Business
Proposed acquisition of IXICO Limited
Proposed acquisition of IXICO Limited.
About this update from Ixico Plc
[{"type":"text","content":"\n \nRNS Number : 6071O Phytopharm PLC 23 September 2013 \n \n\n23 September 2013\n \nProposed acquisition of IXICO Limited\nProposed Issue of up to 8,479,753 New Ordinary Shares in the Company\nProposed change of name to IXICO plc\nAdmission of the Enlarged Issued Share Capital to trading on AIM\nRenewal of Shareholder Authorities\nand\nNotice of General Meeting\n \nPhytopharm plc (PYM: London Stock Exchange) (\"Phytopharm\", or the \"Company\") today announces that terms have been agreed for the conditional acquisition (the \"Acquisition\") of IXICO Limited (\"IXICO\"), a medical technology and diagnostics company. The aggregate consideration for the Acquisition is to be satisfied by the initial issue of 8,014,403 New Ordinary Shares on Admission and the proposed issue of 465,350 New Ordinary Shares as a result of the outstanding share options under the IXICO unapproved share option share scheme. Based on the Phytopharm closing share price of 20 May 2013 immediately prior to its suspension, the aggregate consideration is valued at approximately £5.6 million.\n \nFollowing completion, it is expected that Phytopharm shareholders will own approximately 45 per cent and that IXICO shareholders will own approximately 55 per cent of the Fully Diluted Enlarged Issued Share Capital. In view of the size of IXICO in relation to the Company, the Acquisition is classified as a reverse takeover under the AIM Rules and is therefore conditional, inter alia, on the approval of Shareholders in a general meeting. A copy of the admission document along with the notice of General Meeting is being sent out to shareholders shortly and will be available on the Company's website www.phytopharm.com.\n \nThe Directors of Phytopharm consider that IXICO will provide a platform from which to create value for Shareholders and will provide a different risk profile to the Company's business model. Upon completion of the Acquisition, Phytopharm plc will change its name to IXICO plc with the new ticker \"IXI\".\n \n· IXICO was founded in 2004 with a mission to translate image acquisition, management and analysis technology and know-how, which the founders had developed together, into commercially successful products targeting the expanding area of imaging to inform decision-making during drug developm...