Novogen announces updated ratio for proposed MEI share
In its Notice of Annual General Meeting (AGM) Novogen
provided information to shareholders on the proposed Capital
Reduction including the basis upon which the distribution of
the MEI Pharma Inc. (MEI Pharma) common stock was
determined. That was a 1 for 59 distribution which took
into consideration a proposed 1 for 10 reverse stock split
announced by MEI Pharma on 28 September, 2012 and which
Novogen understood was to be effected at the beginning of
November, 2012, that is before the Capital Reduction
resolution was to be determined by the Company's
shareholders at the AGM.
The Company has now been advised by MEI Pharma that the
proposed reverse stock split will not be effected before the
proposed distribution of MEI Pharma common stock by Novogen.
As the Company plans to distribute all of the common
stock that it owns in MEI Pharma to its shareholders, the
distribution will now be approximately six (6) shares of
common stock in MEI Pharma for every thirty five (35)
Ordinary Shares of Novogen held on the Record Date. All
other terms set out in the Explanatory Statement dispatched
with the Notice of Meeting for the AGM remain unchanged.
About Novogen Limited
Novogen Limited is an Australian biotechnology company
based in Sydney, Australia. Novogen conducts research and
development on oncology therapeutics through its
subsidiary, MEI Pharma, Inc.