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Farsight Bioscience Limited consolidates share capital Farsight Bioscience Limited News

2011/08/16 - The Board of Farsight Bioscience Limited have today announced the passing of a resolution, following yesterday’s General Meeting, to consolidate the share capital so that the holding of 10 shares of 1p par value will be converted into 1 share of 10p par value (the “Conversion”). The end result is that each shareholder will hold one tenth of the number of shares they previously held, but that their percentage holding in the Company has not changed. The effective date of the change in share structure is today (12 August, 2011). The price per share on the market can be expected to increase tenfold. The rights of the Ordinary Shares following the Conversion will be identical to those before the Conversion. For the avoidance of doubt, the Conversion has not changed the net value of shares currently in issue (subject to market fluctuations).
 The Conversion has been implemented in response to a recent announcement from the Deutsche Borse confirming that all Companies with shares traded on the Open Market of the Frankfurt Stock Exchange seek to ensure that the minimum par value per share is the equivalent of €0.10, if it is not already so. This decree has affected quite a few UK companies listed on the Exchange, including the Company, which previously had a 1p par value per share. The Company, Board of Directors and Shareholders have now approved the necessary corporate action to change the capital structure to comply with the new directive by the Exchange.

Farsight’s business focus will remain unchanged, that is to develop drugs in large markets with significant growth that offer the potential to become blockbusters. Its focus is on primary care drugs for the prevention and treatment of human diseases. For more information on the Company and its target markets please visit www.farsightbioscience.com

In view of the change to the share structure, there will be a need to issue new share certificates to all shareholders for the reduced number of shares now held. The Board propose that such share certificates will be prepared by the Registrar to be available shortly after the Genral Meeting. Pursuant to the admission on the Exchange, the Company’s shares are admitted to CREST. Application will be made for the new number of Ordinary Shares following the Conversion to be admitted to CREST. It is expected that the consolidated Ordinary Shares already held in uncertificated form, i.e. in CREST, will be credited to the relevant CREST accounts on 12 August 2011 and that definitive share certificates in respect of the Ordinary Shares following Conversion previously held in certificated from will be despatched to relevant shareholders shortly after 19August 2011. No temporary documents of title will be issued. Share certificates in respect of existing Ordinary Shares ceased to be valid on 11August 2011 and, pending delivery of new Ordinary Shares, will be certified against the register.


http://www.farsightbioscience.com/news/350/

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