Daniel Stewart Launches Taihua Tender Offer

 

Taihua, the China-based pharmaceutical company specialising in the cultivation of Traditional Chinese Medicine (“TCM”) raw materials, manufacture of TCM and certain Active Pharmaceutical Ingredients, is pleased to announce the terms of a proposed Tender Offer.

Under the Tender Offer, each Eligible Shareholder is entitled to have up to approximately 22.536802 per cent of his or her shareholding purchased at the Tender Price (3.28 pence per Share) with the potential to tender a greater number of Shares depending on the number of Shares tendered by other Shareholders. The Tender Price represents a premium of 4.96 per cent to the closing mid-market price of 3.125 pence per Share on 3 February 2017, being the last practicable date prior to the publication of the Circular. The Tender Offer is being made available to all Shareholders who are on the Register at the close of business on 20 February 2017, with the exception of holders in certain overseas jurisdictions.

The Company has the authority granted by Shareholders to purchase up to 8,173,733 Ordinary Shares on 12 August 2016. A circular which sets out the full details of the Tender Offer is expected to be posted to Shareholders today (the “Circular”).  The Circular will also be available on the Company’s website (http://www.taihuaplc.com).

The Tender Offer is being made by Daniel Stewart & Company plc, the Company’s corporate broker, as principal on the basis that all Shares that it buys under the Tender Offer will be purchased from it by the Company.