FOR IMMEDIATE RELEASE
SkyePharma PLC Announces Intent to Delist from The NASDAQ Stock Market and to
Deregister and Terminate its Reporting Obligations under the U.S. Securities
Exchange Act of 1934
London, UK, May 4, 2007 - SkyePharma PLC (LSE: SKP; NASDAQ: SKYE) announced
today that it will delist its American Depositary Shares (the "ADSs"), each
representing the right to receive ten ordinary shares of ten pence each of
SkyePharma, from The NASDAQ Stock Market and, pursuant to the newly-adopted Rule
12h-6(a) under the U.S. Securities Exchange Act of 1934 (the "Exchange Act"),
deregister and terminate SkyePharma's reporting obligations under Sections 13(a)
and 15(d) of Exchange Act.
SkyePharma's Board of Directors authorized this action based on its assessment
that (a) continued compliance with the rules of the U.S. Securities Exchange
Commission ("SEC") and NASDAQ, in particular Section 404 of the Sarbanes-Oxley
Act of 2002, would be expensive and burdensome for a company such as SkyePharma
considering the limited benefits it might realise and (b) all investors in the
Ordinary Shares and ADSs of SkyePharma are accorded protection by SkyePharma's
continued compliance with the rules of the London Stock Exchange, on which it
will maintain its listing, the Combined Code and other U.K. regulations.
In accordance with SEC rules and the rules of NASDAQ, SkyePharma has provided
written notice to NASDAQ of its intent to delist. SkyePharma intends to file a
Form 25 with the SEC on May 14, 2007 to effect the delisting. The delisting will
be effective ten days after filing the Form 25, unless the Form 25 is earlier
withdrawn by SkyePharma. SkyePharma reserves the right to delay the filing of
the Form 25 or withdraw the Form 25 for any reason prior to its effectiveness.
SkyePharma intends to file a Form 15F with the SEC to deregister and terminate
its reporting obligations under Section 13(a) and 15(d) of the Exchange Act as
soon as practicable following the later of the effectiveness of the delisting
and the coming into force of new Rule 12h-6 on June 4, 2007. The deregistration
will be effective 90 days after the filing, unless the Form 15F is earlier
withdrawn by SkyePharma. SkyePharma reserves the right to delay the filing of
the Form 15F or withdraw the Form 15F for any reason prior to its effectiveness.
SkyePharma has not arranged for the listing of its ADSs or ordinary shares on
another national securities exchange or for the quotation of its ordinary shares
in a quotation medium in the United States.
SkyePharma intends to maintain its American Depositary Receipt (ADR) facility
relating to the ADSs with The Bank of New York. The ADSs will trade
over-the-counter (OTC) in the United States.
Frank Condella, Chief Executive Officer, said: "The US remains a very important
market for SkyePharma, both as a market for our products and for investors in
our Company. However, the time and expense associated with maintaining a second
listing in the US is not cost effective, given that the vast majority of our
trading volume and liquidity is on the London Stock Exchange. This move will
save costs and enable management to spend more time in developing the business."
For further information please contact:
SkyePharma PLC
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer +44 207 491 1777
Peter Grant, Finance Director
Financial Dynamics (London enquiries)
David Yates / Deborah Scott +44 207 831 3113
Trout Group (US enquiries)
Christine Labaree / Seth Lewis +1 617 583 1308
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new
formulations of known molecules to provide a clinical advantage and life-cycle
extension. The Group has ten 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
www.skyepharma.com.
This information is provided by RNS
The company news service from the London Stock Exchange
SkyePharma PLC announces Delist from NASDAQ
| Source: SkyePharma PLC
London, UK -- (MARKET WIRE) -- May 4, 2007 --