A total of 33,696,986 restricted voting shares in the capital of Patheon have so far been validly deposited to JLL Partner’s offer to acquire, at a price of USD2.00 cash per share, all
A total of 33,696,986 restricted voting shares in the capital of Patheon have so far been validly deposited to JLL Partner’s offer to acquire, at a price of USD2.00 cash per share, all of the issued and outstanding shares of Patheon.
JLL has extended the offer which will now expire ten days from the mailing of a formal notice of extension. JLL expects to mail a formal notice of extension to Patheon shareholders shortly. JLL intends to take up and pay for any further restricted voting shares as and when they are deposited.
As all of the conditions of the offer have been met, JLL has taken up and made payment to the depository for all of the shares validly deposited as of the expiry time.
Payment will be made on or before 18 June 2009 to Patheon shareholders who have validly deposited their shares under the offer since 1 June 2009.
The shares taken up since the offer was launched represent approximately 38 per cent of the outstanding shares of Patheon not already owned by JLL or its affiliates and associates.
Together with the shares owned prior to the offer, JLL or its affiliates and associates now own 35,346,986 shares of Patheon or approximately 39 per cent of the outstanding shares of Patheon.
JLL also holds 150,000 convertible preferred shares convertible into restricted voting shares representing approximately 29 per cent of the currently issued and outstanding restricted voting shares on an as-converted basis.
If JLL were to convert its convertible preferred shares, which it is free to do at any time, it would hold in the aggregate 57 per cent of the total number of restricted voting shares issued and outstanding and would be entitled to vote such securities at any shareholders meeting. JLL will continue to assess whether or not to convert its convertible preferred shares as facts and circumstances develop.
