Celadon Pharmaceuticals Regulatory News (CEL)

28 Jun 2005 07:01

Celsis International PLC28 June 2005 28 June 2005 Celsis International plc ("Celsis" or the "Company") Proposed Consolidation of Share Capital Celsis International plc, the microbial contamination and analytical servicesgroup, today announces that at the Company's Annual General Meeting to be heldon 26 July 2005, shareholders will be asked to consider and pass a resolution toconsolidate the existing ordinary shares of 1p each on the basis of one newordinary share of 5p each for every five existing ordinary shares (the "Consolidation"). Further details of the proposed Consolidation are contained in the Directors' report section of the Report and Accounts, which is being posted to shareholders today. The Directors believe that the current price at which the Company's shares aretraded is a barrier to attracting new investors, especially in the US, and theability of the Company to make acquisitions for shares should it wish to do so.As one example, the US NASDAQ Stock Market will in certain circumstances de-lista company's shares if they trade below $1.00 for more than a certain period. TheDirectors also believe that the Consolidation should lead to a reduction in thebid-offer spread and an improvement in the liquidity of the Company's shares. Shareholders with a holding which is not exactly divisible by five will, inaccordance with the discretion given in Article 8 of the Company's articles ofassociation, have their holding rounded down to the nearest whole number of newordinary shares following the Consolidation. Fractional entitlements will besold in the market and the proceeds will be retained for the benefit of theCompany. Application will be made to the UKLA for the cancellation of the existingordinary shares and admission of the new ordinary shares (i) to the OfficialList in accordance with the Listing Rules issued by the UK Listing Authority,and (ii) to trading on the London Stock Exchange's market for listed securities.Admission of the new ordinary shares is expected to become effective onTuesday, 30 August 2005. Jay LeCoque, CEO of Celsis, commented: "We believe the proposed consolidationbeing announced today should assist in improving the attractiveness andliquidity of Celsis shares, through a combination of an increased price pershare and a reduction in the bid / offer spread." Enquires: Celsis International plc Tel: 01638 600 151Jay LeCoque, Chief Executive OfficerChristian Madrolle, Finance Director Financial Dynamics Tel: 0207 831 3113David Yates / Lucy Briggs Celsis International plc Celsis International plc is a microbial detection and analytical servicescompany operating through two divisions, the Product Group and the LaboratoryGroup. Using its proprietary enzyme technology, the Product Group is the world leaderin the provision of diagnostic systems for the rapid detection of microbialcontamination. It works in close collaboration with many of the world's leadingpharmaceutical, personal care and beverage companies, ensuring the safety andquality of products bound for consumers. The Laboratory Group providesoutsourced analytical testing services to pharmaceutical companies to ensure thestability and chemical composition of their products. In addition to ensuring product quality and safety for consumers, both divisionshave the capacity to deliver substantial cost savings to Celsis' customers. Byreducing the time it takes to test and release raw materials and finished goodsto the market place, Celsis' products facilitate increased manufacturingproductivity and improved supply chain management. Celsis International plc is listed on the London Stock Exchange (CEL.L).Further information can be found on the Company's website at www.celsis.com. This information is provided by RNS The company news service from the London Stock Exchange