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Skyepharma PLC: Skyepharma PLC announces Conversion of Bonds

^{Published on 2009-03-06 05:13:42, Last Modified on 2009-03-06 05:14:23 - Market Wire}
 

LONDON--(Marketwire - March 6, 2009) -

 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 END