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Vernalis PLC (VER)

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Tuesday 27 March, 2012

Vernalis PLC

Cancellation of Listing/Proposed Admission to AIM

RNS Number : 1093A
Vernalis PLC
27 March 2012

27 March 2012


Cancellation of Listing and proposed admission to AIM


Vernalis plc (LSE: VER) (the "Company") announces that it has requested the cancellation of its listing on the Official List of the FSA.  Such cancellation will be with effect from 08.00 on 27 April 2012.


Following Admission of the New Ordinary Shares pursuant to the Firm Placing and Placing and Open Offer as described in the Prospectus sent to Shareholders on 10 February 2012, the Company confirms it is in breach of Listing Rule 6.1.19 (the "Free Float requirement").  On 28 February 2012, Shareholders voted in favour of the Resolutions which, inter alia, gave authority to the Directors to cancel the Company's current listing and seek admission to AIM if, on Admission, the Free Float requirement was breached.


The Company confirms that it has given notice to the UKLA to cancel its listing on the Official List and to the LSE to cancel its Ordinary Shares from trading on the LSE's main market for listed securities.  Earlier today, the LSE notified to RNS a Schedule One pre-admission announcement of the Company's application for admission to AIM. 


The Company's listing on the Official List will be cancelled effective at 08.00 on 27 April 2012 and it is anticipated that admission to trading on AIM will occur at the same time and on the same date.


Nomura Code Securities Limited will act as the Company's Nominated Adviser (Nomad) pursuant to the AIM rules.


Capitalised terms used (but not defined) in this announcement have the same meanings as in the Prospectus sent to shareholders on 10 February 2012 unless the context requires otherwise.


Vernalis plc

+44 (0) 118 989 9360

Ian Garland, Chief Executive Officer

David Mackney, Chief Financial Officer

Nomura Code Securities:

+44 (0) 20 7776 1200

Juliet Thompson, Managing Director

Brunswick Group

+44 (0) 20 7404 5959

Jon Coles

Kristin Shine

Taylor Rafferty

+44 (0) 20 7614 2900

Rob Newman

Faisal Kanth


About Vernalis

Vernalis is a revenue generating development stage pharmaceutical company with significant expertise in drug development.  The Group has one marketed product, frovatriptan for the acute treatment of migraine, and eight candidates in development, seven of which are designated priority programmes.  Four of these priority development programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations.  Our technologies, capabilities and products are endorsed by collaborations with Endo, Genentech, GSK, Lundbeck, Menarini, Novartis and Servier.


This information is provided by RNS
The company news service from the London Stock Exchange