LONDON, Jan. 20 /PRNewswire-FirstCall/ -- SkyePharma PLC notes with disappointment the press release issued today by North Atlantic Value LLP and two other institutional investors ("the NAV syndicate") that they intend to call for an Extraordinary General meeting ("EGM") to propose the removal of Ian Gowrie-Smith as a director of SkyePharma and his replacement by a candidate of their own.
While the Board's evaluation and Strategic Review are still ongoing, the Board is of the opinion that it is premature for the NAV syndicate, which represents a little over 13 per cent of the Company's issued share capital, to call an EGM for the purpose of proposing a single candidate to join the Board. Furthermore the continuing media speculation while these processes are continuing, which is likely to be exacerbated by the call for an EGM, is damaging to the company's business and to the interests of shareholders.
For further information please contact:
SkyePharma PLC +44 207 491 1777
Michael Ashton, Chief Executive Officer
Peter Laing, Director of Corporate Communications +44 207 491 5124
Sandra Haughton, US Investor Relations +1 212 753 5780
Buchanan Communications +44 207 466 5000
Tim Anderson / Mark Court / Rebecca Skye Dietrich
SkyePharma PLC develops pharmaceutical products benefiting from world-leading drug delivery technologies that provide easier-to-use and more effective drug formulations. There are now eleven approved products incorporating SkyePharma's technologies in the areas of oral, injectable, inhaled and topical delivery, supported by advanced solubilisation capabilities. For more information, visit http://www.skyepharma.com.
Certain statements in this news release are forward-looking statements and are made in reliance on the safe harbour provisions of the U.S. Private Securities Litigation Act of 1995. Although SkyePharma believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurance that these expectations will materialize. Because the expectations are subject to risks and uncertainties, actual results may vary significantly from those expressed or implied by the forward-looking statements based upon a number of factors, which are described in SkyePharma's 20-F and other documents on file with the SEC. Factors that could cause differences between actual results and those implied by the forward-looking statements contained in this news release include, without limitation, risks related to the development of new products, risks related to obtaining and maintaining regulatory approval for existing, new or expanded indications of existing and new products, risks related to SkyePharma's ability to manufacture products on a large scale or at all, risks related to SkyePharma's and its marketing partners' ability to market products on a large scale to maintain or expand market share in the face of changes in customer requirements, competition and technological change, risks related to regulatory compliance, the risk of product liability claims, risks related to the ownership and use of intellectual property, and risks related to SkyePharma's ability to manage growth. SkyePharma undertakes no obligation to revise or update any such forward-looking statement to reflect events or circumstances after the date of this release.
CONTACT: Michael Ashton, Chief Executive Officer, +44-207-491-1777, orPeter Laing, Director of Corporate Communications, +44-207-491-5124, orSandra Haughton, US Investor Relations, +1-212-753-5780, all of SkyePharmaPLC; or Tim Anderson, Mark Court, Rebecca Skye Dietrich, all of BuchananCommunications, +44-207-466-5000