NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, IN, INTO OR FROM ANY JURISDICTION
WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF THAT JURISDICTION
FOR IMMEDIATE RELEASE
30 MAY 2017
RECOMMENDED OFFER
FOR INNOCOLL HOLDINGS PLC
BY
GURNET POINT L.P. ACTING THROUGH ITS GENERAL PARTNER
WAYPOINT INTERNATIONAL GP LLC
(through Lough Ree Technologies Limited, its wholly owned subsidiary)
to be implemented by means of a scheme of arrangement under
Chapter 1 of Part 9 of the Irish Companies Act 2014
Announcement relating to despatch of Rule 15 Proposals
ATHLONE, Ireland, May 30, 2017 (GLOBE NEWSWIRE) -- Gurnet Point L.P. (acting through its general partner,
Waypoint International GP LLC) (“Gurnet Point”) and Innocoll Holdings plc (NASDAQ:INNL)
(“Innocoll”) announced today that in relation to Gurnet Point’s proposed acquisition of Innocoll through its
wholly owned subsidiary, Lough Ree Technologies Limited (“Gurnet Bidco”), previously announced on April 4, 2017,
Gurnet Bidco and Innocoll have jointly despatched proposals to the holders of convertible securities of Innocoll in accordance with
the requirements of Rule 15 of the Irish Takeover Rules (the “Rule 15 Proposals”).
The Rule 15 Proposals are being made available for inspection on www.gurnetpointlpoffer.com and on www.innocoll.com in accordance with Rule 26 of the Irish Takeover Rules. For the avoidance
of doubt, the content of such websites is not incorporated into, and does not form part of, this announcement.
Cautionary Statement Regarding Forward-Looking Statements
Certain statements included in this announcement are forward-looking and involve risks and uncertainties that
could cause actual results to differ materially from those expressed or implied by such forward-looking statements.
Forward-looking statements can typically be identified by the use of forward-looking terminology, such as “expects”, “believes”,
“may”, “will”, “could”, “should”, “intends”, “plans”, “predicts”, “envisages”, “estimates”, “forecast”, “outlook”, “guidance”,
“possible”, “projects”, “potential” or “anticipates” or other similar words and expressions and include, without limitation, any
projections relating to results of operations and financial conditions of either Gurnet Point, Gurnet Bidco or Innocoll and their
respective subsidiary undertakings from time to time, as well as plans and objectives for future operations, expected future
revenues, financing plans, expected expenditures, expected synergies and divestments relating to Gurnet Point, Gurnet Bidco or
Innocoll and discussions of Gurnet Point’s, Gurnet Bidco’s or Innocoll’s business plans. All forward-looking statements in this
document made by Gurnet Point and / or Gurnet Bidco are based upon information known to Gurnet Point and / or Gurnet Bidco on the
date of this document and all forward-looking statements in this document made by Innocoll are based upon information known to
Innocoll on the date of this document. Except as expressly required by law, Gurnet Point, Gurnet Bidco and Innocoll disclaim any
intent or obligation to update or revise these forward-looking statements. None of Gurnet Point, Gurnet Bidco or Innocoll undertake
any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or
otherwise, save as may be required by law. Although none of Gurnet Point, Gurnet Bidco or Innocoll undertake any obligation to
revise or update any forward-looking statements, whether as a result of new information, future events or otherwise, you are
advised to consult any additional disclosures that any of Gurnet Point, Gurnet Bidco or Innocoll may make directly to you or
through reports that any of Gurnet Point, Gurnet Bidco or Innocoll, in the future, may file with the SEC. Unless otherwise
indicated, the information in this document is as of May 30, 2017.
Important Additional Information about the Acquisition and Where to Find It
Innocoll, Gurnet Point and Gurnet Bidco are parties to a Transaction Agreement, dated April 4, 2017 (the
“Transaction Agreement”). In connection with the Acquisition, on May 11, 2017, Innocoll filed the Definitive
Proxy Statement with the SEC and on May 12, 2017, began mailing the Definitive Proxy Statement to Innocoll Shareholders.
Innocoll may also file other documents with the SEC regarding the Acquisition. SECURITY HOLDERS ARE URGED TO READ THE
DEFINITIVE PROXY STATEMENT (INCLUDING THE SCHEME DOCUMENT) AND OTHER RELEVANT DOCUMENTS FILED OR TO BE FILED WITH THE SEC AS WELL,
AS ANY AMENDMENTS OR SUPPLEMENTS, THERETO CAREFULLY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION
ABOUT INNOCOLL, THE ACQUISITION AND RELATED MATTERS. Security holders may obtain free copies of the Definitive Proxy
Statement (including the Scheme Document) and other documents filed by Innocoll with the SEC at www.sec.gov. In addition, investors and shareholders may obtain free copies of the Definitive
Proxy Statement (including the Scheme Document) as well as other documents filed by Innocoll at www.innocoll.com.
Participants in the Solicitation
Innocoll, Gurnet Point and Gurnet Bidco and certain of their respective directors and executive officers and
employees may be considered participants in the solicitation of proxies from the shareholders of Innocoll in respect of the
transactions contemplated by the Scheme Document / Definitive Proxy Statement. Information regarding the persons who may,
under the rules of the SEC, be deemed participants in the solicitation of the shareholders of Innocoll in connection with the
proposed transactions, including a description of their direct or indirect interests, by security holdings or otherwise, are set
forth in the Definitive Proxy Statement. Information regarding Innocoll’s directors and executive officers is contained in
Amendment No. 1 to Innocoll’s Annual Report on Form 10-K for the fiscal year ended December 31, 2016 (the “Form
10-K/A”), which is filed with the SEC. Information concerning the interests of Innocoll’s participants in the
solicitation, which may, in some cases, be different than those of Innocoll’s shareholders generally is contained in Innocoll’s
Form 10-K/A as well as the Definitive Proxy Statement, which have been filed with the SEC.
Statements Required by the Irish Takeover Rules
The directors of Gurnet Bidco and the managers of Waypoint International GP LLC (in its capacity as general
partner of Gurnet Point) (“Waypoint”) accept responsibility for the information contained in this announcement,
other than the information relating to Innocoll, the Innocoll Group and the Innocoll Directors and members of their immediate
families, related trusts and persons connected with them, for which the Innocoll Directors accept responsibility. To the best
of the knowledge and belief of the directors of Gurnet Bidco and the managers of Waypoint (in its capacity as general partner of
Gurnet Point) (who have taken all reasonable care to ensure that such is the case), the information contained in this announcement
for which they accept responsibility is in accordance with the facts and does not omit anything likely to affect the import of such
information.
The Innocoll Directors accept responsibility for the information contained in this announcement relating to
Innocoll, the Innocoll Group and the Innocoll Directors and members of their immediate families, related trusts and persons
connected with them, except for statements made by Gurnet Point and Gurnet Bidco in respect of Innocoll. To the best of the
knowledge and belief of the Innocoll Directors (who have taken all reasonable care to ensure that such is the case), the
information contained in this announcement for which they accept responsibility is in accordance with the facts and does not omit
anything likely to affect the import of such information.
Evercore Partners International LLP (“Evercore”), which is authorized and regulated in the
United Kingdom by the Financial Conduct Authority, is acting as Financial Adviser exclusively for Gurnet Point and Gurnet Bidco and
no one else in connection with the Acquisition and the other matters referred to in this announcement, and will not regard any
other person as its client in relation to the Acquisition and the other matters referred to in this announcement and will not be
responsible to anyone other than Gurnet Point and / or Gurnet Bidco for providing the protections afforded to clients of Evercore,
nor for providing advice in relation to the Acquisition or other matters referred to in this announcement. Neither Evercore
nor any of its subsidiaries, branches or affiliates owes or accepts any duty, liability or responsibility whatsoever (whether
direct or indirect, whether in contract, in tort, under statute or otherwise) to any person who is not a client of Evercore in
connection with this announcement, any statement contained herein or otherwise.
Piper Jaffray & Co. (“Piper Jaffray”), which is a securities broker-dealer registered with the
U.S. Securities and Exchange Commission (“SEC”) and subject to regulation by the SEC and the Financial Industry
Regulatory Authority, is acting as financial adviser exclusively for Innocoll and for no one else in connection with the
Acquisition and the other matters referred to in this announcement, and will not be responsible to anyone other than Innocoll for
providing the protections afforded to clients of Piper Jaffray or for providing advice in relation to the Acquisition or any other
matters referred to in this announcement.
No Offer or Solicitation
This announcement is not intended to, and does not, constitute or form part of any offer to purchase, sell,
subscribe for, exchange or otherwise dispose of, or the solicitation of an offer to purchase, sell, subscribe for, exchange or
dispose of, or an invitation to purchase, sell, subscribe for, exchange or otherwise dispose of, any securities or the solicitation
of any vote or approval in any jurisdiction, pursuant to the Acquisition or otherwise, to or from any person to whom it is unlawful
to make any such offer, invitation or solicitation in such jurisdiction nor shall there be any sale, issuance or transfer of
securities in any jurisdiction in contravention of applicable law. This announcement does not constitute a prospectus or an
equivalent document.
Rule 8 Dealing Disclosure Requirements
Under the provisions of Rule 8.3 of the Irish Takeover Rules, if any person is, or becomes, ‘interested’
(directly or indirectly) in 1% or more of any class of ‘relevant securities’ of Innocoll, all ‘dealings’ in any ‘relevant
securities’ of Innocoll (including by means of an option in respect of, or a derivative referenced to, any such ‘relevant
securities’) must be publicly disclosed by not later than 3:30 p.m. (New York time) on the ‘business day’ following the date of the
relevant transaction. This announcement will continue until the date on which the ‘offer period’ ends. If two or more persons
cooperate on the basis of any agreement, either express or tacit, either oral or written, to acquire an ‘interest’ in ‘relevant
securities’ of Innocoll, they will be deemed to be a single person for the purpose of Rule 8.3 of the Irish Takeover Rules.
Under the provisions of Rule 8.1 of the Irish Takeover Rules, all ‘dealings’ in ‘relevant securities’ of
Innocoll by Gurnet Point or Gurnet Bidco or by any party acting in concert with any of them, must also be disclosed by no later
than 11:59 a.m.(New York time) on the ‘business day’ following the date of the relevant transaction.
A disclosure table, giving details of the companies in whose ‘relevant securities’ ‘dealings’ should be
disclosed, can be found on the Panel’s website at www.irishtakeoverpanel.ie.
‘Interests in securities’ arise, in summary, when a person has long economic exposure, whether conditional or
absolute, to changes in the price of securities. In particular, a person will be treated as having an ‘interest’ by virtue of
the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.
Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover
Panel’s website. If you are in any doubt as to whether you are required to disclose a dealing under Rule 8, please consult
the Irish Takeover Panel’s website at www.irishtakeoverpanel.ie or contact the Panel on telephone number +353 1 678 9020 or fax number
+353 1 678 9289.
General
Certain capitalized words used in this announcement and not herein defined have the meanings given to such words
in the Rule 2.5 Announcement dated April 4, 2017 issued by Innocoll and Gurnet Point (the “Rule 2.5
Announcement”). The bases and sources set out in the Rule 2.5 Announcement have been used in this announcement,
unless otherwise stated or the context otherwise requires.
A copy of this announcement will be available, free of charge (subject to certain restrictions relating to
persons resident in Restricted Jurisdictions) on the Gurnet Point website at www.gurnetpointlpoffer.com and the Innocoll website at www.innocoll.com by no later than 12.00 p.m. on the business day following this announcement and
throughout the course of the Acquisition. The contents of Gurnet Point website, Innocoll website nor the contents of any
other website accessible from hyperlinks are incorporated into, or form part of, this announcement.
ENQUIRIES Innocoll Holdings plc Anthony Zook, Chief Executive Officer TZook@innocoll.com