NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, IN
OR INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
London, 3 December 2008
PROTHERICS PLC ("PROTHERICS")
Offer Update: Court confirmation of Reduction of Capital
Further to the announcement dated 1 December 2008, Protherics
(LSE : PTI ) and BTG plc ("BTG") (LSE : BCG ) are pleased to announce that the
High Court of Justice in England and Wales has today made an order
confirming the reduction of Protherics' share capital in connection
with the Scheme of Arrangement by which BTG's Acquisition of Protherics
is being implemented. This follows the Court's sanction of the Scheme
at a hearing held on 1 December 2008.
The Scheme will become effective upon the Court Orders being delivered
to the Registrar of Companies (and, in relation to the Reduction Court
Order, the registration of such order by the Registrar of Companies)
which is expected to take place on 4 December 2008.
The listing of Protherics Shares is expected to be cancelled at 8.00
a.m. on 4 December 2008, the anticipated Effective Date of the Scheme.
An expected timetable of principal events is set out in the Appendix to
this announcement.
Terms defined in the Scheme Document shall have the same meaning(s)
when used in this announcement.
Enquiries
Protherics
Dr Andrew Heath, Chief Executive Officer Tel: 020 7246 9950
Rolf Soderstrom, Chief Financial Officer
BTG
Christine Soden, Chief Financial Officer Tel: 020 7575 0000
Andy Burrows, Director of Investor Relations
Jefferies (financial adviser to Protherics)
Ian Crosbie Tel: 020 7029 8000
Chris Snoxall (corporate broking)
Rothschild (financial adviser to BTG)
Dr Lynn Drummond Tel: 020 7280 5000
Nomura Code Securities (broker to Protherics)
Chris Collins Tel: 020 7776 1200
Piper Jaffray (joint broker and adviser to BTG)
Neil Mackison / Jamie Adams Tel: 020 3142 8700
Credit Suisse (joint broker and adviser to BTG)
Stephanie Leouzon / Tristan Lovegrove Tel: 020 7888 8000
Financial Dynamics
Ben Atwell Tel: 020 7831 3113
Jefferies, which is authorised and regulated in the UK by the Financial
Services Authority, is acting as financial adviser and broker to
Protherics in connection with the Acquisition and no-one else and will
not be responsible to anyone other than Protherics for providing the
protections afforded to clients of Jefferies nor for providing advice
in relation to the Acquisition nor any other matter referred to in this
announcement.
Rothschild, which is authorised and regulated in the UK by the
Financial Services Authority, is acting as financial adviser and
sponsor to BTG in connection with the Acquisition and no-one else and
will not be responsible to anyone other than BTG for providing the
protections afforded to clients of Rothschild nor for providing advice
in relation to the Acquisition nor any other matter referred to in this
announcement.
Appendix
Expected Timetable of Principal Events
EVENT TIME and DATE
Last day of dealings in, and time for registration of 5.00 p.m. on 3
transfers of, and disablement in CREST of, Protherics December 2008
shares
Scheme Record Time 6.00 p.m. on 3
December 2008
Effective Date 4 December 2008
Cancellation of listing of Protherics Shares 8.00 a.m. on 4
December 2008
Expected date of Admission of, and dealings in, New BTG 8.00 a.m. on 4
Shares and crediting of New BTG Shares to CREST December 2008
accounts
Latest date for despatch of share certificates in 18 December
respect of New BTG Shares issued under the Scheme 2008
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contact Information: Contacts: RNS Customer Services 0044-207797-4400 http://www.rns.com