LEWISBERRY, PA, Nov 10 (MARKET WIRE) --
Unilife Medical Solutions Limited (ASX: UNI) (PINKSHEETS: UNIFF) (Unilife
or the Company) is pleased to announce that its 2009 Share Purchase Plan
(SPP), which closed on Friday, 30 October 2009, was significantly
oversubscribed with applications for approximately 33.7 million new,
fully paid ordinary shares (SPP Shares) with a value of approximately
A$28.7 million.
As a result of the overwhelming demand for Shares under the SPP, the Board
has authorised an increase in the number of Shares to be issued under the
SPP from 11,764,705 Shares to raise A$10 million to approximately 25.3
million Shares, to raise approximately A$21.5 million before costs,
representing a pro-rata allotment to all shareholders of 75% of their
application.
As announced on 7 October 2009, Unilife offered eligible shareholders with
a registered address in Australia or New Zealand the opportunity to
subscribe for up to A$15,000 worth of Shares under the SPP. In accordance
with ASIC Class Order 09/425, applications by individual shareholders for
more than A$15,000 worth of Shares have been rejected and, as a result of
the over-subscription, the Company will scale back other applications,
such that each applicant will receive 75% of their initial application for
Shares under the SPP. Unilife will refund any excess application
remittances to shareholders (without interest) shortly following allotment
of the SPP Shares which is now due to occur on 17 November 2009.
In addition to the receipt of commitments for A$32.1 million from
institutional investors in the US and sophisticated and professional
investors in Australia, the Board decision to increase the amount to be
accepted under the SPP to A$21.5 million has resulted in the total sum
committed amounting to A$53.6 million.
The additional funds accepted under this SPP will further help Unilife
accelerate the continued expansion of its business activities within the
United States and other international markets. In particular, the Board
expects that these additional funds will assist the Company with the
development of its new global headquarters and production facility to be
established in Central Pennsylvania, and fast-track the development of
production systems that will support anticipated pharmaceutical market
demand for its range of Unifill syringes.
Comment from Unilife Chief Executive Officer, Mr. Alan Shortall
"The Board and I are very pleased by the overwhelming support displayed by
the shareholders applying for shares in the SPP. We received applications
from over 30% of Unilife's shareholders for almost 200% more money than we
intended to raise.
"The Board recognises the importance and support that individual
shareholders have provided to Unilife during the past eight years, and the
on-going support they are again showing for the Company and its management
through these applications.
"The Board wishes to accommodate the shareholders to the greatest extent
possible. However, we have conducted a further careful evaluation of our
cash requirements for the foreseeable future, and as a result of this
review, we simply cannot accept more than 75% of the applied for amounts,
and adequately deploy those funds during this period in a productive
manner. On behalf of the Board, I would like to express our sincere thanks
to all of our shareholders for their trust and support."
Timing and allotment
Allotment of Shares under the SPP will occur on 17 November 2009.
Applicants will be advised of their final allocations when holding
statements in respect of the SPP Shares are despatched, which is expected
to occur on 23 November 2009. It is the responsibility of shareholders to
confirm the number of Shares allotted to them under the SPP prior to
trading in those Shares. Shareholders who sell SPP Shares before they
receive their holding statements do so at their own risk.
About the Unilife Australia Group
Unilife Medical Solutions Ltd is an ISO 13485 certified company that
designs, develops and supplies innovative safety medical devices. Listed
on the Australian Securities Exchange (ASX: UNI) since 2002, Unilife has
FDA-registered manufacturing facilities in the US State of Pennsylvania
and a proprietary portfolio of clinical and prefilled safety syringes
designed for use within healthcare and pharmaceutical markets.
Shareholder / Analyst Enquiries:
Australia
Jeff Carter
Phone: + 61 2 8346 6500
United States
Stuart Fine
Phone: + 1 908 469 1788
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