25th Sep 2008 12:42
FOR IMMEDIATE RELEASE
SkyePharma Announces Results of Open Offer and 2024 Bondholders' Meeting
LONDON, UK, 25 September 2008 - SkyePharma PLC (LSE: SKP) ("SkyePharma" or the "Company") today announces the level of take up by Qualifying Shareholders under the Open Offer and the result of the 2024 Bondholders' meeting held today.
On 1 September 2008, SkyePharma announced proposals for implementing renegotiated terms for the 2024 and 2025 convertible bonds, deferring the initial put dates to 2013 and 2014 respectively and resetting the conversion price, a related fully underwritten Placing and Open Offer of 1,401,780,736 New Ordinary Shares at a price of 1.5 pence each (being 14,017,807 Consolidated New Ordinary Shares at a price of 150 pence each) to raise £18.4 million (net of expenses), and a Share Capital Reorganisation. The Consolidated New Ordinary Shares were placed by Credit Suisse and Piper Jaffray, the Company's brokers, with a range of existing and new institutional and strategic investors. The Placing and Open Offer is fully underwritten by Credit Suisse and Piper Jaffray. The Share Capital Reorganisation has now been implemented with shareholders, in effect, receiving 1 Consolidated New Ordinary Share for every 100 Existing Ordinary Shares.
The Open Offer closed at 11.00 am on 24 September 2008. Valid applications have been received from Qualifying Shareholders in respect of 8,908,783 Consolidated New Ordinary Shares (representing approximately 63.55 per cent. of the 14,017,807 Consolidated New Ordinary Shares available under the Placing and Open Offer). The balance of 5,109,024 Consolidated New Ordinary Shares has been conditionally allotted to Placees. No Convertible Non-Voting Shares were required to be issued.
The 2024 Bondholder meeting was held today and the 2024 Bond Resolution has been approved. As previously announced appropriate consents have already been obtained from SkyePharma PLC shareholders and from the 2025 Bondholders. The Placing and Open Offer remains conditional upon Admission. The 14,017,807 Consolidated New Ordinary Shares to be issued pursuant to the Placing and Open Offer together with the 1 Consolidated New Ordinary Share issued to allow for rounding on the Share Capital Reorganisation are expected to be admitted to the Official List and to commence trading on the London Stock Exchange on 26 September 2008. Once SkyePharma PLC has received the net proceeds of the Placing and Open Offer, the Bond Proposals will be implemented on or around 1 October 2008.
The Consolidated New Ordinary Shares, when issued and fully paid, will rank pari passu with the Ordinary Shares of the Company in existence in all respects.
Capitalised terms used (but not defined) in this Announcement have the same meaning as in the Prospectus sent to shareholders on 1 September 2008 unless the context requires otherwise.
For further information please contact:
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SkyePharma PLC |
Ken Cunningham |
+44 20 7491 1777 |
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During office hours |
Peter Grant |
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Financial Dynamics (UK Enquiries) |
David Yates |
+44 20 7831 3113 |
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Outside office hours |
Ben Brewerton |
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Trout Group (US Enquiries) |
Christine Labaree |
+1 617 583 1308 |
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Seth Lewis |
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Piper Jaffray |
Jamie Adams Neil Mackison |
+44 (0) 20 3142 8700 |
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Credit Suisse |
George Maddison Chris Byrne |
+44 (0) 20 788 8888 |
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of existing products to provide a clinical advantage and life-cycle extension. The Company has twelve approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.
Related Shares:
SKP.L