Uluru Loan Update
22 Luglio 2009 - 7:14PM
UK Regulatory
TIDMYRK
RNS Number : 1308W
York Pharma plc
22 July 2009
York Pharma plc
("York" or the "Company")
Update on Uluru Loan Repayment
On 7 April 2009, York Pharma plc announced that Uluru, Inc. ("Uluru") had made
available to York a US$1.0 million short term secured line of credit (the
"Loan"), to allow the Company to continue trading through the period needed to
complete any formal offer by Uluru for the Company under the Takeover Code. On
24 June 2009, the Company announced that discussions between Uluru and the
Company concerning a proposed offer for the Company had been terminated and that
Uluru had given notice to the Company for the full repayment of the Loan
(together with accrued interest) on or by 22 July 2009.
The Board of York today announces it has today paid an amount of US$250,000
representing a proportion of the Loan amounts payable to Uluru and further that
the Board of Uluru has agreed (subject to a continuation of the terms of the
original Loan arrangements between the parties) to a repayment date for the
remaining balance of the amounts payable pursuant to the Loan of Wednesday 29
July 2009.
York continues to actively pursue alternative funding facilities in order to
repay the balance of the Loan (with accrued interest) to Uluru and to meet its
immediate working capital requirements. If the Company's fund raising efforts
are unsuccessful, this will have a material adverse effect on the Company's
financial position and ability to continue trading.
The Company will provide a further update as and when appropriate.
For more information please contact:
+---------------------------------------+----------------------------+
| York Pharma plc | Tel: +44 (0) 1908 764020 |
| Richard Anderson, Chief Executive | |
| Officer | |
| Ian Miscampbell, Chief Financial | |
| Officer | |
| | |
+---------------------------------------+----------------------------+
| Collins Stewart Europe Limited | Tel: +44 (0) 207 523 8350 |
| Hugh Field / Adam Cowen | |
| | |
+---------------------------------------+----------------------------+
| Financial Dynamics | Tel: +44 (0) 207 831 3113 |
| Ben Brewerton / Emma Thompson | |
| | |
+---------------------------------------+----------------------------+
Collins Stewart Europe Limited, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as Nominated Advisor and
broker to York Pharma plc and will not be responsible to anyone other than York
Pharma plc for providing the protections afforded to clients of Collins Stewart
Europe Limited nor for providing advice in connection with any other matter
referred to herein.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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