Rejection of GeneThera's indi

RNS Number : 4315B

Oxford Biomedica PLC

15 August 2008

 



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FOR IMMEDIATE RELEASE

15 AUGUST 2008

Oxford BioMedica confirms rejection of GeneThera's indicative approach

The Board of Oxford BioMedica (the 'Company') (LSE: OXB), a leading gene therapy company, notes the recent movement in the Company's share price and GeneThera's announcement regarding the rejection of its approach by the Board of Oxford BioMedica.   

GeneThera is a US company traded over the counter with a market capitalisation of US$230,000 (Two hundred and thirty thousand US dollars) and approached Oxford BioMedica regarding a possible offer for the Company, which as at close of market yesterday, had a market capitalisation of approximately £46.5 million. The Board of Oxford BioMedica met on 31 July 2008 to consider GeneThera's indication of interest and concluded that GeneThera is not a credible bidder for the Company and unanimously agreed to reject the approach. On 14 August 2008, GeneThera wrote to the Company, with a revised proposal regarding an all share offer for the Company, which the Board of Oxford BioMedica also unanimously rejected.

The Board of Oxford BioMedica, which has consulted with its advisors, JPMorgan Cazenove and Rothschild, remains of the view that this unsolicited approach is not credible and is not in the interests of its shareholders.

Dealing Disclosure Requirements: 

Under the provisions of Rule 8.3 of the Takeover Code (the 'Code'), if any person is, or becomes, 'interested' (directly or indirectly) in 1% or more of any class of 'relevant securities' of  GeneThera, Inc or of Oxford BioMedica, all 'dealings' in any 'relevant securities' of that company (including by means of an option in respect of, or a derivative referenced to, any such 'relevant securities') must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the 'offer period' otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an 'interest' in 'relevant securities' of GeneThera, Inc or Oxford BioMedica, they will be deemed to be a single person for the purpose of Rule 8.3. 

Under the provisions of Rule 8.1 of the Code, all 'dealings' in 'relevant securities' of GeneThera, Inc or of Oxford BioMedica by GeneThera, Inc or Oxford BioMedica, or by any of their respective 'associates', must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction.

A disclosure table, giving details of the companies in whose 'relevant securities' 'dealings' should be disclosed, and the number of such securities in issue, can be found on the Takeover Panel's website at http://www.thetakeoverpanel.org.uk/new/.

'Interests in securities' arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an 'interest' by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. 

Terms in quotation marks are defined in the Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a 'dealing' under Rule 8, you should consult the Panel.

-Ends-

For further information, please contact:
Oxford BioMedica plc:  Andrew Wood, Chief Financial Officer	Tel: [phone]
JPMorgan Cazenove Limited: James Mitford/ Gina Gibson	Tel: [phone]
City/Financial Enquiries: Lisa Baderoon/ Mary-Jane Johnson Buchanan Communications	Tel: [phone]
Scientific/Trade Press Enquiries: Claire Mosley/ Holly Griffiths/ Katja Stout College Hill Life Sciences	Tel: [phone]
US Enquiries: Thomas Fechtner The Trout Group LLC	Tel: [phone]

 

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