Why Sirtex Medical Limited edged lower?

Confirms Receipt of Balance of Deposit: Sirtex Medical Limited’s (ASX: SRX) stock fell 0.095% on June 28, 2018 after the company as per the with the terms of the Scheme Implementation Deed between Sirtex and CDH Genetech Limited and China Grand Pharmaceutical and Healthcare Holdings Limited (the Bidders), has confirmed that the balance of the deposit of approximately $49 million, has been paid by the Bidders to the bank account in Australia into which it had paid an initial deposit of approximately $171 million (which is an account opened by a major Australian bank as escrow agent for Sirtex and the Bidders). As per the Scheme, the $220 million on deposit is a part payment of the scheme consideration paid to Sirtex shareholders. If the Scheme does not proceed due to certain events given in the Scheme Implementation Deed, SRX will be entitled to retain $200 million (plus GST). However, if the Scheme does not proceed due to other events, the deposit will be returned to the Bidders. Meanwhile, SRX stock has risen 13.57% in three months as on June 27, 2018.


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