PVG.L Regulatory News (PVG)

19 May 2006 15:13

Ark Therapeutics Group PLC19 May 2006 19 May 2006 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO ORFROM THE UNITED STATES, CANADA, AUSTRALIA OR JAPAN Ark Therapeutics Group plc Result of Placing and Open Offer Ark Therapeutics Group plc (LSE: AKT) ("Ark" or the "Company") announces that by11.00 a.m. on 19 May 2006 (today), being the latest time for receipt ofapplication forms and payment in full or settlement of CREST instructions underthe Open Offer announced on 27 April 2006, valid applications had been receivedfrom Qualifying Shareholders in respect of 16,816,800 New Ordinary Shares,representing 52.76 per cent. of the 31,874,514 New Ordinary Shares availableunder the Open Offer. This amount includes 24,000 New Ordinary Shares thesubject of an irrevocable commitment to accept the Open Offer entered into byDennis Turner, Chairman of the Company. A further 7,020,911 New Ordinary Shareswhich certain Qualifying Shareholders had irrevocably undertaken not to take upunder the terms of the Open Offer were conditionally placed firm by PiperJaffray and Credit Suisse. Accordingly, a total of 23,837,711 New OrdinaryShares (being 74.79 per cent. of the New Ordinary Shares available under theOpen Offer) were either placed firm by Piper Jaffray and Credit Suisse or werethe subject of valid applications from Qualifying Shareholders. Therefore the balance of 8,036,803 New Ordinary Shares not applied for byQualifying Shareholders under the Open Offer or placed firm by Piper Jaffray andCredit Suisse will be taken up by institutional investors under the Placingpursuant to the Placing Agreement. The New Ordinary Shares to be issued pursuant to the Placing and Open Offer willrank in full for all dividends and other distributions declared, made or paid onthe existing Ordinary Shares after Admission and otherwise pari passu with theexisting Ordinary Shares in all respects. The Placing and Open Offer remains conditional upon, inter alia, admission ofthe New Ordinary Shares to the Official List and to trading on the London StockExchange's market for listed securities. Application has been made to the FSAfor the New Ordinary Shares to be admitted to the Official List and to theLondon Stock Exchange for the New Ordinary Shares be admitted to trading on theLondon Stock Exchange's market for listed securities. It is expected thatAdmission will become effective and dealings in the New Ordinary Shares willcommence at 8.00 a.m. on 22 May 2006. The placing of 2,600,000 existing Ordinary Shares at the Issue Price on behalfof the Selling Shareholders which was announced on the same day as the OpenOffer is also expected to complete on Admission. Terms defined in the Company's prospectus dated 27 April 2006 (the "Prospectus")have the same meaning in this announcement. A copy of the Prospectus has beensubmitted to the UKLA, and is available for inspection at the Document ViewingFacility, which is situated at: Financial Services Authority, 25 The NorthColonnade, Canary Wharf, London E14 5HS, Tel no: 020 7676 1000. - ends - Enquiries: Ark Therapeutics Group plc Tel: 020 7388 7722Dr. Nigel Parker, Chief Executive OfficerMartyn Williams, Chief Financial Officer Piper Jaffray Ltd. Tel: 020 7743 8700Jamie Adams Credit Suisse Securities (Europe) Limited Tel: 020 7888 8888Paul Nicholls Financial Dynamics Tel: 020 7831 3113David YatesAnna Keeble Piper Jaffray Ltd., which is authorised and regulated in the United Kingdom bythe Financial Services Authority and is a member of the London Stock Exchange,is acting for the Company and no-one else in connection with the Placing andOpen Offer and will not be responsible to anyone other than the Company forproviding the protections afforded to its customers or for providing advice inrelation to the Placing and Open Offer or any other matter referred to herein. Credit Suisse Securities (Europe) Limited which is authorised and regulated inthe United Kingdom by the Financial Services Authority and is a member of theLondon Stock Exchange, is acting for the Company and no-one else in connectionwith the Placing and Open Offer and will not be responsible to anyone other thanthe Company for providing the protections afforded to its customers or forproviding advice in relation to the Placing and Open Offer or for any othermatter referred to herein. This announcement has been issued by Ark Therapeutics Group plc and is the soleresponsibility of Ark Therapeutics Group plc. This announcement does notconstitute, or form part of, an offer or solicitation of an offer, to purchaseor subscribe for, underwrite or otherwise acquire, any rights, shares or othersecurities. Information on the Company Ark is a specialist healthcare group (the "Group"), addressing high value areasof clear unmet medical need. With one marketed product, Kerraboot(R), and threefurther lead products in late stage clinical development: VitorTM, CereproTM andTrinam(R), the Group is transitioning from an R&D focused company to acommercial, revenue generating business. Capitalising on over ten years ofresearch in vascular biology and gene-based medicine, Ark has a broad productportfolio targeted at specific unmet clinical needs within vascular disease,wound care and cancer. These are large and growing markets, where opportunitiesexist for effective new products to generate significant revenues. CereproTM ison track to becoming one of the world's first commercially available gene-basedmedicines. This announcement includes "forward-looking statements" which include allstatements other than statements of historical facts, including, withoutlimitation, those regarding the Group's financial position, business strategy,plans and objectives of management for future operations (including developmentplans and objectives relating to the Group's products and services), and anystatements preceded by, followed by or that include forward-looking terminologysuch as the words "targets", "believes", "estimates", "expects", "aims","intends", "will", "can", "may", "anticipates", "would", "should", "could" orsimilar expressions or the negative thereof. Such forward-looking statementsinvolve known and unknown risks, uncertainties and other important factorsbeyond the Group's control that could cause the actual results, performance orachievements of the Group to be materially different from future results,performance or achievements expressed or implied by such forward-lookingstatements. Such forward-looking statements are based on numerous assumptionsregarding the Group's present and future business strategies and the environmentin which the Group will operate in the future. Among the important factors thatcould cause the Group's actual results, performance or achievements to differmaterially from those in forward-looking statements include those relating toArk's funding requirements, regulatory approvals, clinical trials, reliance onthird parties, intellectual property, key personnel and other factors. Theseforward-looking statements speak only as at the date of this announcement. TheGroup expressly disclaims any obligation or undertaking to disseminate anyupdates or revisions to any forward-looking statements contained in thisannouncement to reflect any change in the Group's expectations with regardthereto or any change in events, conditions or circumstances on which any suchstatements are based. As a result of these factors, readers are cautioned not torely on any forward-looking statement. This information is provided by RNS The company news service from the London Stock Exchange