Business
Offer Update
Offer Update.
About this update from Hvivo Plc
[{"type":"text","content":"\n \nRNS Number : 3251Y Open Orphan PLC 31 December 2019 \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 OR REGULATIONS OF ANY SUCH JURISDICTION\n \n31 December 2019\n \nRecommended All Equity Offer\nfor\nHVIVO PLC (\"HVIVO\")\nto merge with\nOPEN ORPHAN PLC (\"OPEN ORPHAN\")\n \nFirst Closing of the Offer\nUnconditional as to Acceptances\nExtension of the Offer\n \nIntroduction\nOn 9 December 2019, the boards of Open Orphan and hVIVO announced that they had reached agreement on the terms of a recommended all-equity offer for the entire issued and to be issued share capital of hVIVO (the \"Offer\"). Under the terms of the Offer, hVIVO Shareholders will be entitled to receive 2.47 New Open Orphan Shares for every one hVIVO Share. The Offer represents a value of approximately 15.56 pence per hVIVO Share and a premium of 33.8 per cent. based upon the hVIVO Closing Price on 6 December 2019, being the last practicable date prior to announcement of the Offer, valuing hVIVO at approximately £12.96 million.\nThe full terms and conditions, and the procedures for acceptance of the Offer, are set out in full in the offer document published by Open Orphan on 9 December 2019 (the \"Offer Document\"). Terms and expressions used in this announcement shall, unless defined herein or unless the context otherwise required, have the same meanings as given to them in the Offer Document, a copy of which is available, subject to certain restrictions relating to persons resident in Restricted Jurisdictions, on Open Orphan's website at https://www.openorphan.com/recommended-offer-for-hvivo-plc and hVIVO's website at https://hvivo.com/investors/recommended-all-equity-offer-for-hvivo-to-merge-with-open-orphan-plc/.\n \nLevel of acceptances\nOpen Orphan is pleased to announce that, as at 1.00 p.m. (London time) on 30 December 2019, valid acceptances had been received in respect of 72,494,486 hVIVO Shares, representing approximately 86.9 per cent. of the issued ordinary share capital of hVIVO.\nOpen Orphan understands that acceptances have been received in respect of 44,776 hVIVO Shares (representing approximately 0.05 per cent. of the existing issued share capital of hVIVO) which we...