Disposal, Strategic Update & Special Dividend


 

TIDMNIM 
 
RNS Number : 7220Q 
Norwood Immunology Ld 
17 April 2009 
 

Norwood Immunology Limited 
Completion of Bestewil Disposal, Strategic Update and Special Dividend 
 
Norwood is pleased to announce that completion of the sale of Bestewil to 
Mymetics has now occurred and the Company is now in receipt of funds in respect 
of the EUR5 million cash payment due on completion. 
 
 
The sale of Bestewil flowed from a decision by the Norwood Board to endeavour to 
convert assets into cash and focus the ongoing activities of the Company on 
revenue producing activities.  The non contingent consideration is EUR5 million 
cash on completion and EUR2.5 million in Mymetics 5% convertible loan notes, 
repayable with accrued interest 36 months from completion. In addition, further 
consideration and royalties could be receivable by the Company from 
Mymetics based on milestones being achieved in the business sold. 
 
 
Since the initial announcement of the proposed sale of Bestewil, the Board has 
continued to discuss the direction of the Company and the application of the 
proceeds from the sale of Bestewil.As an interim measure the Board has decided 
to pay a special interim dividend of 1p per ordinary share to Shareholders on 
the Company's register at 1 May 2009 (an amount in aggregate equivalent to EUR2.58 
million) on 8 May 2009. Thereafter, the Board plans to send to Shareholders 
proposals that will outline its recommendations for the future direction of the 
Company. These proposals may include a share buy-back, with an alternative of a 
special dividend. 
 
 
The Board expects to be in a position to circulate the proposals prior to 
31 May 2009, some of which are expected to require Shareholder approval in 
general meeting. 
 
 
Interim Accounts for the six months ended 31 December 2008 are in the course of 
preparation, and it is expected that these will be made available during May 
2009, prior to any proposals being circulated to Shareholders. 
 
 
Terms defined in the announcement by the Company dated 6 March 2009 have the 
same meaning in this announcement. 
Enquiries: 
 
 
+---------------------------------------+---------------------------------------+ 
| Norwood Immunology                    | +44 (0) 7860 295153                   | 
+---------------------------------------+---------------------------------------+ 
| Richard Williams, Chief Executive     |                                       | 
| Officer                               |                                       | 
+---------------------------------------+---------------------------------------+ 
|                                       |                                       | 
+---------------------------------------+---------------------------------------+ 
| KBC Peel Hunt Ltd (NOMAD & Broker)    | +44 (0) 20 7418 8900                  | 
+---------------------------------------+---------------------------------------+ 
| Capel Irwin                           |                                       | 
+---------------------------------------+---------------------------------------+ 
| David Anderson                        |                                       | 
+---------------------------------------+---------------------------------------+ 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCSFUFWMSUSEIL

Norwood Immunology (LSE:NIM)
과거 데이터 주식 차트
부터 4월(4) 2024 으로 5월(5) 2024