Ixico Regulatory News (IXI)

15 Dec 2009 15:12

Correction to the Form of Proxy for Holders of Ordinary Shares, Form of Direction - Share Incentive Plan 2007 and Form of Direction to Exercise Voting Rights - General Meeting, each dated 3 December 2009

Phytopharm plc (the "Company")

In the summaries of the resolutions to be voted on at the general meeting of the Company at 11.00am on 29 December 2009 at the offices of KBC Peel Hunt Ltd, 111 Old Broad Street, London EC2N 1PH, it has been noted that in the Form of Proxy for Holders of Ordinary Shares, Form of Direction - Share Incentive Plan 2007 and Form of Direction to Exercise Voting Rights - General Meeting dated 3 December 2009 (the "Forms"), the summary of resolution 2 refers to shares being issued to an aggregate nominal value of £25,212,904.20 rather than £2,521,290.42; and the summary of resolution 4 refers to a subscription price of £0.01 rather than £0.10.  All other details in the Forms and all details in the notice of general meeting remain unchanged. 

The full text of each of these amended resolution summaries is set out below: "2.  To authorise the Directors for the purposes of section 551 of the Act to exercise all the powers of the Company to allot and grant rights to subscribe for or to convert securities into shares of the Company up to an aggregate nominal amount of £2,521,290.42 pursuant to or in connection with the Placing and Open Offer." "4. To approve the issue of Ordinary Shares pursuant to the Placing and Open Offer at a subscription price of £0.10 each (representing a discount of approximately 33.3 per cent. to the closing middle market price for an Ordinary Share for the business day immediately preceding the date on which the Company announced such price)."

Notes:

Phytopharm is listed on the Official List of the London Stock Exchange. Further information on Phytopharm is available from the Company's website www.phytopharm.com.

KBC Peel Hunt Ltd, which is regulated by the FSA, is acting as Sponsor, Broker and Underwriter for the Company and is not acting for any other person and will not be responsible to any other person for providing the protections afforded to clients of KBC Peel Hunt Ltd or for providing advice in relation to the Placing and Open Offer, Admission or any other arrangements referred to herein.

This announcement has been issued by, and is the sole responsibility of, Phytopharm. Apart from the responsibilities and liabilities, if any, which may be imposed by FSMA, KBC Peel Hunt Ltd nor any of its affiliates, parent undertakings, subsidiary undertakings or subsidiaries of its parent undertakings or any of its respective directors, officers, employees or advisers or any other person accepts any responsibility whatsoever and makes no representation or warranty, express or implied, for or in respect of the contents of this announcement or as to the accuracy or completeness or fairness of the information or opinions contained in this announcement and, without prejudice to the generality of the foregoing, no responsibility or liability is accepted by any of them for any such information or opinions or for any errors or omissions. 

This announcement does not constitute an offer to sell or an invitation or solicitation to purchase or subscribe for any securities. The Placing and Open Offer will be made solely by the Prospectus which will contain the full terms and conditions of the Placing and Open Offer, including details of how the Placing and Open Offer may be accepted. Any acceptance or other response in relation to the Placing and Open Offer should be made only on the basis of the information contained in the Prospectus.

Any New Ordinary Shares issued or to be issued pursuant to the Prospectus have not been and will not be registered under the US Securities Act, or any relevant securities laws of any state of the United States. Subject to certain exceptions, such New Ordinary Shares may not be offered, sold or delivered in the United States or to or for the account or benefit of U.S. persons, as such terms are defined in Regulation S under the US Securities Act.

Definitions:

The following definitions apply throughout this announcement, unless the context requires otherwise:

All references to "pounds", "pounds sterling", "Sterling", "£", "pence", "penny" and "p" are to the lawful currency of the United Kingdom.