Share Purchase Plan: extension of Closing Date to Tuesday, 7 May 2013; Litigation: update

Share Purchase Plan: extension of Closing Date to Tuesday, 7 May 2013

In light of today’s announcement regarding significant progress against the company’s milestones via the lodgement of the Investigational New Drug (IND) application for INV103 (ala-Cpn10), the Board of Invion has extended the Closing Date of the Share Purchase Plan (Plan) to enable eligible shareholders, as described in the Plan documentation, the time to review and consider the available information.

The Plan allows eligible shareholders to purchase up to $15,000 worth of fully paid ordinary shares in the Company at a discount and without any brokerage or transaction costs. The Plan was announced by the Company to the ASX on 28 March 2013. RBS Morgans Corporate Limited is acting as Lead Manager to the Offer.

The Share Purchase Plan will now close at 5.00pm (AEST) Tuesday 7 May 2013.

Litigation: update 

The Board of Invion wishes to update Shareholders on the action to recover approximately $1.2 million from four former executives (as disclosed in financial reports and other announcements).

In February 2013, orders were made by the Supreme Court of Queensland that all parties to the proceedings were to sign and file a Request for Trial Date by 8 April 2013, and the company duly signed and served the Request for Trial Date in compliance with these orders. On 3 April 2013, the Defendants filed and served Amended Defences. The company subsequently filed an application to strike out the Amendments and dispense with the Defendants’ signature on the Request for Trial Date.

On 11 April 2013, the Supreme Court of Queensland heard Invion’s application. The Court allowed Invion’s application and ordered that the Amendments be struck out; that the Defendants pay Invion’s costs of and incidental to the application; and that, unless the Defendants filed any further Amended Defence by 24 April 2013, their signatures on Invion’s Request for Trial Date would be dispensed with.

The company will continue to vigorously pursue its claim against the Defendants, which includes interest and costs.

 

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