Result of Tender Offer

RNS Number : 4618T

Microgen PLC

20 November 2013

 

microgen

www.microgen.com

Not for release, publication or distribution, directly or indirectly, in whole or in part, in or into the United States, Canada, Australia, Japan, New Zealand or the Republic of South Africa or any other jurisdiction in which the same would be unlawful.

20 November 2013

Result of Tender Offer

Microgen plc ('Microgen' or 'Company') announces the result of the Tender Offer referred to in the circular to shareholders of the Company dated 01 November 2013 (the "Circular"), following shareholder approval at a General Meeting of the Company held on 18 November 2013. In accordance with the published timetable, the Tender Offer closed at 1.00pm on 18 November 2013.

The Strike Price for Ordinary Shares tendered, calculated in accordance with the procedure set out in the Circular, is 123 pence per share. Microgen shareholders will be notified individually of the result of their tenders.

Following the Tender Offer, 8,130,075 validly tendered Microgen shares (representing approximately 9.8 per cent. of the issued share capital of Microgen) will be repurchased at a total cost payable by the Company, before expenses, of approximately £10.0 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 74,461,835. It is expected that proceeds in respect of Microgen shares repurchased pursuant to the Tender Offer will be dispatched by cheque or credited to CREST accounts, as appropriate, by 2 December 2013.

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.

Contacts

Martyn Ratcliffe, Chairman                                                                    020 7496 8100

Philip Wood, Group Finance Director

James Melville-Ross, FTI Consulting                                                      020 7831 3113

Lucy Delaney, FTI Consulting

Rowena Murray, Investec Bank plc                                                        020 7597 5970

Andrew Pinder, Investec Bank plc

Investec Bank plc, which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively for Microgen and for no one else in relation to the matters described in this document and is not advising any other person and accordingly will not be responsible to anyone other than Microgen for providing the protections afforded to the customers of Investec Bank plc or for providing advice in relation to the matters described in this document.

 

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