Business
Re. Distribution in Specie and Notice of Results
Re. Distribution in Specie and Notice of Results.
About this update from Hvivo Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 7144B\n Open Orphan PLC\n 14 June 2021\n \n \n \n \n \n NOT FOR RELEASE, DISTRIBUTION OR PUBLICATION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, AUSTRALIA, CANADA, JAPAN, OR SOUTH AFRICA OR ANY OTHER JURISDICTION WHERE IT IS UNLAWFUL TO DISTRIBUTE THIS ANNOUNCEMENT.\n \n \n \n \n \n THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION AS STIPULATED UNDER THE MARKET ABUSE REGULATIONS (EU) NO. 596/2014 (AS IMPLEMENTED INTO ENGLISH LAW) (\"MAR\"). WITH THE PUBLICATION OF THIS ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INSIDE INFORMATION IS NOW CONSIDERED TO BE IN THE PUBLIC DOMAIN.\n \n \n \n \n \n OPEN ORPHAN PLC\n \n \n \n \n \n (\"Open Orphan\" or the \"Company\")\n \n \n \n \n \n Proposed Distribution in Specie\n \n \n Notice of Results\n \n \n \n \n \n Open Orphan plc (AIM: ORPH), \n a rapidly growing specialist pharmaceutical services clinical research organisation (CRO) and a world leader in vaccine and antiviral testing using human challenge clinical trials\n , announces that, further to previous announcements, it proposes to \n make a distribution in specie of the entire issued share capital of its wholly-owned subsidiary Orph Pharma IP Company Limited (\"Orph Pharma\") to Poolbeg Pharma Limited (\"Poolbeg\"), in return for the issue of new shares by Poolbeg (\"Poolbeg Shares\") to shareholders of Open Orphan on the register at close of business on \n 17 June 2021 (\"Relevant Shareholders\").\n \n \n \n \n The approval of Open Orphan shareholders to such distribution in specie was granted at Open Orphan's general meeting held on 29 April 2021\n .\n \n \n \n \n \n It is expected that Open Orphan ordinary shares will be marked \"ex rights\" at 8.00 a.m. on 16 June 2021. \n \n \n \n \n \n It is also expected that the board of Open Orphan will convene formally to make such distribution in specie on 18 June 2021 and that Relevant Shareholders will receive one Poolbeg Share for every 2.98 ordinary shares held in the Company, with resultant entitlements rounded down to the nearest whole number. Prior to the making of the distribution in specie, Open Orphan and Poolbeg intend to enter into a demerger ag...