The Board of Phosphagenics Limited (the “Company”) (ASX: POH; AIM: PSG; OTCQX: PPGNY) today announces that the Company will cancel the admission of all of its securities to trading on AIM with effect from the close of business on Friday 31 October 2008.
The Board of the Company did not take this decision lightly and it was only after a detailed review of the interest and activity in the Company’s securities as transacted on AIM together with the direct and indirect costs of maintaining the listing that the Board reached its decision. Over the past 4 year period in which the Company has had its shares listed on AIM the ASX monthly turnover has increased whilst the AIM monthly turnover has decreased.
As shareholders are aware, the shares of the Company have been listed and traded on the Australia Stock Exchange (the “ASX”) since August 1992 and the Company has always regarded the ASX as the Company’s primary listing.
At the date of the cancellation of admission to AIM, the Depositary Interest and Certificated Holders registers (as currently maintained by Computershare Investor Services Plc in Bristol) will be transferred into the Register of Members maintained on behalf of the Company by Computershare Investor Services Pty Ltd in Melbourne, Victoria, Australia.
Upon being transferred in to the Register of Members, each holder will then be sent a Holding Statement showing their entitlement to the shares and a unique Holder Identification Number (“HIN”). The unique HIN is the enabling mechanism through which trading in the Company’s shares is facilitated. Shareholders who currently hold their interest in PSG through Depositary Interests or certificates will then be able to trade their securities in the Company through the ASX under security code: “POH”.
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APPENDIX AND NOTES TO EDITORS
About Phosphagenics Limited
Phosphagenics is a Melbourne-based, globally driven biotechnology company focused on the discovery of new and cost effective ways to enhance the bioavailability, activity, safety and delivery of proven pharmaceutical and nutraceutical products.
Phosphagenics’ core technology is built around the science and application of phosphorylation, a process where the addition of a phosphate group has been found to enhance the bioavailability, activity and safety of existing pharmaceuticals and nutraceuticals, as well as to assist in the production of drug delivery platforms.
Phosphagenics’ shares are listed on the Australian Stock Exchange (POH) and the London Stock Exchange's Alternative Investment Market (PSG). An ADR – Level 1 program was established in the U.S. with The Bank of New York Mellon (PPGNY) for U.S. investors to trade in Phosphagenics’ stock on the ‘over-the-counter’ market. In July 2007, this was upgraded to the International OTCQX, a new premium market tier in the U.S. for international exchange-listed companies, operated by Pink Sheets, LLC.
For more information, please visit Phosphagenics’ web site at www.phosphagenics.com
Safe Harbor Statement
This press release contains forward-looking statements based on current expectations of future events. If underlying assumptions prove inaccurate or unknown risks or uncertainties materialise, actual results could vary materially from the Phosphagenics' expectations and projections. Risks and uncertainties include general industry conditions and competition; economic conditions, such as interest rate and currency exchange rate fluctuations; technological advances and patents attained by competitors; challenges inherent in new product development, including obtaining regulatory approvals; domestic and foreign health care reforms and governmental laws and regulations.
Company Contact Details: U.K. Contacts Details:
Mourice Garbutt Hugh Field
Phosphagenics Limited Collins Stewart Europe Limited (Nomad)
Company Secretary +44 20 7523 8325
+61 3 9605 5917
Mary McSwiggan
Phosphagenics Limited
Investor Relations Manager
+61 3 9605 5907
Share Registrar Contact Details:
Kevin Lo
Computershare Investor Services Pty Ltd
Client Relations Manager
+61 3 9415 5314
