Xenetic Biosciences PLC : - Open Offer Update
02/01/2012| 03:00am US/Eastern
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Xenetic Biosciences plc
('Xenetic' or 'the Company')
Proposed Open Offer Cancelled
Xenetic Biosciences plc (LSE: XEN.L), a
bio-pharmaceutical company specialising in the development of
high-value differentiated biological and vaccines and novel
cancer drugs, announces that the Open Offer as proposed as
set out in the Shareholder Circular dated 4th August as
approved by shareholders in General Meeting on 2nd September
2011 will not be implemented.
The genesis of the underlying proposal to make an Open
Offer to shareholders on the register as at 3rd August 2011
was to allow them to participate in the then- upcoming
financing round to raise £12,463,000 (before expenses) by way
of share placings at 11 pence per share to SynBio and Serum
Institute of India, alongside the Acquisition of SymbioTec
GmbH by the Company.
Completion of the Acquisition proved to be a much
protracted process, eventually occurring only on 16th January
2012, and in the months leading up to completion
of the Acquisition, market uncertainties saw the market
price of the Company's shares fall to an eventual low of
6.5 pence on 22 November 2011.
Against this background, and in spite of the completion
of all the Proposals, the [9.00 pence] share price at close
of business on 31 January 2012 remains below the Open Offer
price of 11 pence per share. The Directors have therefore
determined that in these circumstances it is not in the best
interests of the Company to implement the Open Offer at this
time.
- Ends
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