4th May 2007 07:00
Skyepharma PLC04 May 2007 FOR IMMEDIATE RELEASE SkyePharma PLC Announces Intent to Delist from The NASDAQ Stock Market and to Deregister and Terminate its Reporting Obligations under the U.S. Securities Exchange Act of 1934 London, UK, May 4, 2007 - SkyePharma PLC (LSE: SKP; NASDAQ: SKYE) announcedtoday that it will delist its American Depositary Shares (the "ADSs"), eachrepresenting the right to receive ten ordinary shares of ten pence each ofSkyePharma, from The NASDAQ Stock Market and, pursuant to the newly-adopted Rule12h-6(a) under the U.S. Securities Exchange Act of 1934 (the "Exchange Act"),deregister and terminate SkyePharma's reporting obligations under Sections 13(a)and 15(d) of Exchange Act. SkyePharma's Board of Directors authorized this action based on its assessmentthat (a) continued compliance with the rules of the U.S. Securities ExchangeCommission ("SEC") and NASDAQ, in particular Section 404 of the Sarbanes-OxleyAct of 2002, would be expensive and burdensome for a company such as SkyePharmaconsidering the limited benefits it might realise and (b) all investors in theOrdinary Shares and ADSs of SkyePharma are accorded protection by SkyePharma'scontinued compliance with the rules of the London Stock Exchange, on which itwill maintain its listing, the Combined Code and other U.K. regulations. In accordance with SEC rules and the rules of NASDAQ, SkyePharma has providedwritten notice to NASDAQ of its intent to delist. SkyePharma intends to file aForm 25 with the SEC on May 14, 2007 to effect the delisting. The delisting willbe effective ten days after filing the Form 25, unless the Form 25 is earlierwithdrawn by SkyePharma. SkyePharma reserves the right to delay the filing ofthe Form 25 or withdraw the Form 25 for any reason prior to its effectiveness. SkyePharma intends to file a Form 15F with the SEC to deregister and terminateits reporting obligations under Section 13(a) and 15(d) of the Exchange Act assoon as practicable following the later of the effectiveness of the delistingand the coming into force of new Rule 12h-6 on June 4, 2007. The deregistrationwill be effective 90 days after the filing, unless the Form 15F is earlierwithdrawn by SkyePharma. SkyePharma reserves the right to delay the filing ofthe Form 15F or withdraw the Form 15F for any reason prior to its effectiveness. SkyePharma has not arranged for the listing of its ADSs or ordinary shares onanother national securities exchange or for the quotation of its ordinary sharesin a quotation medium in the United States. SkyePharma intends to maintain its American Depositary Receipt (ADR) facilityrelating to the ADSs with The Bank of New York. The ADSs will tradeover-the-counter (OTC) in the United States. Frank Condella, Chief Executive Officer, said: "The US remains a very importantmarket for SkyePharma, both as a market for our products and for investors inour Company. However, the time and expense associated with maintaining a secondlisting in the US is not cost effective, given that the vast majority of ourtrading volume and liquidity is on the London Stock Exchange. This move willsave costs and enable management to spend more time in developing the business." For further information please contact: SkyePharma PLC Frank Condella, Chief Executive OfficerKen Cunningham, Chief Operating Officer +44 207 491 1777Peter Grant, Finance Director Financial Dynamics (London enquiries)David Yates / Deborah Scott +44 207 831 3113 Trout Group (US enquiries)Christine Labaree / Seth Lewis +1 617 583 1308 About SkyePharma PLC Using its proprietary drug delivery technologies, SkyePharma develops newformulations of known molecules to provide a clinical advantage and life-cycleextension. The Group has ten approved products in the areas of oral, inhalationand topical delivery. The Group's products are marketed throughout the world byleading pharmaceutical companies. For more information, visitwww.skyepharma.com. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
SKP.L