British head of finance for GlaxoSmithKline is banned from leaving China after officials accuse the company of bribing politicians

Ultimate Finance Group PLC Statement re Possible Offer

Beijing is preventing Steve Nechelput, drug company GlaxoSmithKline’s head of finance for China, from leaving the country. Pictured, the entrance to the company’s headquarters in Shanghai, China (file photo) Police have accused GSK of transferring up to 321million to 700 travel agencies and consultancies over six years to facilitate the bribes. Four Chinese nationals employed by the company have been detained. It is alleged doctors and officials were paid off to use GSK products and keep prices artificially high. In response, GSK said it was deeply concerned by the allegations, which it called ‘shameful’.

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.

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