Offer Update (9250G)

TIDMISPH TIDMSPH

RNS Number : 9250G

IS Pharma PLC

19 May 2011

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

IS Pharma plc

("IS Pharma" or the "Company")

Offer Update: Court sanction of Scheme of Arrangement and confirmation of Reduction of Capital

Further to the announcement dated 3 May 2011, IS Pharma and Sinclair Pharma plc are pleased to announce that the High Court of Justice in England and Wales has today made an order sanctioning the Scheme and confirming the Reduction of Capital in connection with the Scheme of Arrangement by which Sinclair Pharma plc's merger with IS Pharma is being implemented.

The Scheme will become effective upon the Court Order being delivered to the Registrar of Companies which is expected to take place on 20 May 2011. The trading of IS Pharma's Shares on AIM is expected to be cancelled at 7.00 a.m. on 23 May 2011.

If any of these expected dates change, IS Pharma will, unless the Panel on Takeovers and Mergers otherwise consents, give notice of the change by issuing an announcement through a Regulatory Information Service. An expected timetable of principal events is set out below:

 
 Effective Date of the Scheme                              20 May 2011 
 Cancellation of IS Pharma Unapproved                    6.00 p.m. 20 May 2011 
  Options 
 Exercise of IS Pharma EMI Options                       6.00 p.m. 20 May 2011 
 Issue of IS Pharma Shares to                            6.00 p.m. 20 May 2011 
  holders of IS Pharma EMI Options 
 Admission of Sinclair Pharma                                      23 May 2011 
  shares 
 Cancellation of listing of Scheme                                 23 May 2011 
  Shares 
 Latest date for despatch of cheques     Fourteen days from the Effective Date 
  and certificates and settlement 
  through CREST

Capitalised terms used in this announcement but not defined have the meanings given to them in the Scheme Document published by IS Pharma on 8 April 2011 (the "Scheme Document").

John Gregory, Chairman of IS Pharma said:

"As this is likely to be the last announcement from IS Pharma, I thought it appropriate to say a few words about Tim Wright. During his period as chief executive of IS Pharma, Tim has been instrumental in planning and executing the transformation of the company into its present position as a significant, soundly based and profitable speciality pharma business. He will continue to have a substantial role within the enlarged group as both a non executive director and a consultant in specific key areas of future development."

For further information:

IS Pharma plc +44 (0)1244 625 150

John Gregory, Chairman

Tim Wright, Chief Executive Officer

Matthew Hall, Chief Financial Officer

finnCap Limited +44 (0)20 7600 1658

(Financial Adviser and Broker to IS Pharma)

Matthew Robinson

Ed Frisby

Financial Dynamics Limited +44 (0)20 7831 3113

(Financial PR to IS Pharma)

Billy Clegg

Oliver Winters

Sinclair Pharma plc +44 (0)1483 410 600

Grahame Cook, Chairman

Chris Spooner, Chief Executive Officer

Singer Capital Markets Ltd +44 (0)20 3205 7500

(Financial adviser and Broker to Sinclair Pharma)

Shaun Dobson

Claes Spang

Financial Dynamics Limited +44 (0)20 7831 3113

(Financial PR to Sinclair Pharma)

Ben Atwell

Stephanie Cuthbert

A copy of this announcement will be published, subject to certain restrictions relating to persons resident in restricted jurisdictions, on IS Pharma's website at www.ispharma.plc.uk. For the avoidance of doubt, the contents of this website are not incorporated into and do not form part of this announcement.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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