Result of Tender Offer

RNS Number : 4305R

Microgen PLC

23 August 2010

 



 

23 August 2010

Microgen plc: Result of Tender Offer

Microgen plc ("Microgen" or "the Company") announces the result of the Tender Offer referred to in the circular to shareholders of the Company dated 2 August 2010 (the "Circular"). In accordance with the published timetable, the offer closed at 1.00pm on 19 August 2010 following shareholder approval at a General Meeting of the Company held on the same day.

The Strike Price for Ordinary Shares tendered, calculated in accordance with the procedure set out in the Circular, is 90 pence per share.  All valid tenders submitted have been accepted in full.  Microgen shareholders will be notified individually of the result of their tenders.

Following the Tender Offer, 6,837,339 Microgen shares (representing approximately 7.9 per cent of the issued share capital of Microgen) will be repurchased at a total cost payable by the Company, before expenses, of approximately £6.2 million.

All Microgen shares repurchased pursuant to the Tender Offer will be cancelled.  Following such cancellation, the number of Microgen shares in issue is expected to be 80,069,105. It is expected that proceeds in respect of Microgen shares repurchased pursuant to the Tender Offer will be despatched by cheque or credited to CREST accounts, as appropriate, by 1 September 2010. 

Full details of the Tender Offer to purchase Microgen shares up to a maximum value of £10 million were set out in the Circular.  Terms used in this announcement have the same meaning as those in the Circular.

Enquiries:

Philip Wood, Group Finance Director                                01252 772 300

Rowena Murray, Investec                                                     020 7597 4000

Investec Bank plc, which is regulated for designated investment business in the UK by the Financial Services Authority, is acting for Microgen plc and no one else in connection with the Tender Offer and will not be responsible to anyone other than Microgen plc for providing the protections afforded to customers of Investec Bank plc Ltd or for providing advice in relation thereto or for advising any such person on the contents of this document or any transaction or agreement referred to herein.

Overseas Shareholders should inform themselves about and observe any applicable legal or regulatory requirements. If they are in any doubt about their position, they should consult their professional advisor in the relevant territory.

 

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