Aptitude Regulatory News (APTD)

microgen

www.microgen.com

20 May 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. THIS IS AN ANNOUNCEMENT FALLING UNDER RULE 2.4 OF THE CITY CODE ON TAKEOVERS AND MERGERS (THE "CODE") AND DOES NOT CONSTITUTE AN ANNOUNCEMENT OF A FIRM INTENTION TO MAKE AN OFFER UNDER RULE 2.7 OF THE CODE. THERE CAN BE NO CERTAINTY THAT ANY FIRM OFFER WILL BE MADE

FURTHER STATEMENT REGARDING ELEKTRON TECHNOLOGY PLC

Further to the earlier statement today by Microgen plc ("Microgen") in respect of Elektron Technology plc ("Elektron"), Microgen states that it is a potential offeror for Elektron.

Accordingly, in accordance with Rule 2.6(a) of the Code Microgen must by not later than 5pm on the 17 June 2014, or by not later than any extended deadline, either announce a firm intention to make an offer for Elektron in accordance with Rule 2.7 of the Code or announce that it does not intend to make an offer, in which case the announcement will be treated as a statement to which Rule 2.8 of the Code applies. This deadline will only be extended with the consent of the Takeover Panel (the "Panel") in accordance with Rule 2.5(c) of the Code.

This announcement does not amount to an announcement of a firm intention to make an offer and there can be no certainty that an offer will be made. Further there can be no certainty that any proposal set out in Microgen's earlier announcement will be pursued or made by Microgen and there may be other pre-conditions or requirements to be satisfied before any proposal could be advanced.

Contacts

Martyn Ratcliffe, Chairman 020-7496-8100

Philip Wood, Group Finance Director

Lucy Delaney, FTI Consulting 020-3727-1131

Rowena Murray, Investec Bank plc 020-7597-4000

Investec Bank plc ("Investec"), which is authorised by the Prudential Regulation Authority and regulated in the United Kingdom by the Prudential Regulation Authority and the Financial Conduct Authority, is acting exclusively for Microgen and no one else in relation to this announcement, and will not regard any other person as a client in relation to this announcement and will not be responsible to anyone other than Microgen for providing the protections afforded to its clients, not for providing advice in relation to this announcement or any matter or arrangement referred to herein.

Forward-Looking Statements

This announcement contains certain forward-looking statements with respect to the financial condition, results of operations and business of Microgen and the possible combined businesses of Elektron and Microgen and certain plans and objectives of Microgen with respect thereto, including the expected benefits of a potential combination as well as whether a potential combination will be pursued. These forward-looking statements can be identified by the fact that they do not relate only to historical or current facts. Forward-looking statements often use future dates or words such as "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "hope", "aim", "continue", "will", "may", "would", "could" or "should" or other words of similar meaning or the negative thereof. There are several factors which could cause actual plans and results to differ materially from those expressed or implied in forward-looking statements. Such factors include, but are not limited to, the possibility that a possible transaction will not be pursued or will be pursued on different terms and conditions. The factors described in the context of such forward-looking statements in this announcement could cause Microgen's proposed plans with respect to Elektron, actual results, performance or achievements, industry results and developments to differ materially from those expressed in or implied by such forward-looking statements. Although it is believed that the expectations reflected in such forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct and persons reading this announcement are therefore cautioned not to place undue reliance on these forward-looking statements which speak only as at the date of this announcement. Microgen assumes no obligation to update or revise the information contained in this announcement (whether as a result of new information, future events or otherwise), except as required by applicable law.

This announcement does not constitute an offer to sell or an invitation to purchase or subscribe for any securities in either Microgen or Elektron or any solicitation or an offer to buy or subscribe for any such securities.

Disclosure requirements of the Takeover Code (the "Code")

Under Rule 8.3(a) of the Code, any person who is interested in 1% or more of any class of relevant securities of an offeree company or of any securities exchange offeror (being any offeror other than an offeror in respect of which it has been announced that its offer is, or is likely to be, solely in cash) must make an Opening Position Disclosure following the commencement of the offer period and, if later, following the announcement in which any securities exchange offeror is first identified. An Opening Position Disclosure must contain details of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror(s). An Opening Position Disclosure by a person to whom Rule 8.3(a) applies must be made by no later than 3.30 pm (London time) on the 10th business day following the commencement of the offer period and, if appropriate, by no later than 3.30 pm (London time) on the 10th business day following the announcement in which any securities exchange offeror is first identified. Relevant persons who deal in the relevant securities of the offeree company or of a securities exchange offeror prior to the deadline for making an Opening Position Disclosure must instead make a Dealing Disclosure.

Under Rule 8.3(b) of the Code, any person who is, or becomes, interested in 1% or more of any class of relevant securities of the offeree company or of any securities exchange offeror must make a Dealing Disclosure if the person deals in any relevant securities of the offeree company or of any securities exchange offeror. A Dealing Disclosure must contain details of the dealing concerned and of the person's interests and short positions in, and rights to subscribe for, any relevant securities of each of (i) the offeree company and (ii) any securities exchange offeror, save to the extent that these details have previously been disclosed under Rule 8. A Dealing Disclosure by a person to whom Rule 8.3(b) applies must be made by no later than 3.30 pm (London time) on the business day following the date of the relevant dealing.

Disclosures are therefore required in the shares of Elektron and Microgen.

If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire or control an interest in relevant securities of an offeree company or a securities exchange offeror, they will be deemed to be a single person for the purpose of Rule 8.3.

Opening Position Disclosures must also be made by the offeree company and by any offeror and Dealing Disclosures must also be made by the offeree company, by any offeror and by any persons acting in concert with any of them (see Rules 8.1, 8.2 and 8.4).

Details of the offeree and offeror companies in respect of whose relevant securities Opening Position Disclosures and Dealing Disclosures must be made can be found in the Disclosure Table on the Takeover Panel's website at www.thetakeoverpanel.org.uk, including details of the number of relevant securities in issue, when the offer period commenced and when any offeror was first identified. You should contact the Panel's Market Surveillance Unit on +44 (0)20 7638 0129 if you are in any doubt as to whether you are required to make an Opening Position Disclosure or a Dealing Disclosure.

Rule 2.10

In accordance with Rule 2.10 of the Takeover Code, Microgen confirms that it has 74,559,419 ordinary shares of 5 pence each in issue. The ISIN reference for these securities is GB0005869531.

Publication on website

In accordance with Rule 30.4 of the Code, a copy of this announcement will be available on Microgen's website: www.microgen.com by no later than 12 noon on 21 May. Neither the contents of Company's website, nor the contents of any other website accessible from hyperlinks on Microgen's website, is incorporated into or forms part of this announcement.