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Skyepharma revenue jumps; to raise 112 mln stg through share placing
March 31, 2014 / 7:26 AM / in 4 years

Skyepharma revenue jumps; to raise 112 mln stg through share placing

March 31 (Reuters) - 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 statement.

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 Das

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