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Tuesday 20 April, 2010

Osmetech PLC

Adjournment of Osmetech Share

RNS Number : 4799K
Osmetech PLC
20 April 2010
 



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

THIS ANNOUNCEMENT IS MADE IN ACCORDANCE WITH THE REQUIREMENTS OF THE AIM RULES FOR COMPANIES.

 

Osmetech plc

Adjournment of Osmetech Shareholder Meetings

Further to the announcement released on 19 April 2010 in connection with the proposal to adjourn the Shareholder Meetings, to approve the proposed change of domicile of Osmetech to the United States, the associated listing of GenMark on the NASDAQ Global Market, cancellation of AIM Trading Facility and equity fundraising by GenMark, the Company announces that at the meetings held today, the Court Meeting was adjourned to 11.30 a.m. on 27 April 2010 and the Scheme GM was adjourned to 11.45 a.m. on 27 April 2010 (or as soon thereafter as the Court Meeting shall have been concluded or adjourned).  Both meetings will take place at the offices of Ashurst LLP, Broadwalk House, 5 Appold Street, London EC2A 2HA.  The adjournments have been necessitated due to none of the Directors of the Company being able to attend the Shareholder Meetings scheduled for today as a consequence of all flights to the UK being cancelled as a result of the dust cloud caused by the volcanic activity currently taking place in Iceland.

Sally Craig, Osmetech's company secretary, was appointed as Jon Faiz Kayyem's alternate director for the purposes of chairing the meetings held today.  This appointment has now been revoked.  Save for the new dates for the Shareholder Meetings, the deadline for appointment of proxies for such meetings and the Voting Record Time for the Court Meeting and the Scheme GM, the expected timetable of principal events set out in the Scheme Circular in relation to the Proposal issued by the Company on 31 March 2010 ("Scheme Circular") remains unchanged.  The revised timetable is set out in the appendix to this announcement.

Terms defined in the Scheme Circular shall have the same meaning(s) when used in this announcement.

 

Contacts

For further information contact:

Osmetech plc

Steven Kemper, Chief Financial Officer - +1 626 463 2004

Jon Faiz Kayyem, Chief Executive Officer - +1 626 463 2000

 

Canaccord Adams Limited

(Nominated Advisor)

020 7050 6500

Robert Finlay

Henry Fitzgerald-O'Connor

 

THIS ANNOUNCEMENT IS NOT AN OFFER TO SELL OR A SOLICITATION OF AN OFFER TO BUY ANY SECURITIES OF GENMARK OR OSMETECH, NOR SHALL IT FORM THE BASIS OF, OR BE RELIED UPON IN CONNECTION WITH ANY CONTRACT FOR SUCH PURCHASE OR SUBSCRIPTION.  THE GENMARK SHARES TO BE ISSUED PURSUANT TO THE SCHEME WILL ONLY BE ISSUED TO OSMETECH SHAREHOLDERS IN ACCORDANCE WITH THE SCHEME AND THE SCHEME CIRCULAR.  the GenMark Shares to be issued pursuant to the Scheme will not be registered with the SEC under the Securities Act, but will be issued in reliance upon an exemption from the registration requirements.

A REGISTRATION STATEMENT RELATING TO THE ISSUANCE OF GENMARK SHARES IN THE GENMARK FUNDRAISING HAS BEEN FILED WITH THE SEC BUT HAS NOT YET BECOME EFFECTIVE AND IS SUBJECT TO AMENDMENT.  THESE SECURITIES MAY NOT BE SOLD NOR MAY OFFERS TO BUY BE ACCEPTED PRIOR TO THE TIME THE REGISTRATION STATEMENT BECOMES EFFECTIVE.  OFFERS OF THESE SECURITIES MAY BE MADE ONLY BY MEANS OF A PROSPECTUS MEETING THE APPLICABLE REQUIREMENTS OF UNITED STATES LAWS AND REGULATIONS AND THE LAWS AND REGULATIONS OF ANY OTHER JURISDICTION IN WHICH SUCH SECURITIES MAY BE LAWFULLY OFFERED FOR SALE.

Apart from the responsibilities and liabilities, if any, which may be imposed on Canaccord Adams by the FSMA or the regulatory regime established thereunder, Canaccord Adams does not accept any responsibility whatsoever for the contents of this announcement or for any statement made or purported to be made by it, or on its behalf, in connection with Osmetech, GenMark, the Osmetech Shares, the GenMark Shares or the Proposal.  Canaccord Adams accordingly disclaims all and any liability whether arising in tort, contract or otherwise (save as referred to above) which it might otherwise have in respect of this statement or any such statement.

Canaccord Adams, which is authorised and regulated in the United Kingdom by the FSA, is acting exclusively for Osmetech and GenMark and no one else in connection with the Proposal and will not be responsible to anyone other than Osmetech and GenMark for providing the protections afforded to clients of Canaccord Adams nor for providing advice in relation to the Proposal or the contents of this announcement, or any matter referred to herein.

Statements in this announcement regarding the Scheme, including expectations with respect to the Scheme and the timetable for completing the Scheme, the ability to list the GenMark Shares on the NASDAQ Global Market and complete the GenMark Fundraising, future financial operating results, potential benefits of the Scheme, and future opportunities for Osmetech or GenMark as well as any other statements about the future expectations, beliefs, goals, plans or prospects of the management of Osmetech or GenMark constitute "forward-looking" statements.  Any statements that are not statements of historical fact (including statements containing the words "believe", "plan", "anticipate", "expect", "estimate", and similar expressions) should also be considered to be forward-looking in nature.  There are a number of important factors that could cause actual results or events to differ materially from those indicated by such forward-looking statements, including not obtaining the necessary approvals to complete the Scheme on a timely basis, or at all, inability to complete the GenMark Fundraising on favourable terms, or at all, decreases in demand for Osmetech's products and other factors described in Osmetech's Annual Report for the year ended 31 December 2008.  Osmetech disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this announcement.  Osmetech Shareholders are cautioned not to place undue weight on these forward-looking statements. Actual results may differ materially from those anticipated in such forward-looking statements even if experience or future changes make it clear that any projected results expressed or implied therein may not be realised.



Appendix

The following indicative timetable sets out the expected dates (subject to note 6 below) for the implementation of the Proposal.

Event

Time and/or date(1)

Latest time for lodging blue forms of proxy for the Court Meeting...............................................................


11.30 a.m. on 25 April 2010(2)

Latest time for lodging white forms of proxy for the Scheme GM...................................................................


11.45 a.m. on 25 April 2010(3)

Voting Record Time for the Court Meeting and the Scheme
GM................................................................................


6.00 p.m. on 25 April 2010(4)

Court Meeting...............................................................

11.30 a.m. on 27 April 2010

Scheme GM...................................................................

11.45 a.m. on 27 April 2010(5)

The following dates are subject to change (please see note (6) below)

 

Reduction Record Time.................................................

6.00 p.m. on 19 May 2010(6)

Last day of dealings in, and for registrations of transfers of Osmetech Shares......................................

Up until 4.30 p.m. on 19 May 2010

Suspension of trading of Osmetech Shares on AIM......

7.00 a.m. on 20 May 2010(6)

Court Hearing to sanction the Scheme and Capital Reduction.....................................................................

20 May 2010(6)

Conditional dealings commence in GenMark Fundraising Shares.......................................................

2.00 p.m. (9.00 a.m. New York time) on 20 May 2010(6)

Last day and time for receipt of transfers of Osmetech Shares for registration.................................................

12.00 p.m. on 24 May 2010(6)

Scheme Record Time.....................................................

6.00 p.m. on 24 May 2010(6)

Effective Date of the Scheme........................................

25 May 2010(6)

Commencement of trading on the NASDAQ Global Market in GenMark including in relation to GenMark Fundraising Shares.......................................................

2.30 p.m. (9.30 a.m. New York time) on 25 May 2010(6)

Cancellation of quotation of Osmetech Shares on AIM.

7.00 a.m. on 26 May 2010(6)

Latest date for despatch of DRS statements (if applicable) in respect of GenMark Shares.....................

24 June 2010(6)

__________________________

Notes:

(1)        References to time in this document are to London time, unless otherwise stated.

(2)        It is requested that forms of proxy for the Court Meeting be lodged at least 48 hours prior to the appointed time for the Court Meeting (or, in the case of a further adjournment, not later than 48 hours before the time fixed for the holding of the adjourned Court Meeting), although forms of proxy not so lodged may be handed to the Company's registrars, Capita Registrars, on behalf of the chairman of the Court Meeting before the taking of the poll at the Court Meeting.

(3)        Forms of proxy for the Scheme GM must be lodged at least 48 hours prior to the Scheme GM (or, in the case of a further adjournment, not later than 48 hours before the time fixed for the holding of the adjourned  Scheme GM). Forms of proxy for the Scheme GM not lodged by this time will be invalid.

(4)        If either the Court Meeting or the Scheme GM is further adjourned, the Voting Record Time for the adjourned Shareholder Meeting will be 6.00 p.m. on the date two days before the date set for the adjourned Shareholder Meeting.

(5)        Or as soon thereafter as the Court Meeting shall have concluded or been adjourned.

(6)        These dates are indicative only and will depend, among other things, on the date upon which the Court sanctions the Scheme and confirms the associated Capital Reduction as well as the date on which the Court Order is delivered to the Registrar.  These dates may also be adjusted to the extent that the dates of the GenMark Fundraising and the NASDAQ Listing are amended.  If any of the dates set out above (including, inter alia, the expected date of the Court Hearing) change, the Company will give notice of the change by issuing an announcement through a Regulatory Information Service and by notice on the Company's website.


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