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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Bioprogress | LSE:BPRG | London | Ordinary Share | GB0032681628 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 50.00 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:6062C BioProgress PLC 22 August 2007 For Immediate Release 22 August 2007 BioProgress plc Notice of EGM London, UK, 22 August 2007: BioProgress plc ('BioProgress', the 'Company' or 'Group') (AIM: BPRG), the specialty pharma and healthcare company announces that it has posted to its shareholders a notice convening an Extraordinary General Meeting ('EGM'). The purpose of this EGM is to approve the name change of the Company from BioProgress Plc to Meldex International Plc and to update shareholders on the current progress of the Group. Reason behind name change The Company's business model has changed fundamentally over the past two years from an industrial based technology "push" business to a market led product focused sales and marketing concern. The Group is therefore entirely different to that originally named 'BioProgress' and it is consequently appropriate to alter the Company's title to reflect that change. The initial catalyst of change, post the H2 2005 restructuring programme, was the acquisition of the speciality prescription medicine business Dexo S.A. This brought product, regulatory infrastructure and a sales and marketing capability to the Group. This function was added to in the UK, Italy and the US throughout 2006. At the same time, a new formulation and development capability was established providing pipeline growth through new products, product enhancements and line extensions for the prescription and over-the-counter (OTC) health care markets, using the companies unique enabling systems. In addition, these systems are utilised for third party partner product programmes. More recently the Group acquired the Melbrosin group of companies, strengthening its product and geographical presence in the rapidly growing healthcare OTC markets. The corporate trading brands Dexo and Melbrosin are now the market face of the Group. They act as both a marker of the Company's progress through product offerings and as a means of identifying market trends which help determine future product development. Considering the importance of these brands to the Group, the Board consider it appropriate to combine the Company's trading brands under a new umbrella brand for the Group. In addition, reflecting the Company's international operations, the Board consider it vital to reinforce the multinational nature of the Company. The Directors believe that 'Meldex International Plc' represents a brand name and image which more closely resembles the business and direction of the Group. Recommendation The Board of Directors unanimously recommends that Shareholders vote in favour of the results being proposed at the EGM. The Board of Directors believe the resolution being proposed in the best interest of Shareholders as a whole. Notice of EGM The EGM will be held at Clifford Chance, 10 Upper Bank Street, London, E14 5JJ, on Thursday 13 September at 10am for the purpose of considering and if thought fit, passing the following resolution, which will be proposed as a Special Resolution: "That the registered name of the Company be changed to Meldex International Plc" Expected timetable of principal events 2007 Latest time and date for receipt of forms of proxy 10 am, 11 September Extraordinary General Meeting 10 am, 13 September For further information: BioProgress Plc + 44 (0) 20 7098 9881 Richard Trevillion, CEO Steve Martin, CDO Hiral Patel, CFO Buchanan Communications + 44 (0) 20 7466 5000 Rebecca Skye Dietrich Mark Court About BioProgress BioProgress plc is an innovative specialty pharmaceutical and healthcare business based around its platform technologies in polymer and film systems. Listed on London's AIM in May 2003, The company has over 80 patents granted or in application within 24 patent families and has product development agreements and strategic alliances with several global companies. As a virtually integrated business, BioProgress has acquired sales and marketing resources within Europe and the US as a launch mechanism for its own pharmaceutical products. The business continues to develop innovative delivery mechanisms using its XGEL(TM) polymer technology. For further information please go to www.bioprogress.com Forward-Looking Information The Ordinary Shares of BioProgress plc are registered under the US Securities and Exchange Act of 1934. To the extent that this announcement contains certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, this paragraph applies. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may vary materially from the expectations contained in the forward-looking statements. The forward-looking statements in this release include statements addressing future financial and operating results and the timing and benefits of the reorganisation. Detailed information about factors pertinent to the business of the company that could cause actual results to differ is set forth in the Company"s filings with the Securities and Exchange Commission. The Company is under no obligation to (and expressly disclaim any such obligation to) update or alter its forward-looking statements whether as a result of new information, future events or otherwise. This announcement is for information only and does not constitute an offer or invitation to acquire or dispose of any securities or investment advice. The distribution of the announcement and/or issue of securities in certain jurisdictions may be restricted by law. Persons into whose possession this announcement comes are required to inform themselves about and to observe such restrictions. This information is provided by RNS The company news service from the London Stock Exchange END NOEPUUAWRUPMPWG
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