Innovata plc - response to press speculation
24 Nov 2005
Innovata plc - response to press speculation
The board of Innovata plc notes the recent press speculation and confirms that it is currently in early stage discussions with SkyePharma plc regarding a possible combination of the two companies.
It is emphasised that these discussions are preliminary in nature and there can be no certainty that a transaction will be concluded. A further announcement will be made as appropriate.
Contacts:
Financial Dynamics
Tel: 020 7831 3113
Sarah MacLeod
Code Securities Limited, which is regulated in the United Kingdom by The Financial Services Authority, is acting exclusively for Innovata plc in connection with the matters referred to in this announcement no-one else and will not be responsible to anyone other than Innovata plc for providing the protections afforded to customers of Code Securities Limited, nor for giving advice in relation to the matters referred to in this announcement.
For the purposes of Rule 2.10 of the City Code on Takeovers and Mergers, Innovata plc announces that, as at the date of this announcement, it has 502,638,496 ordinary shares of one pence each in issue. The International Securities Identification Number for the ordinary shares of Innovata plc is GB0005554703.
Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the City Code on Takeovers and Mergers (the "Code"), if any person is, or becomes, "interested" (directly or indirectly) in 1% or more of any class of "relevant securities" of Innovata plc or of SkyePharma plc, 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until the date on which the offer becomes, or is declared, unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends.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 Innovata plc or SkyePharma plc, 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 Innovata plc or of SkyePharma plc by Innovata plc or SkyePharma plc, 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 www.thetakeoverpanel.org.uk.
"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.
