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BioPharma Credit PLC (BPCR)

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Friday 04 June, 2021

BioPharma Credit PLC

Notice of GM and Change in Proposed Auditor

RNS Number : 9336A
BioPharma Credit PLC
04 June 2021
 

BIOPHARMA CREDIT PLC

(THE "COMPANY")

NOTICE OF GENERAL MEETING aND CHANGE IN PROPOSED AUDITOR

The Company has today published a circular convening a general meeting in connection with the appointment of its auditor. On 25 May 2021, the Company published the notice of the Company's annual general meeting to be held on 17 June 2021 (the "AGM"). The resolutions due to be put to Shareholders at the AGM include resolutions concerning the appointment of Ernst & Young, Chartered Accountants ("EY") as auditor of the Company following an audit tender process carried out earlier this year.

Regrettably, EY has now informed the board of directors of the Company (the "Board") that it has come to light that the tax work carried out by its U.S. offices for the Company for previous financial years up to the financial year ending on 31 December 2020 technically precludes EY from accepting the proposed appointment as auditor for the year to 31 December 2021. As a result, the Board has concluded that resolutions 9 and 10 at the AGM in connection with the appointment of EY can no longer be put to Shareholders and the Board intends to withdraw these resolutions. The Board is proposing that the Company's previous auditor, PricewaterhouseCoopers LLP ("PwC"), be appointed for one further year.

Accordingly, the circular published by the Company today convenes a general meeting at which the appropriate shareholder authorities will be sought to appoint PwC as auditor in place of EY for the year to 31 December 2021 (the "General Meeting"). The General Meeting will be held at 1:00 p.m. on 24 June 2021 at the offices of Herbert Smith Freehills LLP, Exchange House, Primrose Street, London EC2A 2EG.

In order to comply with legal requirements, as detailed in the Notice of the General Meeting the Board intends to adjourn the AGM in respect of resolution 1 only to 24 June 2021 to be held immediately after the conclusion of the General Meeting.

Given the risks posed by the Covid-19 pandemic, if government guidance at the time of the General Meeting continues to preclude gatherings of more than a very limited number, the Company will in all likelihood have to impose entry restrictions on shareholder attendance at the General Meeting. In light of this, the Board strongly recommends all Shareholders to vote on the resolutions to be proposed at the General Meeting in advance by form of proxy and encourages Shareholders to consider whether, given the circumstances, it is necessary for them to physically attend the Meeting in person. If you appoint the Chairman of the meeting as your proxy, this will ensure your votes are cast in accordance with your wishes without you having to attend the meeting in person.

A copy of the Notice of the General Meeting is available to view on the Company's website at http://www.bpcruk.com. It has also been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. Copies of the Notice of the General Meeting are being posted or made available to the Company's Shareholders today.

Enquiries

BioPharma Credit plc

via Link Company Matters Limited

Company Secretary

+44 (0)1392 477 500

 

Buchanan

+44 (0)20 7466 5000 / [email protected]

David Rydell

Mark Court

Jamie Hooper

Henry Wilson

 

Notes to Editors:

BioPharma Credit PLC is London's only listed specialist investor in debt from the life sciences industry and joined the LSE on 27   March 2017. The Company seeks to provide long-term shareholder returns, principally in the form of sustainable income distributions from exposure to the life sciences industry. The Company seeks to achieve this objective primarily through investments in debt assets secured by royalties or other cash flows derived from the sales of approved life sciences products.

 

LEI: 213800AV55PYXAS7SY24 

 

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