Last checked at 21 Nov 2008 07:00
21 November 2008
Microgen plc: Result of Tender Offer
Microgen plc ("Microgen" or "the Company") announces the result of the Tender Offer referred to in the circular to shareholders of the Company dated 31 October 2008. In accordance with the published timetable, the offer closed at 1.00pm on 19 November 2008 following shareholder approval at a General Meeting of the Company held on the same day. The Strike Price for Ordinary Shares tendered, calculated in accordance with the procedure set out in the circular, is 49 pence per share. All valid tenders submitted as strike price tenders or at prices at 49 pence or below have been accepted in full. All Ordinary Shares tendered above the Strike Price will not be purchased under the Tender Offer. Microgen shareholders will be notified individually of the result of their tenders. Following the Tender Offer, 16,079,584 Microgen shares (representing approximately 15.6 per cent of the issued share capital of Microgen) will be repurchased at a total cost payable by the Company, before expenses, of approximately £7.9 million. All Microgen shares repurchased pursuant to the Tender Offer will be cancelled. Following such cancellation, the number of Microgen shares in issue is expected to be 86,830,192. It is expected that proceeds in respect of Microgen shares repurchased pursuant to the Tender Offer will be despatched by cheque or credited to CREST accounts, as appropriate, by 26 November 2008. 494,207 Microgen shares were tendered above the Strike Price and will not be purchased under the Tender Offer. Share certificates for these unsuccessfully tendered Ordinary Shares will be returned by 26 November 2008. Full details of the Tender Offer to purchase Microgen shares up to a maximum value of £8 million and the introduction of the new management incentive scheme were set out in the circular to shareholders dated 31 October 2008. Terms used in this announcement have the same meaning as those in the circular. Enquiries:
Philip Wood, Group Finance Director 01252-772300
Rowena Murray, Investec 020-7597-4000
Investec Investment Banking, which is regulated for designated investment business in the UK by the Financial Services Authority, is acting for Microgen plc and no one else in connection with the Tender Offer and will not be responsible to anyone other than Microgen plc for providing the protections afforded to customers of Investec Investment Banking Ltd or for providing advice in relation thereto or for advising any such person on the contents of this document or any transaction or agreement referred to herein. Overseas Shareholders should inform themselves about and observe any applicable legal or regulatory requirements. If they are in any doubt about their position, they should consult their professional advisor in the relevant territory.