Aug 14 (Reuters) - SalvaRx Group Plc SALVS.L :
* PROPOSED DISPOSAL OF INTEREST IN SALVARX LIMITED
* SALVARX GROUP PLC, A BIOTECHNOLOGY COMPANY FOCUSED ON DISCOVERING AND DEVELOPING IMMUNOTHERAPIES FOR CANCER, ANNOUNCES THAT IT HAS ENTERED INTO A CONDITIONAL SALE AGREEMENT FOR THE DISPOSAL OF ITS INTEREST IN SALVARX LIMITED, ITS 94.2 PER CENT OWNED SUBSIDIARY, TO PORTAGE BIOTECH INC.
* PORTAGE IS A COMPANY LISTED ON THE CANADIAN SECURITIES EXCHANGE
* DEAL CONSIDERATION IS OF US$67.5 MILLION TO BE SATISFIED BY THE ISSUE OF 757,943,784 NEW SHARES IN PORTAGE
* CONCURRENT WITH DISPOSAL, IT IS PROPOSED THAT NOT LESS THAN 656,399,142 OF CONSIDERATION SHARES WILL BE TRANSFERRED TO SHAREHOLDERS ON A PRO-RATA BASIS
* IT IS PROPOSED THAT 40,692,698 CONSIDERATION SHARES WILL BE TRANSFERRED TO OPTION HOLDERS IN CONSIDERATION OF PURCHASE OF THEIR REDEMPTION OPTIONS AND UP TO 60,851,944 CONSIDERATION SHARES WILL BE RETAINED BY COMPANY