RVL Pharmaceuticals plc Announces Result of Proposal to Approve a Waiver of Offer Obligations under Rule 9 of the Irish Takeover Rules at Annual General Meeting
BRIDGEWATER, N.J., June 15, 2023 (GLOBE NEWSWIRE) -- RVL Pharmaceuticals plc (Nasdaq: RVLP) (“RVL” or the “Company”), a specialty pharmaceutical company, today announced results of the proposal to approve a waiver of offer obligations under Rule 9 of the Irish Takeover Rules (the “Rules”) at the Company’s Annual General Meeting held on June 15, 2023 (the “AGM”).
At the AGM, the resolution placed before the meeting in respect of the approval of a waiver of offer obligations under Rule 9 of the Rules to enable the acquisition of ordinary shares by the Company’s major shareholders and certain members of its management team was duly passed by independent shareholders of the Company on a poll. The result of the poll was 36,568,508 votes for; and 390,152 votes against. There were 2,245,474 abstentions or withheld votes.
Accordingly, the aggregate percentage shareholding in the capital of the Company held by the parties specified in the table below (and persons deemed to be acting in concert with them under the Rules) (together, the “Affected Parties”) may proportionally increase up to the maximum percentage specified below in the event of the issue by the Company of up to 17,000,000 new ordinary shares, US $0.01 nominal value per share, in the capital of the Company. In such circumstances, the Affected Parties will not incur an obligation under Rule 9 of the Rules to make a general offer to the Company's other shareholders.
| March 31, 2023 Shareholding (Number) | March 31, 2023 Shareholding (%) | Potential Shareholding Following Share Issues (%) | |
| Avista Healthcare Partners, L.P. | 23,730,864 ordinary shares | 23.89% | 29.56% |
| Altchem Limited and Orbit Co-Invest A-1 LLC | 23,667,540 ordinary shares | 23.82% | 29.50% |
| Management Individuals (as defined in the Proxy Statement) | 3,086,261 ordinary shares | 3.11% | 4.07% |
The full text of the resolution (being Proposal 3) is set out in the Proxy Statement in respect of the AGM which is available at .
About RVL Pharmaceuticals plc
RVL Pharmaceuticals plc is a specialty pharmaceutical company focused on the commercialization of UPNEEQ® (oxymetazoline hydrochloride ophthalmic solution), 0.1%, for the treatment of acquired blepharoptosis, or droopy or low-lying eyelids, in adults. UPNEEQ is the first non-surgical treatment option approved by the U.S. Food and Drug Administration for acquired blepharoptosis.
Investor and Media Relations for RVL Pharmaceuticals plc
Lisa M. Wilson
In-Site Communications, Inc.
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