SkyePharma shareholders call for meeting to install new director

By Angela McDaniels

Seattle, Jan. 30 - SkyePharma plc said a group of shareholders has called for a general meeting in order to remove director Ian Gowrie-Smith, to appoint Robert Thian as his replacement and to remove any person other than Thian that may be appointed by the company between now and the meeting.

Institutional investors North Atlantic Value LLP, Insight Investment and Morley Fund Management made their desire to replace Gowrie-Smith public on Jan. 20 and announced their support for Thian, chairman of Southern Water plc, on Jan. 23.

On Jan. 23, SkyePharma announced that Gowrie-Smith had resigned as chairman and would not stand for re-election as a director of the company at SkyePharma's 2006 annual general meeting.

It has been Gowrie-Smith's intention since early 2005 to resign at an appropriate time as chairman and as a director, according to a company news release.

In the release, SkyePharma said it will "strenuously oppose any attempts to force a candidate on to the board."

London-based SkyePharma uses drug-delivery technology to facilitate drug formulation.

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