Acquisition of Innovata plc - Approval of Scheme of Arrangement by the Court
15 Jan 2007
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Vectura Group plc – Re. Acquisition of Innovata plc
Vectura Group plc ("Vectura") and Innovata plc ("Innovata")
Recommended offer for Innovata by Vectura
Approval of Scheme of Arrangement by the Court
Chippenham, UK 15 January 2007 : The boards of Vectura and Innovata are pleased to announce that, at a Court Hearing held earlier today, the Court sanctioned the Scheme of Arrangement and confirmed the related Reduction of Capital comprised within the Scheme. The Scheme is expected to become effective and the Acquisition of Innovata completed on registration of the Reduction of Capital by the Registrar of Companies and delivery to him of an office copy of the Court Order. This is now expected to take place on 17 January 2007.
Dealings in the New Vectura Shares issued to Innovata Shareholders pursuant to the Scheme are therefore expected to commence at 8:00 a.m. on 18 January 2007. 17 January 2007 will be the last day of dealings in Innovata Shares and it is expected that the Innovata Shares will be delisted at 8:00 a.m. on 18 January 2007.
It is expected that certificates in respect of the New Vectura Shares will be dispatched no later than 30 January 2007.
Terms used in this announcement have the same meaning as in the Admission Document which was sent to Vectura Shareholders and Innovata Shareholders on 24 November 2006.
Enquiries:
Vectura Group plc Tel: 01249 667 700
Chris Blackwell, Chief Executive
Anne Hyland, Chief Financial Officer
Innovata plc Tel: 01159 747 474
Kieran Murphy, Chief Executive
Peter Shennan, Chief Financial Officer
Piper Jaffray Ltd (Nominated Adviser and broker to Vectura) Tel: 020 7743 8700
David Rasouly
Will Carnwath
Nomura Code Securities Ltd (Financial Adviser and broker to Innovata) Tel: 020 7776 1200
Richard Potts
Claire Davis
Financial Dynamics Tel: 020 7269 7156
David Yates
Anna Keeble
Piper Jaffray, which is authorised and regulated in the UK by the Financial Services Authority, is acting as Nominated Adviser and broker to Vectura in connection with the Proposal and no-one else and will not be responsible to anyone other than Vectura for providing the protections afforded to clients of Piper Jaffray nor for providing advice in relation to the Proposal nor any other matter referred to in this announcement.
Nomura Code, which is authorised and regulated in the UK by the Financial Services Authority, is acting as Financial Adviser and broker to Innovata in connection with the Proposal and no-one else and will not be responsible to anyone other than Innovata for providing the protections afforded to clients of Nomura Code nor for providing advice in relation to the Proposal nor any other matter referred to in this announcement.
