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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