Vistin Pharma ASA : Proposal for Extraordinary Dividend


09.10.17 14:35
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Vistin Pharma ASA : Proposal for Extraordinary Dividend

Oslo, Norway, 9 October 2017

Norwegian pharmaceutical company Vistin Pharma ASA ("Vistin Pharma") announced today that the Board of Vistin Pharma will propose an extraordinary dividend of NOK 7.00 per share.

On 2 October, the Company announced the successful completion of the sale of its opioids and tablet manufacturing business to TPI Enterprises Limited, which resulted in the receipt of a provisional cash consideration of NOK 159.5 million. The sale is expected to have a positive net cash effect of NOK 140 - 150 million, before any transaction costs. As a result of this sale, the Board will call for an extraordinary general meeting to approve a dividend of NOK 7.00 per share (NOK 119.4 million).

Following the sale, Vistin Pharma is a pure play metformin producer, with a strong position in the global metformin market. The global market for metformin is expected to grow by four to five percent per annum, and Vistin Pharma is attractively positioned to capture part of this growth. The Company's project to double the production capacity for metformin is progressing according to plan, and the project will be presented in further details in the third quarter financial report to be released on 27 October.

For further information, please contact:

Kjell-Erik Nordby

CEO

+47 91 36 42 80

kjell-erik.nordby@vistin.com

Gunnar Manum

CFO

+47 95 17 91 90

gunnar.manum@vistin.com 

 
 
 
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.





This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Vistin Pharma ASA via Globenewswire




 

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