Potential ICVT Sale & Share Offering


 

TIDMHML 
 
RNS Number : 6896S 
Henderson Morley PLC 
22 May 2009 
 
22 May 2009 
 
HENDERSON MORLEY PLC 
(AIM: HML) 
("Henderson Morley" or "the Company") 
 
Potential ICVT Sale & Share Offering 
 
 
Key Points: 
 
  *  Strategic refocus of ongoing business 
  *  Potential sale of ICVT Human 
  *  Share Offering 
  *  Preferential Terms for current shareholders 
  *  Partially Underwritten 
 
 
 
Henderson Morley recently conducted a strategic review of its operations using 
the services of a number of external professional advisers based both in the UK 
and overseas. The conclusion of the review identified the strategy to refocus 
the Group; the main thrust of this was that the Company should endeavour to sell 
ICVT (human) to one or more parties, to separate human and animal health and to 
move the Company towards becoming a pure vaccine company. 
 
Whilst the sale of ICVT has taken a little longer than anticipated, the Company 
is pleased to announce that discussions are on-going with potential purchasers 
who have signed non-disclosure agreements and/or are currently undertaking due 
diligence. 
 
The Company is also making good progress in implementing the remaining part of 
the strategy outlined in the strategic review conclusions above. 
 
Share Offering 
 
In the past, existing shareholders have voiced their concerns at not being able 
to participate in the non-pre-emptive placings which historically have been the 
method used by the Company to raise funds since flotation on AIM. With this in 
mind, the Company has decided to seek to raise funds to finance its immediate 
working capital needs by way of the issue of new equity through an offering of 
shares under section 21 of FSMA, which will allow shareholders to participate. 
 
Also, in recognition of their loyalty, it is intended that preferential 
subscription terms will be offered to existing shareholders. 
 
To ensure the success of the Offering, the Directors - Andrew Knight, Dr Ian 
Pardoe and Christopher Pate - and other investors have agreed to underwrite 
a proportion of the proposed offering. It is anticipated that the offering 
document will be posted on or around 29 May 2009 and the Offering is likely to 
remain open for 3 weeks. Full details of the Offering will be made available at 
this time and the document will include a full trading update. 
 
Schering Plough 
The pivotal studies examining the proprietary candidate vaccines against Koi 
Herpes Virus are progressing. The candidates, which have been formulated in 
different doses, together with proprietary and novel adjuvants, have been 
administered to fish in a sub-contract research facility. The fish will be 
subject to virus challenge in June (after a time to allow antibodies to 
develop), and the results from this should be available in July 2009. The 
Directors are pleased with the progress of this study so far. 
 
Collaborations 
The scientific team has made good progress in the production of engineered virus 
for the studies being carried out in conjunction with the Australian Centre for 
Vaccine Development and for the dog cancer collaboration with 
Colorado State University. Other potential vaccine targets are being examined 
and the appropriate patent filings will be made in due course. 
 
Andrew Knight, Executive Chairman commented: "We believe that the strategy to 
refocus the business combined with the potential sale of ICVT will provide long 
term benefits to the ongoing business. Many of our shareholders have indicated a 
desire to participate in fundings and we believe that the timing is right to 
present them with the opportunity of participating in this Share Offering." 
 
 
=--ENDS--- 
 
 
ENQUIRIES: 
 
HENDERSON MORLEY PLC                    0121 442 4600 
Andrew Knight, Chairman 
BISHOPSGATE COMMUNICATIONS LTD 0207 562 3350 
 (Public Relations) 
 Maxine 
Barnes 
 Nick Rome 
BREWIN DOLPHIN INVESTMENT BANKING    0113 241 0126 
(Nominated Adviser) 
Neil Baldwin 
 
HYBRIDAN LLP                            0203 159 5085 
(Broker) 
Claire Noyce/Stephen Austin 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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