Huntingdon Life Sciences has apparently found what it think is a solution to at least some of the problems it faces by being chartered in Great Britain and have its stock grade on the London Stock Exchange. A company, Life Sciences Research Inc. has been set up for the purpose of acquiring all Huntingdon Life Sciences stock.
Assuming this goes through, current Huntingdon Life Sciences stock will be converted into stock for Life Sciences Research. Rather than be listed on the London Stock Exchange, the new company will be listed on the NASDAQ Over the COunter Bulletin Board.
In a press release, Andrew Baker, Huntingdon’s Executive Chairman, said the move was being made both for long term strategic reasons as well as because of a more favorable regulatory climate in the United States. Baker said,
The US securities markets offer both a more developed market for our industry and greater shareholder privacy, which, as everyone is aware, has been a serious issue for our shareholder.
Brian Cass, Huntingdon’s Managing Director added, “This transaction offers us the best of both worlds, with the benefits of an American stock trading facility, and the continuance of our existing UK and US laboratory operations.”
Huntingdon and LSR Announce Transaction. Huntingdon Life Sciences, Press Release, Business Wire, October 9, 2001.
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