BASINGSTOKE, England and PHILADELPHIA, Pennsylvania, May 22 /PRNewswire-FirstCall/ -- Shire plc (LSE: SHP)(NASDAQ: SHPGY), the global specialty biopharmaceutical company, announces that the High Court approved the scheme of arrangement between Shire plc and its ordinary shareholders at a hearing today. The scheme, which becomes effective on 23 May 2008, results in the UK listed, Jersey incorporated Shire Limited (LSE: SHP, NASDAQ: SHPGY) becoming the new holding company for the group.
Under the terms of the scheme, ordinary shareholders will receive one Shire Limited ordinary share for each Shire plc ordinary share they hold at 5.30 p.m. (GMT) on 22 May 2008.
The Shire Limited ordinary shares of 5 pence each will be admitted to the Official List and to trading on the London Stock Exchange's market for listed securities at 8.00 a.m. (GMT) on 23 May 2008. The listing of the existing ordinary shares of Shire plc will be cancelled by 8.00 a.m. (GMT) on 23 May 2008.
In conjunction with the scheme, Shire plc's American Depositary Shares ("ADSs") will be replaced by Shire Limited's ADSs on a one-for-one basis, each Shire Limited ADS representing three ordinary shares in Shire Limited. Dealings in Shire Limited ADSs on NASDAQ will commence at 9:30 a.m. (EST) on 23 May 2008.
Immediately prior to the scheme becoming effective, Shire Limited will be substituted in place of Shire plc as principal obligor under the U.S.$1,100,000,000 2.75 per cent. Convertible Bonds due 2014 originally issued by Shire plc (and the terms and conditions of such bonds will be amended).
Notes to Editors
Shire's strategic goal is to become the leading specialty
biopharmaceutical company that focuses on meeting the
|SOURCE Shire plc|
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