Last checked at 25 Nov 2010 07:00
BEXIMCO PHARMACEUTICALS LTD.
25 November, 2010
Beximco Pharma announces change to GDR Programme
Beximco Pharmaceuticals Limited ("BPL" or "the Company"; AIM Symbol: BXP), the fast-growing manufacturer of generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids, today announces an important amendment in relation to the Company's Global Depositary Receipt ("GDR") programme and the Deposit Agreement between BPL and The Bank of New York Mellon (the "Depositary").
With effect from 1 October 2010, holders of BPL GDRs will no longer be liable for paying Depositary fees related to their holdings. From 1 January 2011, BPL will assume responsibility for paying the Depositary an annual fee for administrative, maintenance and all GDR programme-related expenses. The Depositary will not charge GDR holders or the Company any additional fees or expenses. In addition, the Depositary has agreed to waive any fee for the period from 1 October 2010 to 31 December 2010.
The change will be effective through to 31 December 2017 and will be automatically renewed thereafter on a year by year basis, unless terminated in writing by the Company.
In accordance with the original terms of the Depositary Agreement, the Depositary has assessed a fee for GDR holders for the period from 1 October 2009 to 30 September 2010. GDR holders will have already seen this charge, or will see it on their account shortly.
Nazmul Hassan, Managing Director of Beximco Pharmaceuticals Limited, said: "This successfully concludes a long negotiation, necessitated by conditions unforeseen at the time of our original admission to AIM. We have removed what had become a substantial cost from our GDR holders which demonstrates our commitment to our international shareholders and to AIM, by bringing our GDR programme into line with AIM best practice."
For further information please visit www.beximco-pharma.com or contact:
Beximco Pharma
Nazmul Hassan MP, Managing Director
Tel: +880 2 861 9151, ext.2080
Libertas Capital Corporate Finance
Nominated Adviser and Broker
Jakob Kinde / Anthony Rowland
Tel: +44 (0)20 7569 9650
Financial Dynamics
Jonathan Birt / Susan Quigley
Tel: +44 (0)20 7269 7169
Notes to Editors
About Beximco Pharmaceuticals Limited
Founded in 1976 and based in Dhaka, Bangladesh, BPL manufactures and sells generic pharmaceutical formulation products, active pharmaceutical ingredients and intravenous fluids. The Company also manufactures and markets its own branded generics for almost all diseases. The Company also undertakes contract manufacturing for multinational pharmaceutical companies. The Company operates from a 20 acre site in Dhaka and currently employs over 2,400 staff.
The Company's products are sold to retail outlets, medical institutions and other pharmaceutical manufacturers in Bangladesh, in regional markets such as Sri Lanka, Nepal, Bhutan, Vietnam, Cambodia and Myanmar and in other markets overseas, principally in East Africa, Pacific Island and Central American countries and South East Asia, including Singapore and Hong Kong.
In July, BPL reported net sales up 28% in the six months ended 30 June 2010 to Bangladesh Taka ("BDT") 2,968.7m (approx. £27.3m), with profit before tax up 83% to BDT679.3m (approx. £6.4m).