Silicon Investor (SI) -- The First Internet Community

STOCKTALK

We've detected that you're using an ad content blocking browser plug-in or feature. Ads provide a critical source of revenue to the continued operation of Silicon Investor. We ask that you disable ad blocking while on Silicon Investor in the best interests of our community. If you are not using an ad blocker but are still receiving this message, make sure your browser's tracking protection is set to the 'standard' level.

Gold/Mining/Energy : PATHEON INC. (PTI - TORONTO) -- Ignore unavailable to you. Want to Upgrade?

To: David Michaud who wrote (141)	10/7/1999 6:01:00 PM
From: HarveyO	Read Replies (1) \| Respond to of 147

Patheon seeks dissolution of Global Pharm Patheon Inc PTI Shares issued 40,289,127 Oct 6 close $10.30 Thu 7 Oct 99 News Release Mr. Robert Tedford reports Patheon has made application to the Ontario Superior Court of Justice seeking a dissolution of Global Pharm Inc. and a court ordered sale of the shares or assets of Global Pharm Inc. Patheon acquired 48 per cent of the shares of Global Pharm Inc. in June of 1995. Global Pharm offers specialized capabilities in scale-up and high volume production of solid and semi-solid products. For the nine months ended July 31, 1999, Global Pharm has contributed $6,318,000 (1998-$7,613,000) representing 7 per cent (1998-16 per cent) to Patheon's revenues and $148,000 (1998-$466,000) or four-10th of a cent per share (1998-1.3 cents per share) to Patheon's earnings. Robert Tedford, the chief executive officer of Patheon Inc., stated: "Over the past several years, Global Pharm has not achieved the growth in revenues and earnings which we believe it is capable of achieving. The management of Global Pharm, which owns 52 per cent of its shares, and the management of Patheon, which owns 48 per cent of Global Pharm shares, have been unable to resolve fundamental issues relating to the strategic direction for the company. As such, Patheon concluded that it has no alternative but to end its arrangements with Global Pharm's management and seek the assistance of the court in directing a sale of Global Pharm through a public auction process. Patheon intends to be a bidder for all of the shares we do not now own."