BIOSEEK PLC 
By 6 March 2012
Asterand Plc("Asterand" or the "Company")
Update on Formal Sale Process
On 24 October 2011, the Company commenced a formal sale
process under the rules of the Takeover Code. After several
months of talks with potential buyers, the Company and its
advisers have narrowed the field to a small number of
preferred parties. The Company is now in advanced
negotiations with these parties. The Directors had expected
that it might have been possible to reach an agreement in
February, however the complex nature of some of the
discussions has prevented this. The Directors remain
confident that a transaction will be completed, albeit in a
longer timescale than previously envisaged.
At the time of the October announcement, the Company had
received notices of default from two major creditors. The
Company is in a constructive dialogue with these creditors
and continues to receive their support during this
process.
For further information, please contact:
Jack Davis, Chairman and Interim Chief
Executive Officer
Tel: + 44 (0) 1763 211 600 / + 1 (313) 263-
0960
Alan Fishman, Interim Chief Financial Officer As above
Antony Legge
David Hart
Paul Shackleton
Tel: +44 (0) 20 7776 6550
Steven Mermelstein
David Wood
Tel: +1 (914) 420-4510
A copy of this announcement will be available at www.asterand.co.uk. The
content of the website referred to in this announcement is
not incorporated into and does not form part of this
announcement.
Daniel Stewart (which is authorised and regulated in the
United Kingdom by the Financial Services Authority) is acting
exclusively for the Company and for no one else in connection
with any possible offer and will not be responsible to anyone
other than the Company for providing the protections afforded
to Daniel Stewart's clients nor for providing advice in
relation to any possible offer or any other matters referred
to in this announcement.
This announcement is not intended to, and does not,
constitute or form part of any offer, invitation or the
solicitation of an offer to purchase, otherwise acquire,
subscribe for, sell or otherwise dispose of, any securities
whether pursuant to this announcement or otherwise.
The distribution of this announcement in jurisdictions
outside the United Kingdom may be restricted by law and
therefore persons into whose possession this announcement
comes should inform themselves about, and observe, such
restrictions. Any failure to comply with the restrictions may
constitute a violation of the securities law of any such
jurisdiction.
Disclosure requirements of the Code
Under Rule 8.3(a) of the Code, any person who is interested
in 1% or more of any class of relevant securities of an
offeree company or of any paper offeror (being any offeror
other than an offeror in respect of which it has been
announced that its offer is, or is likely to be, solely in
cash) must make an Opening Position Disclosure following the
commencement of the offer period and, if later, following the
announcement in which any paper offeror is first identified.
An Opening Position Disclosure must contain details of the
person's interests and short positions in, and rights to
subscribe for, any relevant securities of each of (i) the
offeree company and (ii) any paper offeror(s). An Opening
Position Disclosure by a person to whom Rule 8.3(a) applies
must be made by no later than 3.30 pm (London time) on the
10th business day following the commencement of the offer
period and, if appropriate, by no later than 3.30 pm (London
time) on the 10th business day following the announcement in
which any paper offeror is first identified. Relevant persons
who deal in the relevant securities of the offeree company or
of a paper offeror prior to the deadline for making an
Opening Position Disclosure must instead make a Dealing
Disclosure.
Under Rule 8.3(b) of the Code, any person who is, or becomes,
interested in 1% or more of any class of relevant securities
of the offeree company or of any paper offeror must make a
Dealing Disclosure if the person deals in any relevant
securities of the offeree company or of any paper offeror. A
Dealing Disclosure must contain details of the dealing
concerned and of the person's interests and short
positions in, and rights to subscribe for, any relevant
securities of each of (i) the offeree company and (ii) any
paper offeror, save to the extent that these details have
previously been disclosed under Rule 8. A Dealing Disclosure
by a person to whom Rule 8.3(b) applies must be made by no
later than 3.30 pm (London time) on the business day
following the date of the relevant dealing.
If two or more persons act together pursuant to an agreement
or understanding, whether formal or informal, to acquire or
control an interest in relevant securities of an offeree
company or a paper offeror, they will be deemed to be a
single person for the purpose of Rule
8.3.
Opening Position Disclosures must also be made by the offeree
company and by any offeror and Dealing Disclosures must also
be made by the offeree company, by any offeror and by any
persons acting in concert with any of them (see Rules 8.1,
8.2 and 8.4).
Details of the offeree and offeror companies in respect of
whose relevant securities Opening Position Disclosures and
Dealing Disclosures must be made can be found in the
Disclosure Table on the Takeover Panel's website at
www.thetakeoverpanel.org.uk, including details of the number
of relevant securities in issue, when the offer period
commenced and when any offeror was first identified. If you
are in any doubt as to whether you are required to make an
Opening Position Disclosure or a Dealing Disclosure, you
should contact the Panel's Market Surveillance Unit on
+44 (0)20 7638 0129.
