19th May 2011 12:05
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
IS Pharma plc
("IS Pharma" or the "Company")
Offer Update: Court sanction of Scheme of Arrangement and confirmation of Reduction of Capital
Further to the announcement dated 3 May 2011, IS Pharma and Sinclair Pharma plc are pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the Scheme and confirming the Reduction of Capital in connection with the Scheme of Arrangement by which Sinclair Pharma plc's merger with IS Pharma is being implemented.
The Scheme will become effective upon the Court Order being delivered to the Registrar of Companies which is expected to take place on 20 May 2011. The trading of IS Pharma's Shares on AIM is expected to be cancelled at 7.00 a.m. on 23 May 2011.
If any of these expected dates change, IS Pharma will, unless the Panel on Takeovers and Mergers otherwise consents, give notice of the change by issuing an announcement through a Regulatory Information Service. An expected timetable of principal events is set out below:
Effective Date of the Scheme | 20 May 2011
|
Cancellation of IS Pharma Unapproved Options
| 6.00 p.m. 20 May 2011
|
Exercise of IS Pharma EMI Options
| 6.00 p.m. 20 May 2011 |
Issue of IS Pharma Shares to holders of IS Pharma EMI Options
| 6.00 p.m. 20 May 2011 |
Admission of Sinclair Pharma shares | 23 May 2011 |
Cancellation of listing of Scheme Shares | 23 May 2011
|
Latest date for despatch of cheques and certificates and settlement through CREST | Fourteen days from the Effective Date
|
Capitalised terms used in this announcement but not defined have the meanings given to them in the Scheme Document published by IS Pharma on 8 April 2011 (the "Scheme Document").
John Gregory, Chairman of IS Pharma said:
"As this is likely to be the last announcement from IS Pharma, I thought it appropriate to say a few words about Tim Wright. During his period as chief executive of IS Pharma, Tim has been instrumental in planning and executing the transformation of the company into its present position as a significant, soundly based and profitable speciality pharma business. He will continue to have a substantial role within the enlarged group as both a non executive director and a consultant in specific key areas of future development."
For further information:
IS Pharma plc +44 (0)1244 625 150
John Gregory, Chairman
Tim Wright, Chief Executive Officer
Matthew Hall, Chief Financial Officer
finnCap Limited +44 (0)20 7600 1658
(Financial Adviser and Broker to IS Pharma)
Matthew Robinson
Ed Frisby
Financial Dynamics Limited +44 (0)20 7831 3113
(Financial PR to IS Pharma)
Billy Clegg
Oliver Winters
Sinclair Pharma plc +44 (0)1483 410 600
Grahame Cook, Chairman
Chris Spooner, Chief Executive Officer
Singer Capital Markets Ltd +44 (0)20 3205 7500
(Financial adviser and Broker to Sinclair Pharma)
Shaun Dobson
Claes Spång
Financial Dynamics Limited +44 (0)20 7831 3113
(Financial PR to Sinclair Pharma)
Ben Atwell
Stephanie Cuthbert
A copy of this announcement will be published, subject to certain restrictions relating to persons resident in restricted jurisdictions, on IS Pharma's website at www.ispharma.plc.uk. For the avoidance of doubt, the contents of this website are not incorporated into and do not form part of this announcement.
Related Shares:
Sinclair Pharma