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-BIOTA -Merger update, determination of VWAP & share ratios.

Travel Business Review-October 22, 2012--BIOTA -Merger update, determination of VWAP & share ratios(C)2012] ENPublishing -

ENP Newswire - 22 October 2012

Release date- 19102012 - Biota Holdings Limited (ASX:BTA; Biota) under its merger agreement with Nabi Biopharmaceuticals (Nabi) provides the following information in respect of its 10 day volume weighted average sale price, expressed in US$ (US$ 10 day VWAP); theexchange ratio of Nabi shares to be received for Biota shares; and the percentage of ownership post-merger by the respective shareholder groups.

The Supplementary Explanatory Memorandum dated 20 September 2012 (SEM), explains that Biota's 10 day VWAP, converted into United States dollars (US$), is to be used to calculate the exchange ratio of Nabi shares to be received for Biota shares and also to determine the percentage of the merged group, Biota Pharmaceuticals, Inc., (NASDAQ:BOTA) to be held by existing Nabi shareholders and existing Biota shareholders immediately prior to the merger. The US$ 10 Day VWAP of 0.7033 has been calculated from Biota shares sold on the ASX during the period from Monday 8 October to Friday 19 October 2012 inclusive and converted into US$ using the Reserve Bank of Australia's Australian to US dollar exchange rate, at the end of each trading day during that same period.

On the implementation of the merger, and assuming that Nabi has not conducted a share consolidation, Biota shareholders will receive 0.749778075 of a share in Biota Pharmaceuticals, Inc. for each Biota share held by them on Tuesday 6 November 2012, the Record Date. Also, on the implementation of the merger, Biota shareholders and Nabi shareholders will hold approximately 83% and 17% respectively of Biota Pharmaceuticals, Inc.

Nabi may conduct a share consolidation prior to the formation of Biota Pharmaceuticals,as is described in the SEM. If so, the absolute number of shares on issue may alter and hence the number of shares an individual shareholder will receive in Biota Pharmaceuticals will similarly change. However, the consolidation will not alter the ownership percentage indicated above.

Shareholders will be provided with further advice if and when Nabi conducts any share consolidation.

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Publication:Travel Business Review (TBR)
Date:Oct 22, 2012
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