DUBLIN, Ireland, July 10, 2017 (GLOBE NEWSWIRE) -- Nexvet Biopharma (Nasdaq:NVET) today announced the following;
Recommended Acquisition for Cash by
ZOETIS BELGIUM S.A.
A WHOLLY-OWNED INDIRECT SUBSIDIARY OF
ZOETIS INC.
of
NEXVET BIOPHARMA PLC
to be implemented by means of a scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act 2014
Announcement relating to the results of the Scheme Meeting and Extraordinary General Meeting
Nexvet Biopharma plc (“Nexvet” or the “Company”) announces today that in relation to the recommended offer for Nexvet by Zoetis Inc. (“Zoetis”) through its wholly-owned indirect subsidiary Zoetis Belgium S.A. (“Bidco”) (the “Acquisition”), the resolutions required to approve the scheme of arrangement under Chapter 1 of Part 9 of the Irish Companies Act of 2014 (the “Scheme”) were passed by the requisite majorities at the scheme meeting (the “Scheme Meeting”) and the related extraordinary general meeting (“EGM”) held earlier today.
The detailed voting results of the poll taken in respect of each of the resolutions at the Scheme Meeting and EGM are set out below.
- Scheme Meeting:
Resolution: “That the Scheme in its original form or with or subject to any modification(s), addition(s) or condition(s) approved or imposed by the High Court be agreed to.”
| Number of Nexvet Shareholders who voted | % of Nexvet Shareholders who voted | Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 62 | 98.41 | 9,469,894 | 99.98 | 79.47 |
| Against | 1 | 1.59 | 1,710 | 0.02 | 0.01 |
| Total | 63 | 100.00 | 9,471,604 | 100.00 | 79.48 |
| Abstain | 1 | – | 645 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
- Extraordinary General Meeting:
Resolution 1: Special Resolution – Amendment of Memorandum of Association
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,058,142 | 99.97 | 76.01 |
| Against | 2,561 | 0.03 | 0.02 |
| Total | 9,060,703 | 100.00 | 76.03 |
| Abstain | 250 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Resolution 2: Ordinary Resolution – Approval of the Scheme of Arrangement
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,058,142 | 99.97 | 76.01 |
| Against | 2,561 | 0.03 | 0.02 |
| Total | 9,060,703 | 100.00 | 76.03 |
| Abstain | 250 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Resolution 3: Special Resolution – Cancellation of Cancellation Shares
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,056,507 | 99.97 | 76.00 |
| Against | 2,569 | 0.03 | 0.02 |
| Total | 9,059,076 | 100.00 | 76.02 |
| Abstain | 1,877 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Resolution 4: Ordinary Resolution – Application of Reserves
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,057,759 | 99.97 | 76.01 |
| Against | 2,819 | 0.03 | 0.02 |
| Total | 9,060,578 | 100.00 | 76.03 |
| Withheld | 375 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Resolution 5: Special Resolution – Amendment to Articles
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,057,967 | 99.97 | 76.01 |
| Against | 2,561 | 0.03 | 0.02 |
| Total | 9,060,528 | 100.00 | 76.03 |
| Withheld | 425 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Resolution 6: Special Resolution – Cancellation of the Euro Deferred Shares
| Number of Nexvet Shares voted | % of Nexvet Shares voted | Number of Nexvet Shares voted as a % of Nexvet Shares* | |
| For | 9,055,507 | 99.97 | 75.99 |
| Against | 2,561 | 0.03 | 0.02 |
| Total | 9,058,068 | 100 | 76.01 |
| Withheld | 2,885 | – | – |
*The total number of Nexvet Shares in issue at the Voting Record Time was 11,916,712.
Completion of the Acquisition remains subject to satisfaction or waiver of the other conditions set out in the Definitive Proxy Statement (as defined below), but is expected to occur in late July 2017. In order for the Scheme to become effective, the sanction of the Scheme by the High Court of Ireland at a hearing is required.
It is intended that, on 11 July 2017, Nexvet will apply to the High Court of Ireland to fix a date for a hearing to sanction the Scheme, which date is expected to be 28 July 2017.
Cautionary Statement Regarding Forward-Looking Statements
This announcement may contain forward-looking statements. All statements other than historical facts are forward-looking statements, including statements regarding anticipated future results, or other non-historical facts. They may be identified by the words “will”, “may”, “could”, “would”, “to be”, “might”, “believe”, “anticipate”, “expect”, “plan”, “estimate”, “forecast”, “future”, “positioned”, “potential”, “intend”, “continue”, “remain”, “scheduled”, “outlook”, “set to”, “subject to”, “upcoming”, “target” or similar expressions. These statements are based on current views, expectations, estimates and assumptions and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. If one or more of these risks or uncertainties materialise, or if underlying views, expectations, estimates or assumptions prove to be incorrect, actual results may differ materially from those contemplated by a forward-looking statement.
Factors that could cause or contribute to such differences include, but are not limited to: uncertainties as to the timing of the Acquisition; uncertainties as to whether Zoetis or Bidco will be able to consummate the Acquisition; uncertainties as to whether Nexvet Shareholders will provide the requisite approvals for the Acquisition on a timely basis, or at all; the possibility that competing offers will be made; the possibility that certain conditions to the consummation of the Acquisition will not be satisfied, including obtaining the requisite approvals of the Scheme; uncertainties as to the impact of any lawsuits filed by Nexvet Shareholders challenging the Acquisition, including actions seeking to rescind the Scheme or enjoin the consummation of the Acquisition; the ability to meet expectation regarding the accounting and tax treatments of the Acquisition; changes in relevant tax and other Laws or regulations; the integration of Nexvet being more difficult, time-consuming or costly than expected; the diversion of Nexvet, Zoetis or Bidco management time and attention to issues relating to the Acquisition and integration; operating costs, customer loss and business disruption (including, without limitation, difficulties in maintaining relationships with employees, customers, clients or suppliers) being greater than expected following the Acquisition; the scope, timing and outcome of any ongoing legal proceedings involving Nexvet, Zoetis or Bidco and the impact of any such proceedings on its financial condition, results of operations or cash flows; the possibility that costs, fees, expenses or charges Nexvet, Zoetis or Bidco incur in connection with the Acquisition are greater than expected; the possibility that the Scheme may be terminated in circumstances that require Nexvet to reimburse certain expenses of Zoetis or Bidco; the ability of Nexvet, Zoetis or Bidco to protect intellectual property and preserve intellectual property rights; and changes in the economic and financial conditions of the business of Zoetis or Nexvet.
In addition, actual future results and other future circumstances of Nexvet are subject to other risks and uncertainties that relate more broadly to Nexvet’s business, including its future results of operations and financial position; ability to continue as a going concern; its ability to execute its business strategy, including obtaining successful pivotal study results, developing its pipeline of product candidates, completing facilities upgrades, manufacturing its own product candidates, meeting conditions for the receipt of government grants, making timely regulatory submissions, and qualifying for conditional licensure or obtaining product approvals; and those risks and uncertainties discussed in Nexvet’s most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q and other documents on file with the SEC.
For full article, please click here.
