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Results of Court Meeting and General Meeting

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RNS Number : 9994M
Amryt Pharma PLC
19 September 2019
 

19 September 2019
AIM: AMYT
Euronext Growth: AYP

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF SUCH JURISDICTION.

This announcement contains inside information within the meaning of the EU Market Abuse Regulation 596/2014.

AMRYT PHARMA PLC

("Amryt" or the "Company")

Results of Court Meeting and General Meeting

Amryt, a biopharmaceutical company focused on rare and orphan diseases, announced on 27 August 2019 that it had published an admission document and circular (the "Admission Document") relating to the proposed acquisition of Aegerion Pharmaceuticals, Inc. and which contained a notice convening a court meeting of the Company to approve the proposed scheme of arrangement to insert a new holding company for the Amryt group, and a notice convening a general meeting of the Company to approve, among other things, the Acquisition, the Scheme and a waiver of the obligations that may otherwise arise on certain shareholders under Rule 9 of the City Code on Takeovers and Mergers. Unless otherwise defined herein, capitalised terms in this announcement shall have the meanings given to such terms in the Admission Document.

The Company is pleased to announce that, at the Court Meeting held earlier today, the resolution to approve the Scheme was duly passed. The Company is also pleased to announce that at the General Meeting, all of the proposed resolutions were duly passed.

Details of the resolutions passed at the Court Meeting and the General Meeting are set out in the notices of the Court Meeting and the General Meeting contained in Parts 20 and 21 (respectively) of the Admission Document.

Voting Results at the Court Meeting

At the Court Meeting, a majority in number of Scheme Shareholders who voted (either in person or by proxy), representing 99.996 per cent. by value of Scheme Shares held by Scheme Shareholders who voted (either in person or by proxy), voted in favour of the resolution to approve the Scheme. Accordingly, the resolution proposed at the Court Meeting was duly passed. The resolution proposed at the Court Meeting was decided on a poll vote.

The result of the poll was as follows:

 

 

Number of Scheme Shareholders who voted

Percentage of Scheme Shareholders who voted (%)

Number of Scheme Shares voted

Percentage of Scheme Shares voted (%)

Number of Scheme Shares voted as a percentage of the total Scheme Shares (%)

For

98

97.03

35,594,798

99.996

70.648

Against

3

2.97

1,450

0.004

0.002

Total

101

100.00

35,596,248

100.00

70.651

Voting Results at the General Meeting

At the General Meeting, all of the GM Resolutions (including the Special Resolution to approve the Scheme) were duly passed on a poll vote. The table below shows the votes cast on each of the GM Resolutions (including proxy votes):

 

Resolutions

For*

Against

Number of Shareholders who voted

Number of Amryt Shares voted**

For* as a percentage of total shares voted (%)

Votes withheld
***

To approve the Waiver

35,489,212

1,450

116

35,490,662

100.00

1,419,302

To approve the Acquisition

35,490,071

1,450

117

35,491,521

100.00

1,418,443

To approve the issue of the Subsequent Interim Placing Shares

35,489,195

2,283

117

35,491,478

99.99

1,418,486

To disapply pre-emption rights in connection with the issue of the Subsequent Interim Placing Shares

35,488,969

2,470

116

35,491,439

99.99

1,418,525

To approve the Scheme

35,489,238

2,283

118

35,491,521

99.99

1,418,443

To approve the re-registration of the Company as a private limited company

35,489,631

1,890

117

35,491,521

99.99

1,418,443

To cancel the admission to trading of the Amryt Shares

35,488,751

2,770

116

35,491,521

99.99

1,418,443

* Any proxy appointments which gave discretion to the Chairman have been included in the 'For' total.

** The total number of voting rights in the Company was 50,383,169 as at 19 September 2019.

*** A vote withheld is not a vote in law and is not counted in the calculation of the proportion of votes 'For' and 'Against' the resolutions.

Admission of the Subsequent Interim Placing Shares

On 27 August 2019, the Company announced that it had received commitments to raise gross proceeds of approximately $8.0 million by way of the issue of 7,346,189 new Amryt Shares at £0.90 per Amryt Share to existing and new investors (the "Interim Placing"). Pursuant to the terms of the Interim Placing, the Company issued 4,580,288 new Amryt Shares on 30 August 2019 and agreed to issue a further 2,765,901 new Amryt Shares (the "Subsequent Interim Placing Shares") following, and conditional upon, the receipt of approval from its Shareholders at the General Meeting, which the Company obtained today. Accordingly, the Subsequent Interim Placing Shares will be issued by the Company on 20 September 2019.

Applications have been made to the London Stock Exchange and Euronext Dublin for the Subsequent Interim Placing Shares to be admitted to trading on AIM and Euronext Growth. It is expected that admission will take place and dealings in the Subsequent Interim Placing Shares will commence at 8.00 a.m. on 20 September 2019.

Following the admission of the Subsequent Interim Placing Shares to trading on AIM and Euronext Growth, but prior to the completion of the Transaction, the total issued ordinary share capital of the Company will be 53,149,070 Amryt Shares, which number may be used by Shareholders as the denominator for the calculation by which they may determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Timetable to Closing and Admission

The outcome of the Court Meeting and General Meeting means that the condition to Transaction set out in paragraph 13(c) of Part 1 (Letter from the Chairman of Amryt and Explanatory Statement) of the Admission Document and the conditions to the Scheme set out in paragraphs 2.1(a) and 2.1(b) of Part 3 (Information relating to the Scheme) of the Admission Document have been satisfied.

The Scheme remains subject to the sanction by the Court at the Scheme Court Hearing, which is due to be held on 23 September 2019. Subject to the Scheme receiving the sanction of the Court and the filing of the Scheme Court Order with the Registrar of Companies, the Scheme is expected to become effective on 24 September 2019. Amryt anticipates that the Acquisition will complete on 24 September 2019 in conjunction with the Scheme becoming effective.

The last day of dealings in, and for registration of transfers of, Amryt Shares is expected to be 23 September 2019, being the day of the Scheme Court Hearing. At 7.30 a.m. on the business day immediately after the Scheme Court Hearing (being 24 September 2019), it is anticipated that trading in Amryt Shares on AIM and Euronext Growth will be suspended. Following the Scheme becoming effective and completion of the Acquisition, it is expected that admission of the Amryt Shares to AIM and Euronext Growth will be cancelled at 7.00 a.m. on 25 September 2019.

Applications will be made to the London Stock Exchange and Euronext Dublin for the enlarged issued share capital of New Amryt to be admitted to trading on AIM and Euronext Growth, respectively. It is expected that admission of the New Amryt Shares will become effective, and dealings in the New Amryt Shares will commence, at 8.00 a.m. on 25 September 2019.

The expected timetable of principal events for the implementation of the Acquisition, the Equity Raise, the Financing Arrangements, the Scheme and the Transaction remains as set out on pages 15 and 16 of the Admission Document. If any of the key dates and/or times set out in the timetable change, Amryt will give notice of this change by issuing an announcement through a Regulatory Information Service and make such announcement available on its website at www.amrytpharma.com, and, if required by the Panel, by posting notice of the change(s) to Shareholders and persons with information rights.

Enquiries:
 

Amryt Pharma plc

+353 (1) 518 0200

Joe Wiley, CEO

Rory Nealon, CFO/COO

 

 

Shore Capital

+44 (0) 20 7408 4090

NOMAD and Joint Broker

 

Edward Mansfield, Mark Percy, Daniel Bush, John More

 

 

Stifel

+44 (0) 20 7710 7600

Joint Broker

 

Jonathan Senior, Ben Maddison

 

 

Davy

+353 (1) 679 6363

ESM Adviser and Joint Broker

 

John Frain, Daragh O'Reilly

 

 

Consilium Strategic Communications

+44 (0) 20 3709 5700

Amber Fennell, Matthew Neal, David Daley

 


Publication on Website
 

A copy of this announcement will be made available on Amryt's website at www.amrytpharma.com by no later than 12.00 p.m. (London time) on 20 September 2019 (being the first business day following the date of this announcement). The contents of Amryt's website is not incorporated into or form part of this announcement.


Rounding
 

Certain figures included in this announcement have been subjected to rounding adjustments. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an arithmetic aggregation of the figures that precede them.


About Amryt
 

Amryt is a biopharmaceutical company focused on developing and delivering innovative new treatments to help improve the lives of patients with rare or orphan diseases.

Lojuxta® is an approved treatment as an adjunct to a low-fat diet and other lipid-lowering medicinal products for adult patients with the rare cholesterol disorder - Homozygous Familial Hypercholesterolaemia ("HoFH"). This disorder impairs the body's ability to remove low density lipoprotein ("LDL") cholesterol ("bad" cholesterol) from the blood, typically leading to abnormally high blood LDL cholesterol levels in the body from before birth - often ten times more than people without HoFH - and subsequent aggressive and premature narrowing and blocking of blood vessels.

Amryt is the marketing authorisation holder and has an exclusive licence from Aegerion to sell Lojuxta® (lomitapide) across the European Economic Area, Israel, the Middle East and North Africa, Russia, Switzerland, Turkey, the Commonwealth of Independent States and the non-EU Balkan states.

Amryt's lead development candidate, AP101, is a potential treatment for Epidermolysis Bullosa ("EB"), a rare and distressing genetic skin disorder affecting young children and adults for which there is currently no treatment.  It is currently in Phase 3 clinical trials and recently reported positive unblinded interim efficacy analysis results and the Directors believe that the study will be fully enrolled by end of H2 2019. The European and US market opportunity for EB is estimated by the Directors to be in excess of $1 billion.

In March 2018, Amryt in-licenced a pre-clinical gene-therapy platform technology, AP103, which offers a potential treatment for patients with Recessive Dystrophic Epidermolysis Bullosa, a subset of EB, and is also potentially relevant to other genetic disorders.

In May 2019, Amryt announced the planned acquisition of Aegerion. The Directors believe that this Transaction will advance Amryt's ambition to create a global leader in rare and orphan disease with a diversified offering of multiple commercial and development stage assets and will provide it with scale to support further growth. The Transaction will give Amryt an expanded commercial footprint to market two US and EU approved products, lomitapide (Juxtapid® (US/ROW) / Lojuxta® (EU)) and metreleptin (Myalept® (US) / Myalepta® (EU)). Amryt's leadership team already has a deep knowledge of both these products and since December 2016 has successfully commercialized Lojuxta® across Europe and the Middle East.

For more information on Amryt, please visit www.amrytpharma.com.


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Price: 116.5

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