Portage Biotech Inc. (PRTG)

[mauiguy2]

Stock dividend.....Good News


TORONTO, Nov. 7, 2017 /PRNewswire/ - Portage Biotech Inc. ("Portage") (OTCQB: PTGEF, Canadian Stock Exchange: PBT.U) plans to distribute as stock dividend, a substantial part of the 6,341,500 common shares it holds in Biohaven Pharmaceutical Holding Company Ltd (BHVN:NYSE). Portage will retain a portion of the total number of shares to deal with technical matters arising from the proposed dividend plan and to provide working capital to Portage. The distribution is subject to legal review and to regulatory compliance.

Portage is working with its professional advisors in numerous jurisdictions including the United States, Canada and BVI to determine the terms and timing of the dividend distribution plan. The stock dividend will only be effected in those jurisdictions where it is permitted by law.

Finalization of the distribution including the dividend record date, the number of shares of BHVN to be distributed and resolution of fractional share issues will be announced as soon as they are available.

Dr. Bailey, the Chairman commented, " We believe distribution of our holding in Biohaven as a dividend to our shareholders is the fairest and best way for them to maximize the value of their investment in Portage. A dividend would provide Portage shareholders the opportunity to make their own assessment of Biohaven's development strategy. I have great confidence in the team at Biohaven and look forward to the read-outs on their various clinical trial programs."

The proposed dividend will also enable Portage to avoid being characterized as an investment company under the US Investment Company Act of 1940, as amended.