Join our Mailing List Press Release
Osmetech plc - Cancellation of Warrants - 20 March 2007
Osmetech plc ("Osmetech") announces the cancellation, with effect from today, of 7,811,428 warrants currently held by Motorola, Inc. ("Motorola"). The warrants were issued to Motorola in consideration for Osmetech's acquisition of Clinical Micro Sensors Inc. which was completed in July 2005. The warrants entitled Motorola to subscribe for up to 7,811,428 ordinary shares of 0.1 pence each in the capital of Osmetech (representing 3.85% of the current issued share capital of Osmetech) at a price of 17.5 pence per share at any time up to 26 July 2010.
Osmetech has, in return for the cancellation of the warrants, paid to Motorola a total of £468,685.68 which represents a price of six pence per warrant.
James White, Osmetech plc Chief Executive Officer, said:
“The buy-back and cancellation of these warrants removes any dilution effects that would result from their exercise. This management of the capital base of the company reflects the Group’s strong cash position following the recent $44.9m sale of our Critical Care Division and our confidence in the prospects for our Molecular Diagnostics Division”
For further information please contact
Osmetech plc +44 (0)207 849 6027
James White, Chief Executive Officer
David Sandilands, Chief Financial Officer
Hoare Govett Limited +44(0)207 678 8000
Andrew Foster/Bertie Whitehead (Corporate Broking)
Justin Jones (Corporate Finance)
Madano partnership |
+44 (0) 207 593 4000 |