Malin Corp PLC - Dublin-based investor in life sciences companies - Holders of A shares whose demand that they be converted into ordinary shares was rejected by the company file an action in Irish High Court. The action seeks to prevent capital returns to ordinary shareholders pending the conversion. Malin says the board "will take all necessary steps to vigorously defend the company and shareholders" against the proceedings. "The company remains intent on initiating a significant return of capital to its shareholders by means of a tender offer before the end of 2021."
Last week, Malin said it had received and rejected a notice to convert A shares into a 6.2% stake of ordinary shares. Conversion notice was received from its founders, who are members of a Brandon Point Industries group company. The conversion notice was for 2.9 million A shares, 88% of the 3.3 million issued to the founders. Malin said the founders claimed that the EUR68.1 million sale of Malin's 65% stake in Altan Pharma, completed at the start of this month, constitutes a change of control event, allowing the conversion.
Current stock price: EUR6.90
Year-to-date change: up 68%
By Tom Waite; thomaslwaite@alliancenews.com
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