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Protherics PLC: Offer Update

^{Published on 2008-12-03 06:32:16 - Market Wire}
 

CHESHIRE, UK--(Marketwire - December 3, 2008) -

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, IN OR INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION London, 3 December 2008 PROTHERICS PLC ("PROTHERICS") Offer Update: Court confirmation of Reduction of Capital Further to the announcement dated 1 December 2008, Protherics (LSE: PTI) and BTG plc ("BTG") (LSE: BCG) are pleased to announce that the High Court of Justice in England and Wales has today made an order confirming the reduction of Protherics' share capital in connection with the Scheme of Arrangement by which BTG's Acquisition of Protherics is being implemented. This follows the Court's sanction of the Scheme at a hearing held on 1 December 2008. The Scheme will become effective upon the Court Orders being delivered to the Registrar of Companies (and, in relation to the Reduction Court Order, the registration of such order by the Registrar of Companies) which is expected to take place on 4 December 2008. The listing of Protherics Shares is expected to be cancelled at 8.00 a.m. on 4 December 2008, the anticipated Effective Date of the Scheme. An expected timetable of principal events is set out in the Appendix to this announcement. Terms defined in the Scheme Document shall have the same meaning(s) when used in this announcement. Enquiries Protherics Dr Andrew Heath, Chief Executive Officer Tel: 020 7246 9950 Rolf Soderstrom, Chief Financial Officer BTG Christine Soden, Chief Financial Officer Tel: 020 7575 0000 Andy Burrows, Director of Investor Relations Jefferies (financial adviser to Protherics) Ian Crosbie Tel: 020 7029 8000 Chris Snoxall (corporate broking) Rothschild (financial adviser to BTG) Dr Lynn Drummond Tel: 020 7280 5000 Nomura Code Securities (broker to Protherics) Chris Collins Tel: 020 7776 1200 Piper Jaffray (joint broker and adviser to BTG) Neil Mackison / Jamie Adams Tel: 020 3142 8700 Credit Suisse (joint broker and adviser to BTG) Stephanie Leouzon / Tristan Lovegrove Tel: 020 7888 8000 Financial Dynamics Ben Atwell Tel: 020 7831 3113 Jefferies, which is authorised and regulated in the UK by the Financial Services Authority, is acting as financial adviser and broker to Protherics in connection with the Acquisition and no-one else and will not be responsible to anyone other than Protherics for providing the protections afforded to clients of Jefferies nor for providing advice in relation to the Acquisition nor any other matter referred to in this announcement. Rothschild, which is authorised and regulated in the UK by the Financial Services Authority, is acting as financial adviser and sponsor to BTG in connection with the Acquisition and no-one else and will not be responsible to anyone other than BTG for providing the protections afforded to clients of Rothschild nor for providing advice in relation to the Acquisition nor any other matter referred to in this announcement. Appendix Expected Timetable of Principal Events EVENT TIME and DATE Last day of dealings in, and time for registration of 5.00 p.m. on 3 transfers of, and disablement in CREST of, Protherics December 2008 shares Scheme Record Time 6.00 p.m. on 3 December 2008 Effective Date 4 December 2008 Cancellation of listing of Protherics Shares 8.00 a.m. on 4 December 2008 Expected date of Admission of, and dealings in, New BTG 8.00 a.m. on 4 Shares and crediting of New BTG Shares to CREST December 2008 accounts Latest date for despatch of share certificates in 18 December respect of New BTG Shares issued under the Scheme 2008 This information is provided by RNS The company news service from the London Stock Exchange END