Tuesday 10 January 2001, London, UK…t the EGM held
today, each of the special resolutions put to shareholders to approve
the Tender Offer was passed. Under the terms of the Tender Offer, shareholders
could tender up to their entire shareholding, although such tenders
would only be satisfied, on a pro rata basis, to the extent that other
shareholders tendered less than 50% of their shareholding.
Based on the net asset value per share at the
close of business on 8 January 2001, the repurchase price is 280.89
pence per share. As the total number of shares tendered (43,372,044
shares representing 47.15% of the Company's issued share capital) is
less than the maximum under the Tender Offer, all shares tendered will
be purchased.
The Company has sufficient distributable reserves to meet the cost of
the Tender Offer and therefore a Court sanction of the Tender Offer
will not be required. It is expected that CREST accounts will be credited,
and cheques will be posted, in settlement of tendered shares on 12 January
2001.
Following settlement under the Tender Offer, and based on the net assets
of 8 January 2001, and applying BVCA discounts where appropriate, the
Company will have net assets of £137.8 million and have 48,615,467 ordinary
shares in issue, equating to a net asset value of 283.48 pence per share.
Jock Green Armytage, Chairman, commented as follows:
"I am pleased to say that, while shares representing 47.15% of the issued
share capital of the company were tendered, a very high majority of
shareholders in the Company by number tendered no shares or only a minority
of their shareholding. Your Board regards this as an endorsement of
the policy of the Company and a reflection of most shareholders' belief
in the potential of the Company's continued investment opportunity in
the global biotechnology sector, under our new investment advisors,
Schroder Ventures Life Sciences."
Enquiries:
Melville
Trimble 020 7772 1462
Merrill
Lynch International
John
Spedding 020 7658 3206
Schroder
Investment Management
Jodie
Van Elst 020 7421 7070
Schroder
Ventures Life Sciences