(Adds details on share consolidation, placing, name change)
LONDON (Thomson Financial) - Specialist hospital medicines group Maelor PLC
said it expects its full-year results to be ahead of expectations on continuing
strong trading as it announced the acquisition of Speciality European Pharma
International AG (SEPI AG) for up to 14.25 mln stg cash.
The Swiss-based pharmaceutical company is being acquired for an initial 9.25
mln stg cash and up to a further 5 mln stg in deferred amount, conditional on
SEPI meeting certain regulatory criteria and sales targets.
Maelor also said it is planning a 1-for-7 share consolidation, with effect
from April 22, and is proposing to raise 10.0 mln stg before expenses by placing
13.0 mln shares at 77 pence each to satisfy the cash component of the
acquisition.
SEPI, a unit of Speciality European Pharma Ltd, is a specialist hospital
business with a proforma EBITDA of about 0.9 mln stg for the year ended December
2007, Maelor said.
Maelor added it intends to change its name to IS Pharma following the
acquisition, as well as adopt new articles and reduce its capital, all of which
require approval from Shareholders at a general meeting.
The company added it has agreed a revolving credit facility of up to 8 mln
stg, which may be used towards financing part of the SEPI buy and any potential
future acquisitions.
At 9.11 am, shares were down 0-1/4 at 13.75 pence.
tf.TFN-Europe_newsdesk@thomson.com
tsm/rfw/tsm/vlb
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