Singapore, Jul 16, 2009: Australian medical devices company, Polartechnics has announced that the off market offer to acquire shares and options in Fermiscan closed yesterday, with the defeating condition of receipt of a minimum of 90 percent acceptances of the Offer for shares have not been met.
According to Polartechnics, there has been a significant decline in Fermiscan’s share price during the offer period, which may reflect the loss of its recent court case. Fermiscan is appealing against the court decision, but, the outcome and the timing of any final judgement is uncertain. The deterioration in Fermiscan’s position means that the merger upon the offer terms is no longer said to be in the Polartechnics' best interests.
On the other hand, Mr David Young, Managing Director, Fermiscan and Mr Greg West, Chief Financial Officer and Company Secretary of the company have resigned. Fermiscan has appointed Mr Leon Carr as an executive director to fill the casual vacancy created by Mr Young’s resignation.
Earlier, in June 2009, Fermiscan had announced that, the Board has changed its recommendation in respect to the takeover offer made by Polartechnics as a result of the Independent Expert's conclusion that the offer is neither fair nor reasonable.
COMNEWS PLT SYDNEY 1001/1/1 PLT - Company Announcement $gen0 16 July 2009 Part 1/1 --- Polartechnics's bid for Fermiscan fails
Sydney - Thursday - July 16: (RWE Aust Business News) - Polartechnics Ltd (ASX:PLT) has announced that its off-market offer to acquire shares and options in Fermiscan Holdings Ltd (ASX:FER) closed yesterday, with the defeating condition of receipt of a minimum of 90 per cent acceptances not having been met.
Acceptances received by close of the offer period were in respect of 5.72 per cent of Fermiscan's issued capital.
In consequence, all takeover contracts and acceptances that have been received have not resulted in binding takeover contracts and are void.
All documents sent to Polartechnics by accepting Fermiscan shareholders and optionholders will be returned to them.
Polartechnics said there had been a significant decline in Fermiscan's share price during the offer period, which may reflect the loss of its recent court case.
The deterioration in Fermiscan's position meant that the merger upon the offer terms was no longer in Polartechnics's best interests.
ENDS 16-07 1118
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