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Biocompatibles Intl. (BII)

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Thursday 27 January, 2011

Biocompatibles Intl.

Scheme Effective


NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN OR INTO OR
FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE
RELEVANT LAWS OF SUCH JURISDICTION

 Recommended Acquisition of Biocompatibles International plc ("Biocompatibles" 
or the "Company") by BTG plc to be effected by means of a Scheme of Arrangement
                    under Part 26 of the Companies Act 2006                    

                               Scheme Effective                                

Farnham, UK 27 January 2011

The Company is pleased to announce that today the Scheme Court Order made at
the Scheme Court Hearing and the Reduction Court Order made at the Reduction
Court Hearing have been delivered to the Registrar of Companies today, 27
January 2011, the Company has been re-registered as a private limited company
and the Scheme has therefore become effective.

Bicompatibles has made an application to the London Stock Exchange for the
cancellation of the admission to trading of Biocompatibles Shares on its main
market for listed securities and to the UK Listing Authority for the
cancellation of the admission of the Biocompatibles Shares to the Official
List, in each case to be effective from 8:00 a.m. tomorrow, 28 January 2011.

Under the Scheme, holders of Biocompatibles Shares are entitled to receive
1.6733 New BTG Shares and 10 pence in cash for each Biocompatibles Share held
by them at the Scheme Record Time (6:00 p.m. on 26 January 2011), subject to
any adjustments to such consideration resulting from valid elections made
pursuant to the Partial CVN Alternative. Under the Scheme, those holders of
Biocompatibles Shares who have validly elected to receive the Partial CVN
Alternative are entitled to receive one Contingent Value Note for each
Biocompatibles Share in respect of which a valid election was made by them in
lieu of receiving 10 pence in cash for each such Biocompatibles Share.

The cash consideration, Contingent Value Note Certificates and certificates in
respect of New BTG Shares (to the extent issued in certificated form) due to
holders of Biocompatibles Shares will be sent no later than 10 February 2011. 

It is expected that dealings in the New BTG Shares will commence at 8.00 a.m.
on 28 January 2011. In respect of New BTG Shares to be issued in uncertificated
form BTG will procure that Euroclear is instructed to credit the Biocompatibles
Shareholders' appropriate stock account in CREST with the applicable number of
New BTG Shares at 8.00 a.m. on 28 January 2011.

Capitalised terms used but not defined in this announcement have the same
meanings as given to them in the Scheme Document dated 10 December 2010.

Enquiries

Biocompatibles
Crispin Simon, Chief Executive Officer           Tel: +44 (0)1252 732645
Ian Ardill, Chief Financial Officer              Tel: +44 (0)1252 732645

Piper Jaffray (financial adviser)
Rupert Winckler                                  Tel: +44 (0)20 3142 8700
James White                                      Tel: +44 (0)20 3142 8700

Nomura Code (corporate broker)
Chris Collins                                    Tel: +44 (0)20 7776 1200

Anna Keeble (financial public relations adviser)
Anna Keeble                                      Tel: +44 (0)78 7981 8876

Piper Jaffray, which is authorised and regulated in the UK by the FSA, is
acting as financial adviser to Biocompatibles in connection with the
Acquisition and no one else and will not be responsible to anyone other than
Biocompatibles for providing the protections afforded to clients of Piper
Jaffray nor for providing advice in relation to the Acquisition or any other
matter referred to in this announcement.

Nomura Code, which is authorised and regulated in the UK by the FSA, is acting
as corporate broker to Biocompatibles in connection with the Acquisition and no
one else and will not be responsible to anyone other than Biocompatibles for
providing the protections afforded to clients of Nomura Code nor for providing
advice in relation to the Acquisition or any other matter referred to in this
announcement.

This announcement is not intended to, and does not, constitute or form part of
an offer or invitation to sell or subscribe for or acquire or exchange
securities in BTG or Biocompatibles or a solicitation of any vote or approval
in any jurisdiction pursuant to the Acquisition or otherwise. The full terms
and conditions of the Scheme will be set out in the Scheme Document. This
announcement does not constitute a prospectus or a prospectus equivalent
document. Biocompatibles Shareholders are advised to read carefully the formal
documentation in relation to the Acquisition, once it is dispatched. In
deciding whether or not to approve the Scheme, Biocompatibles Shareholders must
rely solely on the terms and conditions of the Acquisition and the information
contained or referenced, and the procedures described, in the Scheme Document.

The release, publication or distribution of this announcement in jurisdictions
other than the UK and the implications of the Scheme for Biocompatibles
Shareholders outside the UK may be affected by the laws of the relevant
jurisdictions. Biocompatibles Shareholders outside the UK should inform
themselves about and observe any applicable requirements. It is the
responsibility of each Biocompatibles Shareholder to satisfy himself as to the
full observance of the laws of the relevant jurisdiction in connection
therewith, including the obtaining of any governmental, exchange control or
other consents which may be required to be observed and the payment of any
issue, transfer or other taxes in such jurisdictions. This announcement has
been prepared for the purpose of complying with English law and the Code and
the information disclosed may not be the same as that which would have been
disclosed if this announcement had been prepared in accordance with the laws of
jurisdictions outside the UK.

Neither the New BTG Shares nor the Contingent Value Notes have been, nor will
they be, registered under the Securities Act or under the securities laws of
any jurisdiction of the United States and will not be listed on any stock
exchange in the United States. Neither the US Securities and Exchange
Commission nor any US state securities commission has approved or disapproved
of the New BTG Shares or the Contingent Value Notes, or determined if this
announcement is accurate or complete. Any representation to the contrary is a
criminal offence under US law. Further, the relevant clearances have not been,
and will not be, obtained from the securities commission of any province of
Canada, no prospectus has been lodged with, or registered by, the Australian
Securities and Investments Commission or the Japanese Ministry of Finance and
neither the New BTG Shares nor the Contingent Value Notes have been, and nor
will they be, registered under or offered in compliance with applicable
securities laws of any state, province, territory or jurisdiction of Canada,
Australia or Japan. Accordingly, neither the New BTG Shares nor the Contingent
Value Notes may (unless an exemption under relevant securities laws is
applicable) be offered, sold, resold or delivered, directly or indirectly, in
or into the United States, Canada, Australia or Japan or any other jurisdiction
if to do so would constitute a violation of the relevant laws of, or require
registration thereof in, such jurisdiction, or to, or for the account or
benefit of, a person located in the United States, Canada, Australia or Japan.

It is expected that the New BTG Shares will be issued in the United States in
reliance upon the exemption from the registration requirements of the
Securities Act provided by Section 3(a)(10) thereof. Under applicable US
securities laws, Biocompatibles Shareholders who are or will be deemed to be
'affiliates' of Biocompatibles or BTG prior to, or of the Enlarged Group after,
the Effective Date will be subject to certain transfer restrictions relating to
the New BTG Shares received in connection with the Scheme.

Cautionary note on forward looking statements

This announcement may contain certain forward-looking statements with respect
to the financial condition, results of operations and business of BTG and
Biocompatibles and certain plans and objectives of the BTG Directors and the
Biocompatibles Directors with respect thereto. These forward-looking statements
can be identified by the fact that they do not relate only to historical or
current facts. Forward-looking statements often use words such as "anticipate",
"target", "expect", "estimate", "intend", "plan", "goal", "believe", "will",
"may", "should", "would", "could" or other words of similar meaning. These
statements are based on assumptions and assessments made by the BTG Directors
and the Biocompatibles Directors in light of their experience and their
perception of historical trends, current conditions, expected future
developments and other factors they believe appropriate. By their nature,
forward-looking statements involve risk and uncertainty, because they relate to
events and depend on circumstances that will occur in the future and the
factors described in the context of such forward-looking statements in this
announcement could cause actual results and developments to differ materially
from those expressed in or implied by such forward-looking statements. Although
the BTG Directors and the Biocompatibles Directors believe that the
expectations reflected in such forward-looking statements are reasonable, they
can give no assurance that such expectations will prove to have been correct
and assume no obligation to update or correct the information contained in this
document and BTG and Biocompatibles therefore caution you not to place undue
reliance on these forward-looking statements which speak only as at the date of
this announcement.

Dealing Disclosure Requirements

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of
any class of relevant securities of an offeree company or of any paper offeror
(being any offeror other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in cash) must make an
Opening Position Disclosure following the commencement of the offer period and,
if later, following the announcement in which any paper offeror is first
identified. An Opening Position Disclosure must contain details of the person's
interests and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any paper offeror(s). An
Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be
made by no later than 3.30 pm (London time) on the 10th business day following
the commencement of the offer period and, if appropriate, by no later than 3.30
pm (London time) on the 10th business day following the announcement in which
any paper offeror is first identified. Relevant persons who deal in the
relevant securities of the offeree company or of a paper offeror prior to the
deadline for making an Opening Position Disclosure must instead make a Dealing
Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1%
or more of any class of relevant securities of the offeree company or of any
paper offeror must make a Dealing Disclosure if the person deals in any
relevant securities of the offeree company or of any paper offeror. A Dealing
Disclosure must contain details of the dealing concerned and of the person's
interests and short positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any paper offeror, save
to the extent that these details have previously been disclosed under Rule 8. A
Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no
later than 3.30 pm (London time) on the business day following the date of the
relevant dealing.

If two or more persons act together pursuant to an agreement or understanding,
whether formal or informal, to acquire or control an interest in relevant
securities of an offeree company or a paper offeror, they will be deemed to be
a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by
any offeror and Dealing Disclosures must also be made by the offeree company,
by any offeror and by any persons acting in concert with any of them (see Rules
8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant
securities Opening Position Disclosures and Dealing Disclosures must be made
can be found in the Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number of relevant
securities in issue, when the offer period commenced and when any offeror was
first identified. If you are in any doubt as to whether you are required to
make an Opening Position Disclosure or a Dealing Disclosure, you should contact
the Panel's Market Surveillance Unit on +44 (0)20 7638 0129.

In accordance with Rule 19.11 of the Code, a copy of this announcement will be
published, subject to certain restrictions relating to persons resident in
restricted jurisdictions, on Biocompatibles' website at www.biocompatibles.com
by no later than 12:00 noon (London time) on 28 January 2011. For the avoidance
of doubt, the contents of this website is not incorporated into and do not form
part of this announcement.

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