Dear Investors,
Please see below today's announcement by EastPharma. For further information, please do not hesitate to contact us.
Kind regards,
Investor Relations:
email: ir@eastpharmaltd.com
Web : www.eastpharmaltd.com
EXTENSION OF GEM OPTION
London, 29 December 2011 - EastPharma (EAST LI), a company active in the manufacturing and marketing of branded generic and in-licensed, original, pharmaceutical products in Turkey and other regional markets, today announces an 18 month extension of the option granted to GEM Global Equities Management SA ("GEM") in the shareholders' agreement dated 22 November 2006 entered into between, amongst others and the Company (the "Shareholders' Agreement"). The Gem Option provides a right to GEM to purchase shares in EastPharma in an amount up to 5 per cent. of our issued share capital immediately prior to the exercise of such option for a price of US$5.00 per common share (the "GEM Option").
As per the provisions of the Shareholders' Agreement, the GEM Option may be exercised by GEM by written notice to EastPharma at the earlier of: (i) subject to applicable laws and the rules of the relevant recognised investment exchange, 20 business days from the day after trading in the event that the average bid trading price of EastPharma's shares since trading reaches or exceeds US$8.00 per share; or (ii) immediately prior to completion of a sale of all our share capital or substantially all of our assets and liabilities at a price which implies a value per share of US$8.00 or more.
All principle shareholders approved the transaction and Eastpharma Board has approved the transaction with the unanimous votes of all voting directors. Board members of Eastpharma which were nominated by GEM, did not vote on the matter.