PAION AG: Court sanctions Scheme of Arrangement for acquisition of CeNeS
24-Jun-2008
The management board of PAION AG and the board of directors of CeNeS Pharmaceuticals plc announced that at the Court Hearing, the Court of Session in Edinburgh, Scotland, sanctioned the Scheme of Arrangement, which describes the terms and conditions of the proposed acquisition, under part 26 of the Companies Act 2006 and confirmed the associated Reduction of capital of CeNeS under section 137 of the Companies Act 1985.
Subject to office copies of the Court Orders being delivered to, and in the case of the Reduction Order, registered by the Registrar of Companies, it is expected that the Scheme will become Effective on 23 June 2008. The shareholders of CeNeS had already voted in favor of the transaction on 28 May 2008 by a large majority.
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