Update on Merger Discussions
24 6월 2009 - 11:23PM
UK Regulatory
TIDMYRK
RNS Number : 4455U
York Pharma plc
24 June 2009
York Pharma plc
("York" or the "Company")
Update on merger discussions
The Board of York today announces that the discussions between the Company and
ULURU Inc. ("ULURU") concerning a proposed offer ("the Offer") by ULURU for the
Company under the Takeover Code on the proposed terms indicated in the joint
announcement on 7 April 2009 have been terminated.
On 7 April 2009, York and ULURU also confirmed that Uluru had made available to
York a $1 million short term secured line of credit, necessary to allow the
Company to continue trading through the period needed to complete any formal
offer for the Company under the Takeover Code. ULURU has given notice to the
Company for the repayment, within 30 days, of the $1 million line of credit
(together with accrued interest) previously advanced to the Company by ULURU.
York is now actively pursuing alternative funding facilities in order to repay
the line of credit within 30 days and to meet its ongoing working capital
requirements. If the Company's fund raising efforts are unsuccessful, this will
have a material adverse effect on the Company's financial position and
operations. The Company will provide a further update as and when appropriate.
The Board of York understands that ULURU continues to consider its position with
respect to the Company and a further announcement will be made as and when
appropriate.
For more information please contact:
+---------------------------------------+----------------------------+
| York Pharma plc | Tel: +44 (0) 1908 764020 |
| Richard Anderson, Chief Executive | |
| Officer | |
| Ian Miscampbell, Chief Financial | |
| Officer | |
| | |
+---------------------------------------+----------------------------+
| Collins Stewart Europe Limited | Tel: +44 (0) 207 523 8350 |
| Hugh Field / Adam Cowen | |
| | |
+---------------------------------------+----------------------------+
| Financial Dynamics | Tel: +44 (0) 207 831 3113 |
| Ben Brewerton / Emma Thompson | |
| | |
+---------------------------------------+----------------------------+
Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as Nominated Advisor and
broker to York Pharma plc and will not be responsible to anyone other than York
Pharma plc for providing the protections afforded to clients of Collins Stewart
Europe Limited nor for providing advice in connection with any other matter
referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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