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SYNTARA LIMITED — Director's Dealing 2011
May 23, 2011
65830_rns_2011-05-23_f1f6dfea-1ae1-4632-8701-c0776d95dbe6.pdf
Director's Dealing
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24 May 2011
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Media Release
ADDITIONAL BACKGROUND IN RELATION TO APPENDIX 3Y FILED IN RELATION TO SALE OF SHARES ON 17 MAY 2011 BY DR ROBERTSON
Pharmaceutical company Pharmaxis (ASX: PXS) provides the following additional information for all shareholders following inquiries in relation to the Appendix 3Y - Change of Director’s Interest Notice relating to the sale of shares in the Company by the CEO, Dr Alan Robertson on 17 May 2011. As previously advised, the sale was undertaken to fund a tax liability arising from the exercise of expiring options.
Additional background
Dr Robertson’s tax liability in connection with the exercise of these options was calculated based on the difference between the exercise price of the options and the market value around the time of exercise. This amounted to A$1.352 million. The sale proceeds for 500,000 shares were A$1.475 million.
Dr Robertson continues to hold 545,000 ordinary shares and 2,010,000 employee options over ordinary shares in the capital of the Company.
The timing of the sale was dictated by the requirement to pay the taxation liability no later than 6 June 2011 and the expectation that all Company employees would be subject to an internally imposed trading embargo (“blackout period”) scheduled for the 19[th] of May 2011 which might continue beyond the due date for payment of the tax obligation.
The Company confirms that the sale was conducted in accordance with the Company’s securities trading policy and, in particular, in an open trading window.
#ENDS#
SOURCE: Pharmaxis Ltd, Sydney, Australia CONTACT: David McGarvey – Company Secretary Ph: +61 2 9454 7200 or email [email protected]
RELEASED THROUGH:
Australia:
Felicity Moffatt, phone +61 418 677 701 or email [email protected]
About Pharmaxis
Pharmaxis (ACN 082 811 630) is a specialist pharmaceutical company involved in the research, development and commercialization of therapeutic products for chronic respiratory disorders. Its product Aridol® for the assessment of asthma is launched in a number of key markets. Its development pipeline of products includes, Bronchitol for cystic fibrosis, bronchiectasis and chronic obstructive pulmonary disease (COPD), PXS25 for the treatment of lung fibrosis and ASM8 and PXS4159 for asthma. Pharmaxis is listed on the Australian Securities Exchange (symbol PXS). The company is headquartered in Sydney at its TGA-approved manufacturing facilities. For more information about Pharmaxis, go to www.pharmaxis.com.au or contact Investor Relations on phone +61 2 9454 7200.