of this investment, the assets attributable to the C Shares are now 100 per cent. invested. The C Shares are therefore intended to be converted to Ordinary Shares.
In accordance with the Prospectus issued on 14 March 2018 and the Company's Articles of Association, the conversion of the Company's C Shares into Ordinary Shares will take place at the following rate:
0.98984 Ordinary Shares for every C Share (the "Conversion Ratio")
On the basis of the Conversion Ratio, a holder of 1,000 C Shares will receive 989 Ordinary Shares.
The maximum number of Ordinary Shares arising on conversion of the C Shares would be 162,118,278. Any fractional entitlements will be cancelled by the Company.
It is expected that conversion will occur in accordance with the following timetable:
Conversion calculation date 30 September 2018
Announcement of 30 September 2018 NAV 19 October 2018
Suspension of C Shares from trading 26 October 2018 at 7.30 am
Record date 26 October at 6.00 pm
Admission and commencement of trading of new Ordinary Shares 29 October 2018 at 8.00 am
Cancellation of C Shares 29 October 2018 at 8.00 am
The Company has made an application for the new Ordinary Shares to be admitted to trading on the Specialist Fund Segment of the Main Market of London Stock Exchange and to listing and trading on the Official List of The International Stock Exchange from 8.00 am 29 October 2018.
The Ordinary Shares arising upon the completion of the conversion of the C Shares will rank pari passu with the existing Ordinary Shares with respect to the interim dividend declared by the Company with respect to the financial period ending 30 September 2018, as well as any future dividends declared with respect to the Ordinary Shares.
Share certificates in respect of new Ordinary Shares are expected to be despatched by 7 November 2018.
LEI: 213800AV55PYXAS7SY24
Link Company Matters Limited
Company Secretary
19 October 2018
Enquiries:
Buchanan
David Rydell / Mark Court/ Jamie Hooper/ Henry Wilson
+44 (0)20 7466 5000
Notes to Editors
BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27 March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.
Related Shares:
Biopharma Cred.