As previously stated, sales for 1989 continued at a high level, as the company prepared for its Stock Exchange debut. Sales rose to £783 million with profit at £14.5 million.
Every effort had been made to ensure that all Members of the UniChem Cooperative had a full knowledge of the factors affecting its possible conversion to a public company, and that as many of them as possible should attend the decision meeting, which was to be held at Thorpe Park, Chertsey, Surrey. As a result, there was a huge turnout.
The day of the conversion meeting dawned bright and sunny, and several thousands of UniChem members, their families and staff gathered for the vote. A trade show was held alongside the meeting, and proved highly successful for the company’s suppliers and customers alike.
As anticipated the result was very satisfactory for those who had worked so hard on the project. Over 97 % of UniChem shareholders voted, either in person or by proxy, to change the “industrial and provident society” to a PLC.
Under the terms of the conversion, the members were offered about 20 million shares at 10p each, pro-rata to their existing holdings, and 99% of these shares were taken up. It should be noted that the members’ original £1 shares had previously been converted to 10p value by means of a 9 for 1 scrip issue.
The actual conversion took place on July 2nd 1990, followed by an Introduction and Rights Issue on November 15th, at which a further 16.3 million shares were taken up in the rights issue.
The members were obviously pleased to see the new shares open at £1.27, and’ after a few days lull, to rise steadily thereafter.
By this date, UniChem’s strenuous efforts to break into the important field of supply to the National Health hospitals had at last begun to bear fruit. A new Hospital Sales Manager had been appointed and the immensely complicated job of differential invoicing to each of the NHS Regions had been tackled. It would take time but the signs were, at last, encouraging.
A significant sign of UniChem’s changed status was the decision taken to acquire an option to buy a stake in a very successful German pharmaceutical wholesaler, ANZAG. This, too, was a portent of things to come.
Lord Rippon had succeeded David Mair as Chairman of the Board and Ms Marianne Burton had been added as a non-executive director. Apart from James Buchanan, the other retail pharmacist non-executive directors had now left the Board.