Aura Renew Acq Regulatory News (ARA)

27 Mar 2008 07:02

Ardana PLC27 March 2008 Ardana plc UPDATE ON THE PROPOSED SALE OR MERGER OF THE COMPANY Edinburgh, UK, 27 March 2008 - Ardana plc ("Ardana" or the "Company") (LSE:ARA)the pharmaceutical company specialising in improving human reproductive health,today provides an update to shareholders on developments in relation to theproposed sale or merger of the Company (the "Process"), as announced on 19February 2008. Since the announcement, the Company has held discussions with a significantnumber of interested parties. Even at this early stage, the Company can confirmthat it has received a number of approaches which may or may not lead to anoffer for the Company. It is the Board's intention to ensure that all interestedparties are brought rapidly to the same point in the Process, such that theBoard will be in a position to compare all potential offers equitably. In addition, the Process has generated significant interest in potentiallicensing opportunities for one or more of the Company's products. The Board isprogressing these licensing discussions in parallel with the Process, to ensurethat the Company is in a position to maximise shareholder value at theappropriate time. However, the Board will only pursue a licensing transaction ifit does not negatively affect the value of the Company in the view of potentialacquirers. Given the level of interest in the Company and its products generated by theProcess to date, the Board sees no reason for the significant fall in shareprice since the announcement on 19 February 2008. A further update will be provided to shareholders in due course. For more information contact: Ardana plc Financial Dynamics Dr. Huw Jones - Chief Executive Officer Julia Phillips Graham Lee - Chief Financial Officer Emma Thompson Tel: + 44 (0) 131 226 8550 Tel: +44 (0)20 7831 3113 Piper Jaffray Ltd. Neil Mackison James Steel Tel: +44 (0)20 3142 8700 For further information please see www.ardana.co.uk This information is provided by RNS The company news service from the London Stock Exchange