Perth-based global drug delivery company, pSivida Ltd has received approval from the Federal Court of Australia for its reincorporation in the United States.
This reincorporation is designed to make the company a more attractive investment for shareholders by increasing the potential scope and depth of its shareholder base and liquidity while maintaining strong ties with the Australian investor base.
After the reincorporation, pSivida will maintain listings on the ASX, NASDAQ and the Frankfurt Stock Exchange.
The company's current business, operations, directors and management will not change as a result of the reincorporation.
The full announcement is pasted below:
pSivida Limited announced that the Federal Court of Australia (Court) today approved the Scheme of Arrangement (Scheme) for the Company's reincorporation in the United States (Reincorporation). This Court approval of the Reincorporation follows shareholder approval of the Reincorporation at the Scheme Meeting held on 6 June 2008.
The Company intends to lodge a copy of the Court order with the Australian Securities and Investments Commission tomorrow, 11 June 2008, at which time the Reincorporation will become effective under the Corporations Act.
The Company's shares will cease trading at the close of trading on ASX on 11 June 2008.
The record date for determining entitlements to the Scheme consideration will be 18 June 2008.
Payment of the Scheme consideration will be made on 19 June 2008. This is the Implementation Date of the Scheme. No further action is required from the Company's shareholders.
pSivida Corp. CHESS Depositary Interests are expected to commence trading on ASX on a deferred settlement basis on 12 June 2008, with normal trading expected to commence on 26 June 2008. pSivida Corp. Common Stock is expected to commence trading on Nasdaq on a when-issued basis on 11 June 2008 or 12 June 2008. pSivida Corp. securities are expected to commence trading on the Frankfurt Stock Exchange on a deferred settlement basis on 12 June 2008.
