LONDON--(Marketwire - March 06, 2009) -
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RNS Market News |
Conversion of GBP1,613,000 6% 2024 Bonds
LONDON, UK, 6 March 2009 -- SkyePharma PLC (LSE: SKP) today announces
that it has received notification in respect of GBP1,613,000 of the 6%
2024 Convertible Bonds ("Bonds") to convert them into ordinary shares
of GBP1.00 each ("Ordinary Shares"). In accordance with the terms of the
Bonds, the conversion will take place at the exchange price of GBP3.71
per share and, following completion of the exchange process, will
result in the issue of an additional 434,770 Ordinary Shares. The
reduction in debt will reduce finance costs by GBP96,780 per annum and
strengthen the Group's balance sheet.
Application will be made to the UK Listing Authority and to the London
Stock Exchange for the additional Ordinary Shares to be admitted to the
Official List. The additional Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares and when issued and
allotted the total issued share capital of the Company will be
22,602,734 Ordinary Shares.
For further information please contact:
SkyePharma PLC Ken Cunningham +44 20 7491 1777
Peter Grant
Financial Dynamics David Yates +44 20 7831 3113
Jonathan Birt
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops
new formulations of existing products to provide a clinical advantage
and life-cycle extension. The Company has twelve approved products in
the areas of oral, inhalation and topical delivery. The Group's
products are marketed throughout the world by leading pharmaceutical
companies. For more information, visit www.skyepharma.com.
This information is provided by RNS
The company news service from the London Stock Exchange
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