1st Dec 2008 11:25
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
London, 1 December 2008
PROTHERICS PLC ("PROTHERICS")
Offer Update: Court sanction of Scheme of Arrangement
Protherics (LSE: PTI) and BTG plc ("BTG") (LSE: BGC) are pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the Scheme of Arrangement by which BTG's Acquisition of Protherics is being implemented.
In order for the Scheme to become effective in accordance with its terms, the Court will now need to confirm the associated Reduction of Capital at the Reduction Court Hearing. This hearing will take place on 3 December 2008. Following the confirmation of the Reduction of Capital by the Court, it is expected that the last day of dealings in Protherics Shares will be 3 December 2008 and the listing of Protherics Shares will be cancelled at 8.00 a.m. on 4 December 2008, the anticipated Effective Date of the Scheme. An expected timetable of principal events is set out in the Appendix to this announcement.
Terms defined in the Scheme Document shall have the same meaning(s) when used in this announcement.
Enquiries
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Protherics |
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Dr Andrew Heath, Chief Executive Officer Rolf Soderstrom, Chief Financial Officer |
Tel: 020 7246 9950 |
|
BTG |
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Christine Soden, Chief Financial Officer Andy Burrows, Director of Investor Relations |
Tel: 020 7575 0000 |
|
Jefferies (financial adviser to Protherics) |
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Ian Crosbie Chris Snoxall (corporate broking) |
Tel: 020 7029 8000 |
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Rothschild (financial adviser to BTG) |
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Dr Lynn Drummond |
Tel: 020 7280 5000 |
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Nomura Code Securities (broker to Protherics) Chris Collins |
Tel: 020 7776 1200 |
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Piper Jaffray (joint broker and adviser to BTG) Neil Mackison / Jamie Adams |
Tel: 020 3142 8700 |
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Credit Suisse (joint broker and adviser to BTG) |
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Stephanie Leouzon / Tristan Lovegrove |
Tel: 020 7888 8000 |
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Financial Dynamics Ben Atwell |
Tel: 020 7831 3113 |
Jefferies, which is authorised and regulated in the UK by the Financial Services Authority, is acting as financial adviser and broker to Protherics in connection with the Acquisition and no-one else and will not be responsible to anyone other than Protherics for providing the protections afforded to clients of Jefferies nor for providing advice in relation to the Acquisition nor any other matter referred to in this announcement.
Rothschild, which is authorised and regulated in the UK by the Financial Services Authority, is acting as financial adviser and sponsor to BTG in connection with the Acquisition and no-one else and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Rothschild nor for providing advice in relation to the Acquisition nor any other matter referred to in this announcement.
Appendix
Expected Timetable of Principal Events
|
EVENT |
TIME and DATE |
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Reduction Court Hearing (to confirm the Reduction of Capital) |
3 December 2008 |
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Last day of dealings in, and for registration of transfers of, and disablement in CREST of, Protherics shares |
5.00 p.m. on 3 December 2008 |
|
Scheme Record Time |
6.00 p.m. on 3 December 2008 |
|
Effective Date |
4 December 2008 |
|
Cancellation of listing of Protherics Shares |
8.00 a.m. on 4 December 2008 |
|
Expected date of Admission of, and dealings in, New BTG Shares and crediting of New BTG Shares to CREST accounts |
8.00 a.m. on 4 December 2008 |
|
Latest date for despatch of share certificates in respect of New BTG Shares issued under the Scheme |
18 December 2008 |
Related Shares:
BTG