reasons:

1) Innovata are in merger talks with skypharma - (company has a valuation between 50-70p) and is currently trading on the lower end.

2) SkyePharma PLC ('the Company')
Notification of Major Interest in Shares

on 17th October 2005 by HBM BioVentures (Cayman) Ltd that following a series of
purchases it held a notifiable interest in 25,000,000 Ordinary shares of the
Company, representing 3.98% of the issued share capital of the Company.
-------------------------
on 25 October 2005 that HBM BioVentures (Cayman) Ltd had increased their
notifiable interest to 32,446,233 Ordinary Shares, representing 5.17% of the
issued share capital of the Company.
----------------------------------------
on 7 November 2005 that HBM BioVentures (Cayman) Ltd had increased their
notifiable interest to 50,000,000 Ordinary Shares, representing 6.63% of the
issued share capital of the Company.
--------------------
on 2 December 2005 that HBM BioVentures (Cayman) Ltd had increased their
notifiable interest to 57,295,894 Ordinary Shares, representing 7.60% of the
issued share capital of the Company.
----------------------------
on 5 December 2005 that HBM BioVentures (Cayman) Ltd had increased their
notifiable interest to 63,780,450 Ordinary Shares, representing 8.46% of the
issued share capital of the Company.
----------------------

HBM BioVentures (Cayman) Ltd have in the past 45 days or so increased their holding in the company from 25 million shares to well over 63 million shares now.

_______________

would love to know what you guys think.

over 4 million sells, few buys and the price goes up, very weird!!

so Fid have started buying again - hmmm

theyve added 1.6m

cheers fundy, weird too after just selling so many, i still have a lot to learn to understand this game.

Kivver

i think so do fidelity lol

i think theres a lot more to unravel before it will be clear where this going, still watching from the sidelines (having been a holder on off for way too long!) but would be tempted at mid 30p levels

Well. I think they are happy to fight. Can it be a method of keeping the share price low?
watching with interest

a little push upwards today may prove to be good news, 42p

and another steady push today on the day gowrie announces his retirement, could be interesting and mixed over the next couple of months. up 6% today to 43.5p. one to watch over the medium term imho. dyor

his depaerture was always likely to be greeted by a rise in SP - a fair opinion of his management!!!

lets hope this inspires the rest to get their act together and promote what are FUNDAMENTALLY good products and pipe line.

held its own this morn, so a positive start for a change how long will it last???

still holding steady, still a lot of work to be done to but certainly worth putting in stock watch. looking for a miminal return 52-54p at first. Of course that would be around 20% return. looking foward to some positive news skppy.

egm set for the 9th march, lets get it over, then get back to the real business of promoting and pushing good products!!

the title of the thread asks it all. back up a bit today so there hope...... i hope!!! finished just over 42p.

I'm putting this one on my stockwatch... feel there could be something good here. who or what is "UBS AG"... have noticed they have a good share in D1 Oils

9th of march is critical and the management need to convince the rebels they are doing all they possibly can to get the best out of the company and the products they have. Not sure about ubs, but they must be institution than invests in companies to make (or try) money for their customers.

UBs are a big Swiss bank, no different to the other investment banks

As you say Kivver, 9th is critical, though personally if i was currently a holder, id be voting for change. Current management have had many years to prove they care about shareholder value and failed miserably.

Still watching but will not consider a position till after the EGM

still holding up, hope people are watching.

Skp mgmt really do know how to win the support of their shareholders. Yet again, a crucial announcement has been made after hours on a friday - if they werent happy with the NAV claims, why wasnt this statement made earlier, and why havent they issued a formal trading update as per prior years - something to hide?

That said, the way NAV are conducting themselves throughout the process hasnt been particulalry helpful either

looks like shareholders dont have a great option, between the two sides, the potential of the pipeline and any remaining shreds of credibility are being destroyed, along with shareholder value


Skyepharma PLC
03 March 2006


For Immediate Release 3 March 2006



SkyePharma PLC

Clarification of Financial Position


LONDON, UK, 3 March 2006 - SkyePharma PLC (LSE: SKP; Nasdaq: SKYE) wishes to
clarify its financial condition following claims made by the NAV group in the
media today.

Under the UK Listing Rules a company is required to report if there is a
material change in its financial condition. There has been no material change in
SkyePharma's financial condition since the working capital statement in the
Rights Issue document.

Yesterday the NAV group issued a document and SkyePharma responded to all its
claims proving that their assertions over corporate governance are completely
without foundation. However, verbally the NAV group has made outrageous claims
about SkyePharma's cash position.

No mention of the alleged cash problem was included in the NAV group's written
release. This is another example of the under-hand tactics this small
collection of shareholders are using which continue to destroy value in
SkyePharma. Shareholders should realise the damage these slurs are causing.

Jerry Karabelas said:

'There is no cash problem.

'The behaviour of the NAV group is disgraceful. Having failed to make their
innuendos over corporate governance stick they have spread rumours which are
simply untrue.

'The time has come for other shareholders to stand up for SkyePharma before the
NAV group do any more damage'.

SkyePharma pulls trading statement amid funding fears
By Lauren Mills
05 March 2006

SKYEPHARMA, the troubled UK drugs company, has pulled its trading statement ahead of this Thursdays shareholder meeting raising fresh fears about the drug companys financial health.

The trading statement was originally expected two weeks ago, then delayed until last week.

A SkyePharma spokesman said: The trading update is essentially a product update and it will be issued with the preliminary results in April. The key point is that if there was anything material that needed to be announced in a trading update then it would have been announced already to meet disclosure requirements.

Rebel shareholders, led by North Atlantic Value (NAV), are campaigning to oust Jerry Karabelas as SkyePharmas chairman and install Bob Thian, chairman of laboratory equipment firm Whatman and Southern Water, in his place. They are angry because the company has not yet disclosed the full extent of the drain on its cash resources.

The rebels claim Karabelas told them in a meeting in February that the group could face a going concern issue in June.

They allege that they were told the company could run out of cash if SkyePharma was unable to sell its Santiago-based injectables business, or if it failed to find a partner for Flutiform, its asthma treatment, or was unable to find a partner to help fund late-stage trials of DepoBupivacaine, one of its pain-relief drugs.

SkyePharma has since admitted that if the business was left in its existing form with no licensing deal or disposals and with new management imposed by NAV, then it could face a funding crisis. Theoretically that is possible, said Ken Cunningham, the groups chief operating officer.

In a statement late on Friday, Karabelas denied the drug development group was in financial trouble. There is no cash problem, he said.

Karabelas statement was not enough to allay the rebels fears about SkyePharmas financial position. In an interview with The Business, Thian gave a grim warning that the company will need to raise new cash to survive.

I would be amazed if this company did not need to raise more money from shareholders at some time not too far in the future, he said. It has some very interesting products, all of which need funding, and there is not enough money to develop them to the point of making a return.

Thian, who describes himself as a reforming chairman, said he would work full-time for SkyePharma if appointed chairman. I see it as a 90-hours-a-week job, he said.

Thian added that he was disappointed that the company had not taken the opportunity to update the City with a trading statement.

There must be no further doubt about the probity of the company and this was an opportunity to put the facts into the public domain and allay investors concerns, he said.

The rebels believe Thian has what it takes to restore SkyePharmas fortunes. They cite his success at Whatman, where he engineered a turnround that resulted in a threefold increase in the value of the companys shares. SkyePharmas board are strongly opposed to his appointment.


http://www.thebusinessonline.com/Stories.aspx?SkyePharma%20pulls%20trading%20statement%20amid%20funding%20fears&StoryID=283F5B53-2482-4601-850D-8A618D22E726&SectionID=F3B76EF0-7991-4389-B72E-D07EB5AA1CEE

the time has come for the management to stand up and do something positive, stop blaming everybody else and have look at themselves. tipped in shares mag for one of the tips of the year for 2005 let alone 2006 and you are lower now then you were then. what have you (the management) done in over a year??? you have good products a look pieline but the shareprice has gone down, i know who i blame!! saying all that im in, staying in, and hope you can get your act together.