Ascot Acquires 30% Shareholding In Chirotech Technology

Ascot PLC has acquired a 30% shareholding in Chirotech Technology Ltd., a subsidiary of the emerging pharmaceutical company, Chiroscience Group PLC, for £30 million.

Chirotech Technology Ltd. is the new name for Chiroscience Ltd., the original operating company of the Chiroscience Group. As part of the completion arrangements for the transaction, Dr. Andy Richards, executive director of Chiroscience, exercised options to acquire 45,000 shares in Chirotech which, under put and call arrangements fixed on the grant of the options in 1993, have entitled him to acquire 270,000 new shares in Chiroscience at an effective exercise price of 25 pence per share.

Accordingly, at a board meeting on August 28, 1998, 270,000 ordinary shares at 5p each in Chiroscience were issued and application for the listing of these shares has been made to the London Stock Exchange. As a result, Dr. Richards' shareholding in Chiroscience has increased by 270,000 to 309,214 Ordinary Shares (0.28% of the issued share capital) and his interest in options over Ordinary Shares in the company has decreased by 270,000 to 265,889.

For more information: Dr. John Padfield, chief executive officer, Chiroscience Group PLC. Tel: 44-1223-420-430.