Business
Compulsory Acquisition of Remaining hVIVO Shares
Compulsory Acquisition of Remaining hVIVO Shares.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 0778B Open Orphan PLC 28 January 2020 \n\nNOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION.\nTHIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES ONLY AND DOES NOT ITSELF CONSTITUTE AN OFFER FOR SALE OR SUBSCRIPTION OF ANY SECURITIES IN THE COMPANY.\n28 January 2020\n \nOpen Orphan plc\n(\"Open Orphan\" or the \"Group\")\n \nCompulsory Acquisition of Remaining hVIVO Shares\n \nOpen Orphan plc (ORPH), the rapidly growing specialist pharmaceutical services Group which has a focus on orphan drugs, made a recommended all-equity offer (the \"Offer\") on 9 December 2019 for the entire issued and to be issued share capital of hVIVO plc (\"hVIVO\").\nOn 14 January 2020, Open Orphan announced that the Offer was closed and no longer capable of being accepted.\nOn 17 January 2020, Open Orphan announced that the Offer was unconditional in all respects and that, pursuant to the provisions of sections 974-991 of the Companies Act 2006, the Group would compulsorily acquire the remaining hVIVO shares to which the Offer related.\nPosting of Compulsory Acquisition Notices\nFurther to its announcement on 17 January 2020 regarding its intention to implement the compulsory acquisition procedure pursuant to sections 974-991 of the Companies Act 2006, Open Orphan announces the despatch yesterday of formal compulsory acquisition notices to hVIVO Shareholders who have not accepted the Offer (the \"Compulsory Acquisition Notices\"). The compulsory acquisition will be settled on the same terms as the Offer and the relevant hVIVO shareholders will be entitled to receive 2.47 Open Orphan shares for every one hVIVO share. The transfer of Open Orphan Shares in accordance with the Compulsory Acquisition Notices will take place on 9 March 2020, being six weeks from the date of the Compulsory Acquisition Notices.\nOn the expiry of six weeks from the date of the Compulsory Acquisition Notices, being 9 March 2020, and unless any of the hVIVO shareholders who have not accepted the Offer apply to the Court and the Court orders otherwise, the hVIVO shares held by those hVIVO shareholders who did not accept the Offer will be acquired compulsorily by Open Orphan on the same terms...