Investment in IntegriSys Ltd

Date : 06/06/2001 @ 3:01AM
Source : UK Regulatory (RNS and others)
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Investment in IntegriSys Ltd

RNS Number:7623E World Life Sciences PLC 6 June 2001

World Life Sciences plc ("WLS")

Acquisition of 6,000 B Ordinary Shares of 1p in IntegriSys Limited from Billam plc

WLS has today acquired 6,000 B Ordinary Shares of 1p in IntegriSys Limited ("IntegriSis"), representing 4% of the issued share capital of IntegriSys, from Billam plc ("Billam") at a price of #83.33 per share. The consideration for the acquisition is #499,980, payable in cash, valuing IntegriSys at #12.5 million. Prior to this transaction WLS had no interest in IntegriSys.

Billam will retain approximately 2.77% shareholding in IntegriSys Limited.

Billam and another existing shareholder of IntegriSis, MTI, a venture capital fund, will at the same time be increasing their investment in IntegriSys by a further #606,000, also at a price of #83.33.

IntegriSys offers a biomedical information delivery structure. It supplies information to doctor's computer screens from medical databases and other sources. Using internet push technology it can deliver data and provide an audit trail. For the 12 months to 30 April 2001, the end of the product development stage, the unaudited management accounts show IntergriSys made a pre-tax loss of #1,214,186 and had net liabilities of #256,377, having written-off all development costs.

The acquisition of the shares from Billam plc is classified as a related party transaction under the AIM rules. The independent director of WLS considers that, having consulted with Seymour Pierce Limited, the terms of the transaction are fair and reasonable insofar as shareholders of WLS are concerned.

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