Acquisition of Innovata plc becomes effective
18 Jan 2007
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Vectura Group plc – Re. Acquisition of Innovata plc Vectura Group plc
("Vectura") and Innovata plc ("Innovata")
Recommended offer for Innovata by Vectura
Scheme of Arrangement becomes effective
The boards of Vectura and Innovata are pleased to announce that following the approval by the Court of the Scheme of Arrangement required to effect the Acquisition of Innovata by Vectura and the satisfaction or waiver of all remaining conditions, the Scheme of Arrangement has become effective and the Acquisition has now been completed.
As a result of the acquisition, 143,824,813 New Vectura Shares have been issued to former Innovata Shareholders. As of today, 314,197,226 ordinary shares of 0.025 pence each in the capital of Vectura are in issue.
Dealings in the New Vectura Shares issued to Innovata Shareholders pursuant to the Scheme are expected to commence at 8:00 a.m. today. The last day of dealings in Innovata Shares was 17 January 2007 and the Innovata Shares will be delisted at 8:00 a.m. today.
Any Innovata Shareholder who has any queries in relation to the above should contact their financial adviser or Innovata's registrars, Capita Registrars (Tel: 0870 1623121).
The board of Vectura also announces that the appointment of Dr Susan Foden as a Non-Executive Director of Vectura took effect as of today upon the Acquisition becoming effective.
Details of the above director are contained in the Admission Document which was sent to Vectura Shareholders and to Innovata Shareholders on 24 November 2006.
Commenting on the completion of the Acquisition, Jack Cashman, Chairman of Vectura, said:
"Today sees the creation of a company with a strong pipeline, a broad technology base and a skilled and committed workforce, that intends to build on the significant achievements of its predecessors. Vectura looks forward to the opportunities and challenges of being a major player in pulmonary product development and in strengthening its franchises in respiratory and neurology."
Terms used in this announcement shall have the same meaning as in the Admission Document which was sent to Vectura Shareholders and Innovata Shareholders on 24 November 2006.
Enquiries:
Vectura Group plc Tel: 01249 667 700
Chris Blackwell, Chief Executive
Anne Hyland, Chief Financial Officer
Piper Jaffray Ltd (Nominated Adviser and broker to Vectura)
Tel: 020 7743 8700
David Rasouly
Will Carnwath
Nomura Code Securities Ltd (Financial Adviser and broker to Innovata) Tel: 020 7776 1200
Richard Potts
Claire Davis
Financial Dynamics Tel: 020 7269 7156
David Yates
Anna Keeble
Piper Jaffray, which is authorised and regulated in the UK by the Financial Services Authority, is acting as Nominated Adviser and broker to Vectura in connection with the Proposal and no-one else and will not be responsible to anyone other than Vectura for providing the protections afforded to clients of Piper Jaffray nor for providing advice in relation to the Proposal nor any other matter referred to in this announcement.
Nomura Code, which is authorised and regulated in the UK by the Financial Services Authority, is acting as Financial Adviser and broker to Innovata in connection with the Proposal and no-one else and will not be responsible to anyone other than Innovata for providing the protections afforded to clients of Nomura Code nor for providing advice in relation to the Proposal nor any other matter referred to in this announcement.
