Oct 24 2009
Unilife Medical Solutions Limited ("Unilife" or "the Company") (ASX: UNI) (PINKSHEETS: UNIFF) today announced that its Chief Executive Officer Alan Shortall has made open market purchases of Company shares.
The total number of shares purchased on October 21, 2009 was 479,800 at an average price of A$1.026 per share. Mr. Shortall has authorized his broker to purchase additional shares that will bring the total number of shares purchased this week to in excess of 500,000 shares.
Mr. Shortall said that he has elected to purchase these shares in the open market rather than participate in the recently announced private placement.
"The reason I chose to purchase these shares via the open market was to show our shareholders that I am standing by them in their belief in the Company," Mr. Shortall said.
"I could have simply participated in the private placement and obtained the shares at a discount to market and received the benefit of the same options that the institutions received, but I have instead chosen to show my allegiance to the Company and its shareholders by purchasing additional shares in the open market. I believe a direct market purchase is a truer reflection of my genuine support for our Company and my confidence in our long term prospects and world-class management team."
In considering his investment Mr. Shortall continued, "The progress the Company has made during the last two years, and our recent closing of the A$32.1 million private placement to institutional investors, provides me with the confidence to state that despite current economic conditions, I believe that Unilife has never been in a better position, operationally or financially."