IS Pharma Scheme of Arrangement and Reduction of Capital

IS Pharma and Sinclair Pharma are planning a Scheme of Arrangement and Reduction of Capital which is the method chosen to complete the merger of Sinclair Pharma plc with IS Pharma.

Effective date for the scheme will be 20th May 2011. On Monday 23rd May 2011 the trading of IS Pharma’s Shares on AIM will be cancelled.

Key Dates

  • 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, ie. 03 Jun 2011

Terms of the Scheme of Arrangement

For each IS Pharma Share held you will receive 2.6868 New Sinclair Pharma Shares.

Grahame Cook, Chairman of Sinclair Pharma said:

“The Merger of Sinclair Pharma and IS Pharma will create significant benefits to both companies and their shareholders. There is good potential to increase revenues on a combined basis.”

 

  1 comment for “IS Pharma Scheme of Arrangement and Reduction of Capital

  1. CityAnalyst
    May 23, 2011 at 12:38 pm

    The Board of Sinclair IS Pharma plc (“Sinclair IS Pharma” or the “Company”) can now confirm that 139,834,683 New Ordinary Shares have today been admitted to the Official List and to trading on the London Stock Exchange’s main market for listed securities. Dealings in the New Ordinary Shares on the London Stock Exchange’s main market commenced at 8.00 a.m. this
    morning.

    The 380,814,243 Ordinary Shares in issue comprise 240,979,560 Ordinary shares representing Ordinary Shares in issue prior to the Merger and 139,834,683 New Ordinary Shares issued in connection with the Merger.

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