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Henderson Morley PLC (HML)

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Friday 22 May, 2009

Henderson Morley PLC

Potential ICVT Sale & Share O

RNS Number : 6896S
Henderson Morley PLC
22 May 2009
 

22 May 2009

 

HENDERSON MORLEY PLC

(AIM: HML)

('Henderson Morley' or 'the Company')

 

Potential ICVT Sale & Share Offering

 

 

Key Points:

 

  • Strategic refocus of ongoing business

  • Potential sale of ICVT Human

  • Share Offering

  • Preferential Terms for current shareholders

  • Partially Underwritten

 

 

Henderson Morley recently conducted a strategic review of its operations using the services of a number of external professional advisers based both in the UK and overseas. The conclusion of the review identified the strategy to refocus the Group; the main thrust of this was that the Company should endeavour to sell ICVT (human) to one or more parties, to separate human and animal health and to move the Company towards becoming a pure vaccine company.

 

Whilst the sale of ICVT has taken a little longer than anticipated, the Company is pleased to announce that discussions are on-going with potential purchasers who have signed non-disclosure agreements and/or are currently undertaking due diligence.  

 

The Company is also making good progress in implementing the remaining part of the strategy outlined in the strategic review conclusions above.

 

Share Offering

 

In the past, existing shareholders have voiced their concerns at not being able to participate in the non-pre-emptive placings which historically have been the method used by the Company to raise funds since flotation on AIM. With this in mind, the Company has decided to seek to raise funds to finance its immediate working capital needs by way of the issue of new equity through an offering of shares under section 21 of FSMA, which will allow shareholders to participate. 

 

Also, in recognition of their loyalty, it is intended that preferential subscription terms will be offered to existing shareholders.

 

To ensure the success of the Offering, the Directors - Andrew Knight, Dr Ian Pardoe and Christopher Pate - and other investors have agreed to underwrite a proportion of the proposed offering. It is anticipated that the offering document will be posted on or around 29 May 2009 and the Offering is likely to remain open for 3 weeks. Full details of the Offering will be made available at this time and the document will include a full trading update.

 

Schering Plough

The pivotal studies examining the proprietary candidate vaccines against Koi Herpes Virus are progressing. The candidates, which have been formulated in different doses, together with proprietary and novel adjuvants, have been administered to fish in a sub-contract research facility. The fish will be subject to virus challenge in June (after a time to allow antibodies to develop), and the results from this should be available in July 2009. The Directors are pleased with the progress of this study so far.

 

Collaborations

The scientific team has made good progress in the production of engineered virus for the studies being carried out in conjunction with the Australian Centre for Vaccine Development and for the dog cancer collaboration with Colorado State University. Other potential vaccine targets are being examined and the appropriate patent filings will be made in due course.

 

Andrew Knight, Executive Chairman commented: 'We believe that the strategy to refocus the business combined with the potential sale of ICVT will provide long term benefits to the ongoing business. Many of our shareholders have indicated a desire to participate in fundings and we believe that the timing is right to present them with the opportunity of participating in this Share Offering.' 

 

 

---ENDS---

 

 

ENQUIRIES:

 

HENDERSON MORLEY PLC                                    0121 442 4600

Andrew Knight, Chairman            

BISHOPSGATE COMMUNICATIONS LTD                 0207 562 3350
(Public Relations)
              
Maxine Barnes
Nick Rome

BREWIN DOLPHIN INVESTMENT BANKING            0113 241 0126

(Nominated Adviser)

Neil Baldwin

 

HYBRIDAN LLP                                                    0203 159 5085

(Broker)  

Claire Noyce/Stephen Austin    

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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