In accordance with the Scheme, all Scheme shares have been transferred to YM and Cytopia is now a wholly-owned subsidiary of YM. The Scheme Consideration, as well as YM shares and options being issued pursuant to the Implementation Agreement between the two companies, is being issued by YM on 1 February, 2010.
The number of new YM shares to be issued as Scheme Consideration to each shareholder has been calculated using the exchange ratio of 0.0852 YM Shares per Cytopia share (or 1 New YM Share for every 11.7 Cytopia Shares). Share certificates for the new YM holdings should be received by Scheme shareholders in early February. It will include relevant information to assist shareholders in managing their holdings, including details of the YM share registry.
David Allan, Thomas Allen and Leonard Vernon, representatives of YM, have been appointed to the Cytopia Board. Following the issue of the YM shares, current directors, Kevin Healey, Mark Rowsthorn and Geoffrey Vaughan, will resign.