(1888PressRelease)
May 14, 2009 - In accordance with the terms of the Bonds, the conversion will take place at the exchange price of £3.71 per share and, following completion of the exchange process, will result in the issue of an additional 557,141 Ordinary Shares. The reduction in debt will reduce finance costs by £124,020 per annum and strengthen the Group's balance sheet.
Application will be made to the UK Listing Authority and to the London Stock Exchange for the additional Ordinary Shares to be admitted to the Official List. The additional Ordinary Shares will rank pari passu in all respects with the existing Ordinary Shares and when issued and allotted the total issued share capital of the Company will be 23,255,831 Ordinary Shares.
For further information please contact:
SkyePharma PLC
Ken Cunningham
Peter Grant
+44 20 7491 1777
Financial Dynamics
Jonathan Birt
Susan Quigley
+44 20 7831 3113
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations ofexisting products to provide a clinical advantage and life-cycle extension. The Company hastwelve approved products in the areas of oral, inhalation and topical delivery. The Group’s products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.
###
