IN BRIEF: InnovaDerma merger with Brand Architekts takes effect

InnovaDerma PLC - London-based developer of beauty, personal care and life science products - Merges with Brand Architekts Group PLC, following approval from the High Court of Justice in England and Wales last Friday. Enlarged firm is named Brand Architekts Group PLC. InnovaDerma shares are suspended and will be cancelled on Wednesday. Under the merger, InnovaDerma shareholders will receive 7 pence in cash and 0.3818 of a Brand Architekts share for each InnovaDerma share held.

Based on Brand Architekts's closing price of 106.5p per share at March 29, when the announcement was first made, the merger values each InnovaDerma share at 47.7p and the entire company at GBP13.6 million. This represents a 70% premium to InnovaDerma's closing price of 28 pence per share at March 29. However, the sharp decline in Brand Architekts shares since the day following the announcement of the merger has reduced the value of the offer considerably.

Current Brand Architekts stock price: 65.60 pence

12-month change: down 60%

Current InnovaDerma stock price: 28.66 pence, suspended

12-month change: down 23%

By Tom Budszus; tombudszus@alliancenews.com

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