Disposal, Strategic Update & Special Dividend
April 17 2009 - 2:00AM
UK Regulatory
TIDMNIM
RNS Number : 7220Q
Norwood Immunology Ld
17 April 2009
Norwood Immunology Limited
Completion of Bestewil Disposal, Strategic Update and Special Dividend
Norwood is pleased to announce that completion of the sale of Bestewil to
Mymetics has now occurred and the Company is now in receipt of funds in respect
of the EUR5 million cash payment due on completion.
The sale of Bestewil flowed from a decision by the Norwood Board to endeavour to
convert assets into cash and focus the ongoing activities of the Company on
revenue producing activities. The non contingent consideration is EUR5 million
cash on completion and EUR2.5 million in Mymetics 5% convertible loan notes,
repayable with accrued interest 36 months from completion. In addition, further
consideration and royalties could be receivable by the Company from
Mymetics based on milestones being achieved in the business sold.
Since the initial announcement of the proposed sale of Bestewil, the Board has
continued to discuss the direction of the Company and the application of the
proceeds from the sale of Bestewil.As an interim measure the Board has decided
to pay a special interim dividend of 1p per ordinary share to Shareholders on
the Company's register at 1 May 2009 (an amount in aggregate equivalent to EUR2.58
million) on 8 May 2009. Thereafter, the Board plans to send to Shareholders
proposals that will outline its recommendations for the future direction of the
Company. These proposals may include a share buy-back, with an alternative of a
special dividend.
The Board expects to be in a position to circulate the proposals prior to
31 May 2009, some of which are expected to require Shareholder approval in
general meeting.
Interim Accounts for the six months ended 31 December 2008 are in the course of
preparation, and it is expected that these will be made available during May
2009, prior to any proposals being circulated to Shareholders.
Terms defined in the announcement by the Company dated 6 March 2009 have the
same meaning in this announcement.
Enquiries:
+---------------------------------------+---------------------------------------+
| Norwood Immunology | +44 (0) 7860 295153 |
+---------------------------------------+---------------------------------------+
| Richard Williams, Chief Executive | |
| Officer | |
+---------------------------------------+---------------------------------------+
| | |
+---------------------------------------+---------------------------------------+
| KBC Peel Hunt Ltd (NOMAD & Broker) | +44 (0) 20 7418 8900 |
+---------------------------------------+---------------------------------------+
| Capel Irwin | |
+---------------------------------------+---------------------------------------+
| David Anderson | |
+---------------------------------------+---------------------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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