Results of Placing and Open Offer
27 May 2003
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN PART OR IN WHOLE IN OR INTO THE UNITED STATES, AUSTRALIA, CANADA OR JAPAN
On 1 May 2003 Vernalis Group plc announced details of a Placing and Open Offer of 44,444,445 New Ordinary Shares at 36 pence per share to raise £16 million.
The Board of Vernalis Group plc announces that by 3.00 p.m. on Friday 23rd May, being the latest time for receipt of application forms and payment in full under the Open Offer, valid applications had been received from Qualifying Shareholders, including pursuant to irrevocable commitments, in respect of 19,910,867 of the 30,098,086 New Ordinary Shares offered under the Open Offer. This represents approximately 66 per cent. of the New Ordinary Shares offered under the Open Offer.
10,187,219 New Ordinary Shares not applied for by Qualifying Shareholders under the Open Offer will be taken up under the Conditional Placing.
In addition, 14,346,359 New Ordinary Shares were placed firm with institutions.
The New Ordinary Shares to be issued under the Placing and Open Offer will rank pari passu with the existing Ordinary Shares in all respects.
The Placing and Open Offer remain conditional upon, inter alia, the passing of the resolutions at the EGM to be held at 10.30 a.m. on 28 May 2003 and upon admission of the New Ordinary Shares to the Official List and to trading on the London Stock Exchange's market for listed securities. Application has been made to the UK Listing Authority for the New Ordinary Shares to be admitted to the Official List and to the London Stock Exchange for the New Ordinary Shares to be admitted to trading on the London Stock Exchange's market for listed securities. It is expected that Admission will become effective and dealings in the New Ordinary Shares will commence on 30 May 2003.
Terms defined in the prospectus in relation to the Placing and Open Offer dated 1 May 2003 have the same meaning in this announcement.
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