BRIDGEWATER, N.J., May 27, 2020 /PRNewswire/ -- Osmotica Pharmaceuticals plc (Nasdaq: OSMT) ("Osmotica" or the "Company"), a fully integrated biopharmaceutical company, today announced results of the Company's Annual General Meeting.
At the Annual General Meeting of the Company held on May 20, 2020, the resolution placed before the meeting in respect of the approval of the waiver under Rule 37 of the Irish Takeover Rules ("the Rules") taken by independent shareholders of the Company on a poll was not approved. The result of the poll was 2,867,646 votes for; and 3,050,625 votes against.
Shareholders should note that, as previously announced on September 4, 2019, the independent shareholders of Osmotica approved a waiver proposal under Rule 37 of the Rules at an Extraordinary General Meeting of the Company held on August 29, 2019, whereby as a result of potential future repurchases by the Company of up to 5,251,892 ordinary shares of US$0.01 each in the capital of the Company, the aggregate percentage shareholding in the capital of the Company held by the Affected Parties (being Avista Capital Partners, Altchem Limited and the Management Individuals) may increase up to an aggregate of 94.92%. In such circumstances, the Affected Parties will not incur an obligation under Rule 37 of the Rules to make a general offer to the Company's other shareholders.
This prior authorization is unaffected by the 2020 Annual General Meeting voting result and does not expire until November 28, 2020, being 15 months from the date of its passing.
The full text of the resolution is set of in the Notice of Annual Meeting of Shareholders, which is available at https://www.osmotica.com/.
About Osmotica Pharmaceuticals plc
Osmotica Pharmaceuticals plc is a fully integrated biopharmaceutical company focused on the development and commercialization of specialty products that target markets with underserved patient populations. Vertical Pharmaceuticals, LLC represents the Company's diversified branded portfolio and Trigen Laboratories, LLC represents the non-promoted products including complex generic formulations.
Osmotica has operations in the United States, Argentina, and Hungary.
Investor and Media Relations for Osmotica Pharmaceuticals plc
Lisa M. Wilson
In-Site Communications, Inc.
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SOURCE Osmotica Pharmaceuticals plc