Lombard Medical Technologies PLC Results of Court Meeting and Scheme GM (5876C)

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RNS Number : 5876C

Lombard Medical Technologies PLC

18 March 2014

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY OTHER JURISDICTION IN WHICH THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL.

Lombard Medical Technologies PLC

("Lombard Medical", or "the Company")

Results of Court Meeting and Scheme GM and revision to timetable for recommended Proposal

London, UK, 18 March, 2014 - On 26 February 2014, Lombard Medical (AIM: LMT), the specialist medical device company focused on Endovascular Aortic Repair ("EVAR") of abdominal aortic aneurysms ("AAAs"), announced that it had published a circular (the "Circular") which set out the Board of Directors' recommendations to, inter alia, reorganise the Lombard Medical Technologies Group pursuant to a Court approved scheme of arrangement (the "Scheme") so that Lombard Medical becomes a directly-owned subsidiary of Lombard Medical, Inc. The Circular was sent to shareholders on 26 February 2014 containing, inter alia, the reasons for and terms of the Scheme, notices convening the requisite Court Meeting and General Meeting (the "Scheme GM") and the details of the action to be taken by shareholders.

Voting results

The Company is pleased to announce that, at the Court Meeting held earlier today to approve the proposed Scheme, the resolution approving the Scheme was passed by the requisite majority on a poll. Details of the votes cast were as follows:

 
                Number of   Number of shareholders         Percentage         Percentage 
             shares voted                who voted    of shares voted    of shareholders 
                                                                               who voted 
---------  --------------  -----------------------  -----------------  ----------------- 
 For           34,672,232                       39             96.73%             82.98% 
---------  --------------  -----------------------  -----------------  ----------------- 
 Against        1,170,705                        8              3.27%             17.02% 
---------  --------------  -----------------------  -----------------  ----------------- 
 

In addition, at the Scheme GM also held earlier today, shareholders passed the special resolution proposed to the meeting by the requisite majority on a show of hands.

The proxy voting results for the special resolution proposed at the Scheme GM were as follows:

 
                      Number of   Percentage 
                   shares voted    of shares 
                                       voted 
---------------  --------------  ----------- 
 For                 27,105,822       96.73% 
---------------  --------------  ----------- 
 Against                974,263        3.27% 
---------------  --------------  ----------- 
 Vote withheld                0            0 
---------------  --------------  ----------- 
 

Changes to the indicative timetable

The Company also announces a revision to the indicative timetable published in the Circular as follows:

 
 Last day and time for receipt of transfers   12.00 noon on 10 April 2014(1) 
  of LMT Shares 
  for registration 
-------------------------------------------  ------------------------------- 
 Last day of dealings in LMT Shares                 Up until 4.30 p.m. on 10 
                                                               April 2014(1) 
-------------------------------------------  ------------------------------- 
 Suspension of trading of LMT Shares           8.00 a.m. on 11 April 2014(1) 
  on AIM 
-------------------------------------------  ------------------------------- 
 Conditional dealings commence in LM,               2.30 p.m. (9.30 a.m. New 
  Inc. Fundraising Shares                                               York 
                                                   time) on 11 April 2014(1) 
-------------------------------------------  ------------------------------- 
 Scheme Record Time                            6.00 p.m. on 11 April 2014(1) 
-------------------------------------------  ------------------------------- 
 Court Hearing to sanction the Scheme                       14 April 2014(1) 
  and Capital Reduction 
-------------------------------------------  ------------------------------- 
 Effective Date of the Scheme                               15 April 2014(1) 
-------------------------------------------  ------------------------------- 
 Cancellation of quotation of LMT Shares       8.00 a.m. on 15 April 2014(1) 
  on AIM 
-------------------------------------------  ------------------------------- 
 Commencement of trading on the NASDAQ              2.30 p.m. (9.30 a.m. New 
  Global Market in LM, Inc. including                             York time) 
  in relation to LM, Inc. Fundraising                    on 15 April 2014(1) 
  Shares 
-------------------------------------------  ------------------------------- 
 Latest date for despatch of DRS statements                 25 April 2014(1) 
  (if applicable) 
-------------------------------------------  ------------------------------- 
 

(1) These times and dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme and confirms the associated Capital Reduction as well as the date on which the Court Order is delivered to the Registrar. These dates may also be adjusted to the extent that the dates of the LM, Inc. Fundraising and the NASDAQ Listing are amended. If any of the dates set out above (including, inter alia, the expected date of the Court Hearing) change, the Company will give notice of the change by issuing an announcement through a Regulatory Information Service and by notice on the Company's website. All LMT Shareholders have the right to attend court hearings.

This press release and the information it contains is not for publication or distribution, directly or indirectly, in or into the United States. This press release is not intended to, and does not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction.

-Ends-

For further information:

 
 Lombard Medical Technologies PLC       Tel: [phone] 
  Simon Hubbert, Chief Executive 
  Officer 
  Ian Ardill, Chief Financial Officer 
 
 Canaccord Genuity Limited (Nomad)      Tel: [phone] 
  Lucy Tilley / Tim Redfern / Henry 
  Fitzgerald O'Connor / Dr Julian 
  Feneley 
 
 FTI Consulting (UK)                    Tel: [phone] 
  Simon Conway / Stephanie Cuthbert 
  / Victoria Foster Mitchell 
 

About Abdominal Aortic Aneurysms

AAAs are a balloon-like enlargement of the aorta which, if left untreated, may rupture and cause death. Approximately 4.5 million people are living with AAAs in the developed world and each year over 500,000 new cases are diagnosed. In the US, aortic aneurysm disease is among the leading causes of death and it is estimated that 1.7 million people over the age of 55 have an abdominal aortic aneurysm.

About Lombard Medical

Lombard Medical Technologies PLC (AIM: LMT) is a medical device company focused on device solutions for the $1.4 billion per annum abdominal aortic aneurysm ("AAA") repair market. The Company's lead product, Aorfix(TM), is an endovascular stent graft which has been specifically designed to solve the problems that exist in treating complex tortuous anatomy, which is often present in advanced AAA disease. Aorfix is the only stent graft approved for AAA neck angulations of up to 90 degrees and is currently being commercialized worldwide. Aorfix is the first AAA stent graft not of US origin to gain US FDA approval. The Company is headquartered in Oxfordshire, England with US operations in Irvine, CA.

Further background on the Company can be found at www.lombardmedical.com.

This information is provided by RNS

The company news service from the London Stock Exchange

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