Malin Corporation plc
Completion of Sale of Altan Pharma & Update on Return of Capital to Shareholders
Dublin-Ireland, 1 October 2021: Malin Corporation plc. (Euronext Growth Dublin:MLC) ("Malin", the "Company"), a company investing in highly innovative life sciences companies, today announces the completion of the previously announced sale of its investee company subsidiary, Altan Pharma ("Altan"), to Ethypharm. Malin owned approximately 65% of the issued share capital of Altan and the sale of Altan delivers net proceeds to Malin of €68.1 million after the repayment of Altan's net debt and the payment of transaction related costs.
Following the completion of the Altan sale, Malin has a cash balance of approximately €118 million. As previously communicated, Malin intends to initiate a significant return of capital to its shareholders before the end of this year with the intention of returning the majority of current cash. The board of the Company has concluded that a tender offer will be used as the mechanism to return this capital and work on the preparatory steps is underway. The precise amount of capital to be returned and the terms of the tender offer will be determined following an evaluation of strategic business opportunities and related cash needs. The tender offer will be conditional on the approval of shareholders at a general meeting. Details of the tender offer will be announced in conjunction with the publication of a notice of general meeting which is expected to occur before the end of 2021.
ENDS
About Malin Corporation plc
Malin (Euronext Growth Dublin:MLC) is a company investing in highly innovative life sciences companies. Its purpose is to create shareholder value through the application of long-term capital and operational and strategic expertise to a diverse range of global healthcare businesses. Malin has a focus on innovative businesses underpinned by exceptional science and works with its investee companies, providing strategic and financial support to enable them to reach their value potential. Malin is headquartered and domiciled in Ireland and listed on the Euronext Growth Dublin. For more information visit www.malinplc.com
For further information contact:
Malin
Jessica Bergin, Investor Relations & External Reporting
Tel: +353 (0)1 901 5700
investorrelations@malinplc.com
Davy Corporate Finance (Euronext Growth Adviser & Joint Broker)
Brian Garrahy / Daragh O'Reilly
Tel: +353 1 679 6363
Liberum (Joint Broker)
Bidhi Bhoma / Euan Brown
Tel: +44 (0) 20 3100 2000
Powerscourt (Irish media enquiries)
Eavan Gannon
Tel: +353 83 448 8339
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