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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Cobra Bio-Man. | LSE:CBF | London | Ordinary Share | GB0031704835 | 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% | 2.25 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMCBF RNS Number : 2144E Cobra Bio-Manufacturing PLC 16 December 2009 Recipharm AB 16 December 2009 FOR IMMEDIATE RELEASE THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN OR INTO THE UNITED STATES, CANADA, AUSTRALIA, JAPAN, THE REPUBLIC OF SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION. MANDATORY CASH OFFER UNDER RULE 9 OF THE CITY CODE TO ACQUIRE ORDINARY SHARES IN COBRA BIOMANUFACTURING PLC TO BE MADE BY ACORN CORPORATE FINANCE LIMITED ON BEHALF OF RECIPHARM AB. 1. Introduction Recipharm AB ("Recipharm") has today notified Cobra Biomanufacturing plc ("Cobra") that it has purchased Cobra Shares such that it now holds 19,450,000 Cobra Shares representing approximately 43.87 per cent. of the issued share capital of Cobra; having today acquired them for GBP437,625 (2.25 pence per share). In addition, Recipharm has today acquired GBP180,000 Convertible Loan Notes for GBP405,000 from Sultan Scientific Limited. The Convertible Loan Notes carry conversion rights into 18,000,000 Ordinary Shares. Therefore the equivalent price per Ordinary Share being paid for the Convertible Loan Notes is 2.25 pence, as required by the Code. If the Convertible Loan Notes were to be converted they would take Recipharm's shareholding in Cobra to 37,450,000 Ordinary Shares; which would represent approximately 60.07 per cent. of the enlarged issued share capital of Cobra. As required under Rule 9 of the City Code, Acorn Corporate Finance Limited on behalf of Recipharm will be making a mandatory offer for the Cobra Shares not already held by Recipharm at a price of 2.25 pence per Cobra Share in cash, being the highest price paid by it for any Cobra Shares. The definitions used in this announcement are contained in Appendix II to this announcement. 2. The Offer The Offer will be made on the terms set out below and in Appendix I of this announcement and will be further subject to the terms to be set out in the Offer Document, setting out full details of the Offer, and in the related Form of Acceptance, both of which will be published and posted to Cobra Shareholders (or made available electronically in accordance with the City Code) as soon as practicable, and in any event within 28 days of the date of this announcement. The Offer will not be made directly or indirectly in or into the United States, Canada, Australia, Japan or the Republic of South Africa. Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise distributed or sent in or into or from the United States, Canada, Australia, Japan or the Republic of South Africa. The availability of the Offer to persons outside the United Kingdom may be affected by the laws of other jurisdictions. Such persons should inform themselves about and observe any applicable requirements of those jurisdictions. This announcement does not constitute, or form part of, an offer or an invitation to purchase or sell Cobra Shares or any other securities. There are no inducement fees or similar arrangements between Recipharm and Cobra. The Offer will be made on the following basis: for each Cobra Share 2.25 pence in cash The Offer will extend to all existing issued Cobra Shares (other than the Cobra Shares which are held by Recipharm and any further Cobra Shares which are unconditionally allotted or issued and fully paid before the Offer closes (including pursuant to the exercise of any outstanding options over Cobra Shares). The Offer will initially remain open for acceptance, subject to the provisions of Appendix I of this announcement and the terms of the Offer Document, until 1.00 pm on the 21st day after the date of publication of the Offer Document or (if that day is a Saturday, Sunday or a public holiday) on the next succeeding Business Day, or such later times(s) and/or date(s) as Recipharm may, subject to the Code and with the consent of the Panel, decide. The Offer will be conditional only upon the Acceptance Condition. The Offer values the total current issued share capital of Cobra at approximately GBP997,631. Recipharm may acquire further Cobra Shares before the Offer closes at a price which is at or less than the Offer Price. 3. Background to and reasons for the Offer Recipharm is making the Offer, as a result of the acquisition of 19,450,000 Cobra Shares made today, as required by Rule 9 of the City Code. Recipharm offers a wide range of integrated solutions incorporating advanced technological expertise and capacity for pharmaceutical development and manufacturing to a wide customer base. In recent years it has added to this technology and manufacturing capability by various acquisitions. In making acquisitions it seeks companies which: * give it access to an attractive geographical market; * provide valuable long term client relationships; and * bring access to new technology with good market potential. In addition for the next few years a main focus for Recipharm will be in expanding its services in bio process development and the manufacture of therapeutic proteins. The Recipharm Board believes that the acquisition of Cobra, is in line with Recipharm's acquisition criteria and will assist it in meeting its expansion objective. 4. Information on Cobra Cobra founded in 1992, is an international provider of bio-manufacturing services to the global bio-manufacturing market. Cobra operates from two UK based manufacturing facilities one located in Keele, Staffordshire and the other in Cowley, Oxfordshire with its head office also located in Keele Staffordshire. The company was listed on the AIM in 2002 and employs around 80 people. It offers contract biological development and manufacturing services to a number of companies including large pharmaceutical companies. In the financial year to 30 September 2008 Cobra's revenue was GBP7,009,000 and Cobra made a loss before tax of GBP3,382,000. As at 30 September 2008 Cobra had net assets of GBP4,038,000. The interim report to 31 March 2009, showed revenue of GBP4,383,000, a loss before tax of GBP861,000 and net assets of GBP3,212,000. Further information on Cobra, including a copy of this announcement, can be found on the company's website www.cobrabio.com. 5. Information on Recipharm Recipharm is one of Europe's leading contract development and manufacturing organisations. Headquartered near Stockholm it operates manufacturing facilities in Sweden, France, the UK and Switzerland. These supply over six hundred different products in a variety of dosage forms to demanding pharmaceutical companies worldwide, including the USA. In addition to traditional pharmaceutical compounds its also develops, manufactures and supplies recombinant proteins and monoclonal antibodies for use in clinical trials and regulatory approvals. Recipharm employs around 1400 people and is privately owned by its Chairman Lars Backsell and Chief Executive Officer Thomas Eldered. In the year financial year to 31 December 2008 Recipharm had a turnover of SEK 1,422 million, profit before tax of SEK 66 million and net assets of SEK 455 million Further information on Recipharm, including its financial reports, can be found on the company's website www.recipharm.com. 6 Cancellation of trading on AIM and Re-registration Following the Offer becoming or being declared unconditional in all respects and subject to any applicable requirements of the AIM Rules, Recipharm intends to procure the making of an application by Cobra for cancellation of the trading in the Ordinary Shares on AIM. It is anticipated that such cancellation will take effect no earlier than 20 Business Days after the Offer is declared unconditional in all respects. Cancellation of the trading in Cobra Shares on AIM would significantly reduce the liquidity and marketability of any Cobra Shares not acquired by Recipharm. It is also proposed that, following the Offer being declared unconditional in all respects, and the cancellation of trading of the Cobra Shares on AIM, Recipharm will seek to procure the re-registration of Cobra as a private company under the relevant provisions of the Companies Act 2006. 7. Management and Employees Recipharm does not initially intend to make any changes to the management and workforce of Cobra. However, it is its intention, following cancellation of trading of the Cobra Shares on AIM, to request that the non-executive directors of Cobra resign. 8. Financing of the Offer It is estimated that full acceptance of the Offer would require payment by Recipharm, under the terms of the Offer, of an amount of approximately GBP560,006 in cash, which will be satisfied from Recipharm's existing cash resources. Acorn Corporate Finance Limited, Bollin House, Riverside Park, Wilmslow, SK9 1DP is satisfied that the necessary financial resources are available to Recipharm to enable it to satisfy in full the consideration payable by Recipharm under the terms of the Offer. 9. Further terms of the Offer Further terms of the Offer are set out in Appendix I of this announcement and the detailed terms of the Offer will be set out in the Offer Document. 10. Disclosure of interests in Cobra The interest of Recipharm in relevant securities of Cobra are as follows: Ordinary Shares 19,450,000. Convertible Loan Notes GBP180,000. These have the right to be converted into 18,000,000 Ordinary Shares. 11. Further details The Offer Document, setting out full details of the Offer, and the related Form of Acceptance will be published as soon as practicable, and in any event within 28 days of the date of this announcement. The Offer will not be made directly or indirectly in or into the United States, Canada, Australia, Japan or the Republic of South Africa. Accordingly, copies of this announcement are not being, and must not be, mailed or otherwise distributed or sent in or into or from the United States, Canada, Australia, Japan or the Republic of South Africa. The availability of the Offer to persons outside the United Kingdom may be affected by the laws of other jurisdictions. Such persons should inform themselves about and observe any applicable requirements of those jurisdictions. This announcement does not constitute, or form part of, an offer or an invitation to purchase or sell Cobra Shares or any other securities. This announcement does not constitute, or form part of, an offer or an invitation to purchase or sell Cobra Shares or any other securities. There are no agreements or arrangements to which Recipharm is a party which relate to the circumstances in which it may or may not invoke or seek to invoke a pre-condition or a condition to the Offer. There are no inducement fees or similar arrangements between Cobra and Recipharm. Recipharm has also acquired the beneficial interest in a GBP50,000 loan made by Mark Dixon to Cobra. In addition, and in accordance with the City Code, it is envisaged that Recipharm will loan monies on normal commercial terms to Cobra, in order for Cobra to meet its working capital requirements during the integration of the Recipharm and Cobra businesses. Acorn Corporate Finance Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting exclusively for Recipharm and for no-one else in connection with the Offer and will not be responsible to anyone other than Recipharm for providing the protections afforded to clients of Acorn Corporate Finance Limited nor for providing advice in relation to the Offer, the contents of this announcement or the Form of Acceptance. Seymour Pierce Limited, which is authorised and regulated in the United Kingdom by the Financial Services Authority and a member of the London Stock Exchange, is acting exclusively for Cobra and for no-one else in connection with the Offer and will not be responsible to anyone other than Cobra for providing the protections afforded to clients of Seymour Pierce Limited nor for providing advice in relation to the Offer, the contents of this announcement or the Form of Acceptance. Shareholders should be aware that as part of the process of the Offer addresses, electronic addresses and certain other information provided by Cobra shareholders, persons with information rights and other relevant persons for the receipt of communications from Cobra may be provided to Recipharm (or any other bona fide offeror) during the Offer Period as required by the Code 12. Dealing Disclosure Requirements Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes, "interested" (directly or indirectly) in 1 per cent. or more of any class of "relevant securities" of Cobra, all " dealings" in any "relevant securities" of Cobra (including by means of an option in respect of, or a derivative referenced to, any such "relevant securities") must be publicly disclosed by no later than 3.30 pm (London time) on the London business day following the date of the relevant transaction. This requirement will continue until the date on which the Offer becomes unconditional as to acceptances, lapses or is otherwise withdrawn or on which the "offer period" otherwise ends. If two or more persons act together pursuant to an agreement or understanding, whether formal or informal, to acquire an "interest" in "relevant securities" of Cobra, they will be deemed to be a single person for the purpose of Rule 8.3. Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant securities" of Cobra by Recipharm, must be disclosed by no later than 12.00 noon (London time) on the London business day following the date of the relevant transaction. A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed, and the number of such securities in issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk. "Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities. Terms in quotation marks are defined in the City Code, which can also be found on the Panel's website. If you are in any doubt as to whether or not you are required to disclose a "dealing' under Rule 8, you should consult the Panel. Enquiries: +---------------------------------------------+----------------------------+ | COBRA BIOMANUFACTURING PLC | TEL: +44 (0) 1782 714 181 | | Danny Chapchal, Chairman | | | Simon Saxby, Chief Executive | | | Peter Coleman, CFO and Company Secretary | | +---------------------------------------------+----------------------------+ | | | +---------------------------------------------+----------------------------+ | RECIPHARM AB | TEL: +46 (0) 8 6025313 | +---------------------------------------------+----------------------------+ | Carl-Johan Spak, Vice President | | | | | +---------------------------------------------+----------------------------+ | Seymour Pierce LIMITED | TEL: +44 (0) 207 107 8000 | | (Financial Adviser, Nominated Adviser and | | | Broker to Cobra) | | | Chris Howard | | | Christopher Wren | | | | | +---------------------------------------------+----------------------------+ | ACORN CAPITAL PARTNERS | teL: +44(0) 870 122 5432 | | (Financial Adviser to Recipharm) | | +---------------------------------------------+----------------------------+ | Harry Dutson | | | | | +---------------------------------------------+----------------------------+ | BUCHANAN COMMUNICATIONS | TEL: +44 (0) 207 466 5000 | | Tim Anderson | | +---------------------------------------------+----------------------------+ | | | +---------------------------------------------+----------------------------+ The Directors of Cobra accept responsibility for the information contained in this announcement relating to Cobra, the Cobra Directors and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the Directors of Cobra (who have taken all reasonable care to ensure that such is the case) the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to impact the import of this announcement. The Directors of Recipharm accept responsibility for the information contained in this announcement other than relating to Cobra, the Cobra Directors and members of their immediate families, related trusts and persons connected with them. To the best of the knowledge and belief of the Directors of Recipharm (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement for which they are responsible is in accordance with the facts and does not omit anything likely to affect the import of such information. Appendix I Certain terms of the Offer The Offer will be conditional upon Recipharm having received valid acceptances (which are not, where permitted, withdrawn) in respect of Cobra Shares which, together with the Cobra Shares acquired or agreed to be acquired before or during the Offer, will result in Recipharm holding Cobra Shares carrying more than 50 per cent. of the voting rights then normally exercisable at general meetings of Cobra. The Offer will extend to all existing issued Cobra Shares, not held by Recipharm, and any further Cobra Shares which are unconditionally allotted or issued and fully paid before the Offer closes (including pursuant to the exercise of any outstanding options over Cobra Shares); The availability of the Offer to persons not resident in the United Kingdom may be affected by the laws of the relevant jurisdictions. Persons who are not resident in the United Kingdom should inform themselves about and observe any applicable requirements. The Cobra Shares which are the subject of the Offer will be acquired, fully paid, free from all liens, charges, encumbrances, rights of pre-emption and any other third party rights of any nature whatsoever and together with all rights now or hereafter attaching thereto, including the right to receive and retain in full all dividends and other distributions, if any, declared, made or paid after the date hereof. The Offer will comply with the provisions of the City Code and the AIM Rules. The Offer and any acceptances under it will be governed by English law and be subject to the jurisdiction of the courts of England. Appendix II Definitions The following definitions apply throughout this announcement, the Offer Document and in the Form of Acceptance unless the context otherwise requires: "Australia" the Commonwealth of Australia including the island state of Tasmania; "Acceptance Condition" the condition that Recipharm receive acceptances in respect of Cobra Shares which, together with Cobra Shares acquired before or during the Offer, will result in it holding Cobra Shares carrying more than 50 per cent. of the voting rights then normally exercisable at general meetings of Cobra; "AIM Rules" the AIM Rules for Companies published by the London Stock Exchange plc from time to time; "Business Day" a day on which banks are generally open for business in London (excluding Saturdays, Sundays and public holidays); "Canada" Canada, its provinces, territories and all areas subject to its jurisdiction and any political sub-division thereof; "City Code" or "Code" the City Code on Takeovers and Mergers; "Cobra" Cobra Biomanufacturing plc a company incorporated and registered in England and Wales under registered number 6182862; "Cobra Board" the board of directors of Cobra; or "Cobra Directors" "Cobra Shareholders" holders of Cobra Shares; "Cobra Shares" the existing issued or unconditionally allotted and paid (or credited as fully paid) ordinary shares of 1 penny each in the capital of Cobra and any further shares which are unconditionally allotted or issued fully paid (or credited as fully paid) on or prior to the date on which the Offer closes (excluding, for the avoidance of doubt, treasury shares); "Convertible Loan Notes" the GBP180,000 convertible loan notes issued by Cobra on 18th September 2009 carrying, inter alia, the right to convert into 18,000,000 Ordinary Shares; "Form of Acceptance" the form of acceptance, election and authority relating to the Offer which will accompany the Offer Document when issued; "Japan" Japan, its cities, prefectures, territories and possessions; "Offer" the mandatory cash offer by Cobra with any of them on the terms to be set out in the Offer Document including, where the context requires, any subsequent revision, variation, extension or renewal of such offer; "Offer Document" the formal document to be sent to Cobra Shareholders setting out the full terms of the Offer; "Offer Price" 2.25 pence per Cobra Share; "Ordinary Shares" Cobra Shares; "Panel" the Panel on Takeovers and Mergers; "Recipharm" Recipharm AB; a private company incorporated and registered in Sweden whose registered office is at , Lagervägen 7, SE-136 50 Haninge, Sweden; "Recipharm Board" the board of directors of Recipharm;or "Recipharm Directors" "Republic of South Africa" the Republic of South Africa; "SEK" Swedish Kronor, the lawful currency of Sweden; "United Kingdom" or "UK" the United Kingdom of Great Britain and Northern Ireland; and "United States" the United States of America, its territories or possessions, any state of the United States of America, the District of Columbia and all other areas subject to its jurisdiction. This information is provided by RNS The company news service from the London Stock Exchange END OUPBBBDDXXBGGCL
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