March 31 Skyepharma Plc reported a 25
percent increase in full-year revenue and said it planned to
raise 112 million pounds through a placing of common shares to
pay down debt.
The company said it planned to offer 58.68 million shares at
191 pence per share, a 4.3 percent discount to its stock's
Friday closing price.
Skyepharma shares were up 4.2 percent at 211.25 pence in
thin trading on the London Stock Exchange on Monday morning.
The pharma company said 2.3 million shares have already been
placed, while the remaining 56.38 million shares have been
conditionally placed with some institutional investors,
including existing shareholders.
The company also launched an open offer of 11 shares for
every 9 shares held, as of March 26.
Most of the net proceeds of the placing and open offer would
be used for the early repayment and redemption of bonds and the
balance for general corporate purposes, the company said in a
The company reported a 25 percent jump in revenue and 8
percent higher operating profit for the year ended Dec. 31 and
said it expects further substantial growth in revenue in 2014.
(Reporting by Roshni Menon in Bangalore; Editing by Joyjeet