SOURCE: SkyePharma PLC

June 22, 2009 10:43 ET

Skyepharma PLC announces Conversion of Bonds

LONDON, UK--(Marketwire - June 22, 2009) -

Conversion of GBP2,500,000 6% 2024 Bonds

LONDON, UK, 22 June 2009 -- SkyePharma PLC (LSE: SKP) today announces
that it has received notification in respect of GBP2,500,000 of the 6%
2024 Convertible Bonds ("Bonds") to convert them into ordinary shares
of GBP1.00 each ("Ordinary Shares"). In accordance with the terms of the
Bonds, the conversion will take place at the exchange price of GBP3.71
per share and, following completion of the exchange process, will
result in the issue of an additional 673,854 Ordinary Shares. The
reduction in debt will reduce finance costs by GBP150,000 per annum and
strengthen the Group's balance sheet.

Application will be made to the UK Listing Authority and to the London
Stock Exchange for the additional Ordinary Shares to be admitted to the
Official List. The additional Ordinary Shares will rank pari passu in
all respects with the existing Ordinary Shares and when issued and
allotted the total issued share capital of the Company will be
23,943,162 Ordinary Shares.  

The total amount of the GBP69.6m 6% 2024 Convertible Bonds now converted
amounts to GBP6,587,000 saving GBP395,220 interest per annum.

For further information please contact: 

SkyePharma PLC      Ken Cunningham  +44 20 7491 1777 

                    Peter Grant 

Financial Dynamics  Jonathan Birt   +44 20 7831 3113

                    Susan Quigley

About SkyePharma PLC

Using its proprietary drug delivery technologies, SkyePharma develops
new formulations of existing products to provide a clinical advantage
and life-cycle extension. The Company has twelve approved products in
the areas of oral, inhalation and topical delivery. The Group's
products are marketed throughout the world by leading
pharmaceutical companies. For more information, visit

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


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