Protherics PLC announces Offer Update

• Press Release
• Source: Protherics PLC
• On 6:35 am EST, Monday December 1, 2008

Cheshire, UK--(MARKET WIRE)--Dec 1, 2008 --

 

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART IN, IN
OR INTO OR FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE
A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION


London, 1 December 2008

PROTHERICS PLC ("PROTHERICS")


Offer Update: Court sanction of Scheme of Arrangement


Protherics (LSE:PTI.L - News) and BTG plc ("BTG") (LSE:BGC.L - News) are pleased to
announce that the High Court of Justice in England and Wales has today
made an order sanctioning the Scheme of Arrangement by which BTG's
Acquisition of Protherics is being implemented.


In order for the Scheme to become effective in accordance with its
terms, the Court will now need to confirm the associated Reduction of
Capital at the Reduction Court Hearing. This hearing will take place on
3 December 2008. Following the confirmation of the Reduction of Capital
by the Court, it is expected that the last day of dealings in
Protherics Shares will be 3 December 2008 and the listing of Protherics
Shares will be cancelled at 8.00 a.m. on 4 December 2008, the
anticipated Effective Date of the Scheme. An expected timetable of
principal events is set out in the Appendix to this announcement.


Terms defined in the Scheme Document shall have the same meaning(s)
when used in this announcement.

Enquiries


Protherics
Dr Andrew Heath, Chief Executive Officer        Tel: 020 7246 9950
Rolf Soderstrom, Chief Financial Officer


BTG
Christine Soden, Chief Financial Officer        Tel: 020 7575 0000
Andy Burrows, Director of Investor Relations


Jefferies (financial adviser to Protherics)
Ian Crosbie                                     Tel: 020 7029 8000
Chris Snoxall (corporate broking)


Rothschild (financial adviser to BTG)
Dr Lynn Drummond                                Tel: 020 7280 5000


Nomura Code Securities (broker to Protherics)
Chris Collins                                   Tel: 020 7776 1200



Piper Jaffray (joint broker and adviser to BTG)
Neil Mackison / Jamie Adams                     Tel: 020 3142 8700



Credit Suisse (joint broker and adviser to BTG)
Stephanie Leouzon / Tristan Lovegrove           Tel: 020 7888 8000


Financial Dynamics
Ben Atwell                                      Tel: 020 7831 3113



Jefferies, which is authorised and regulated in the UK by the Financial
Services Authority, is acting as financial adviser and broker to
Protherics in connection with the Acquisition and no-one else and will
not be responsible to anyone other than Protherics for providing the
protections afforded to clients of Jefferies nor for providing advice
in relation to the Acquisition nor any other matter referred to in this
announcement.

Rothschild, which is authorised and regulated in the UK by the
Financial Services Authority, is acting as financial adviser and
sponsor to BTG in connection with the Acquisition and no-one else and
will not be responsible to anyone other than BTG for providing the
protections afforded to clients of Rothschild nor for providing advice
in relation to the Acquisition nor any other matter referred to in this
announcement.


Appendix

Expected Timetable of Principal Events


EVENT                                                   TIME and DATE


Reduction Court Hearing (to confirm the Reduction of    3 December 2008
Capital)


Last day of dealings in, and for registration of        5.00 p.m. on 3
transfers of, and disablement in CREST of, Protherics   December 2008
shares


Scheme Record Time                                      6.00 p.m. on 3
                                                        December 2008


Effective Date                                          4 December 2008


Cancellation of listing of Protherics Shares            8.00 a.m. on 4
                                                        December 2008


Expected date of Admission of, and dealings in,         8.00 a.m. on 4
New BTG  Shares and crediting of New BTG Shares to      December 2008
CREST accounts



Latest date for despatch of share certificates in       18 December
respect of New BTG Shares issued under the Scheme       2008



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

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