Market update


 

TIDMYRK 
 
RNS Number : 8239P 
York Pharma plc 
31 March 2009 
 

 
 
York Pharma Plc  (the "Company") 
 
 
Market update 
 
 
On 20 March 2009, the Board of the Company announced that it was in discussions 
with two potential offerors and that these discussions included the provision of 
the necessary short term funding facilities to allow the Company to continue 
trading through the period needed to complete any formal offer for the Company 
under the Takeover Code.  Discussions with both parties have continued. 
 
 
The Board announces that one of the potential offerors (the "Lender") has today 
entered into an agreement with the Company to provide the Company with a secured 
revolving credit facility of up to US$1,000,000 (the "Facility"). The Facility 
is repayable, along with accrued interest, upon the earlier of (i) 6 months from 
the date of the first draw down under the facility agreement; and (ii) 30 days 
after the termination of any potential offer discussions. After the initial 
drawdown, any subsequent drawdowns under the Facility will be at the sole and 
absolute discretion of the Lender. 
 
 
The Board believes that the drawdown of the full Facility should allow the 
Company to continue trading through the period needed to complete any formal 
offer for the Company by the Lender under the Takeover Code. The Board of the 
Company wishes to stress that there can be no certainty that the discussions 
will lead to an offer being made for the Company. 
 
 
The Board will provide a further update as and when appropriate. 
 
 
For more information please contact: 
 
 
+--------------------------------------+--------------------------------------+ 
| York Pharma Plc                      |            Tel: +44 (0) 1908 764 020 | 
| Richard Anderson, Chief Executive    |                                      | 
| Officer                              |                                      | 
| Ian Miscampbell, Chief Financial     |                                      | 
| Officer                              |                                      | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| Collins Stewart Europe Limited       |            Tel: +44 (0) 207 523 8350 | 
| Hugh Field / Adam Cowen              |                                      | 
|                                      |                                      | 
+--------------------------------------+--------------------------------------+ 
| Financial Dynamics                   |            Tel: +44 (0) 207 831 3113 | 
| Ben Brewerton / Emma Thompson        |                                      | 
+--------------------------------------+--------------------------------------+ 
 
 
Collins Stewart Europe Limited ("Collins Stewart") which is regulated in the 
United Kingdom by The Financial Services Authority is acting for the Company in 
relation to the matters described in this announcement and is not advising any 
other person, and accordingly will not be responsible to anyone other than the 
Company for providing the protections afforded to customers of Collins Stewart 
or for providing advice in relation to the matters described in this 
announcement. 
 
 
About York Pharma (YRK.L) 
 
 
York Pharma is a pharmaceutical group, established in 2003, which develops, 
markets and supplies branded dermatological products to pharmaceutical 
wholesalers, hospitals and general practitioners within the field of 
dermatology. 
 
 
Dealing Disclosure Requirements 
 
 
Under the provisions of Rule 8.3 of the City Code, if any person is, or becomes, 
"interested" (directly or indirectly) in 1% or more of any class of "relevant 
securities" of the Company, all "dealings" in any "relevant securities" of the 
Company (including by means of an option in respect of, or a derivative 
referenced to, any such "relevant securities") must be publicly disclosed by no 
later than 3.30pm (London time) on the Business Day following the date of the 
relevant transaction. This requirement will continue until the offer lapses or 
is otherwise withdrawn or the date on which the "offer period" otherwise ends. 
If two or more persons act together pursuant to an agreement or understanding, 
whether formal or informal, to acquire an "interest" in "relevant securities" of 
the Company, they will be deemed to be a single person for the purpose of Rule 
8.3 of the City Code. 
 
 
Under the provisions of Rule 8.1 of the City Code, all "dealings" in "relevant 
securities" of the Company by the Company, the Lender or their "associates" must 
be disclosed by no later than 12.00 noon (London time) on the Business Day 
following the date of the relevant transaction. 
 
 
A disclosure table, giving details of the companies in whose "relevant 
securities" "dealings" should be disclosed, and the number of such securities in 
issue, can be found on the Panel's website at www.thetakeoverpanel.org.uk. 
 
 
"Interests in securities" arise, in summary, when a person has long economic 
exposure, whether conditional or absolute, to changes in the price of 
securities. In particular, a person will be treated as having an "interest" by 
virtue of the "ownership" or control of securities, or by virtue of any option 
in respect of, or derivative referenced to, securities. 
 
 
Terms in quotation marks are defined in the City Code, which can also be found 
on the Panel's website. If you are in any doubt as to whether or not you are 
required to disclose a "dealing" under Rule 8, you should consult the Panel. 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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