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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Ekf Diagnostics Holdings Plc | LSE:EKF | London | Ordinary Share | GB0031509804 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 27.75 | 27.70 | 28.90 | 129,994 | 09:53:38 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Med, Dental, Hosp Eq-whsl | 52.61M | 2.35M | 0.0052 | 53.37 | 126.24M |
TIDMEKF
RNS Number : 9616J
EKF Diagnostics Holdings PLC
23 December 2015
23 December 2015
EKF Diagnostics Holdings plc
("EKF" or the "Company")
Sale of Selah
EKF Diagnostics Holdings plc (AIM: EKF) to announces that it has reached agreement to sell its wholly owned subsidiary Selah Genomics, Inc ("Selah"), a US based developer of molecular diagnostics for personalised medicine, to the co-founders, Michael Bolick and Jeremy Stuart (the "Purchasers").
The consideration for the acquisition of Selah by EKF was US$35.6 million paid in shares on 17 April 2014. Selah reported a loss after tax for the period from acquisition to 31 December 2014 of GBP0.6 million and has unaudited loss after tax for the period from 1 January 2015 to 30 November 2015 of GBP2.6 million. As at 31 December 2014 Selah was disclosed in the Company's balance sheet in intangible assets at a value of GBP41.4 million, which will now be written off. Selah as at 31 December 2014 had net liabilities of GBP3.6 million.
The Board estimate the future annual cost saving to EKF will be in the region of GBP2 million. The consideration paid by the Purchasers is nominal. The sale and purchase agreement with the Purchasers contains additional consideration provisions in favour of EKF. In the event that Selah secures further equity funding within twelve months from today's date, EKF will obtain a 10% equity interest in Selah. Alternatively if no external funding is obtained and if Selah or its business are sold, EKF will receive 10% of the net proceeds of such a sale.
Michael Bolick as a director of Selah is a related parties of the Company therefore the sale of Selah constitutes a related party transaction. EKF's Directors consider, having consulted with its nominated adviser, that the terms of the transaction are fair and reasonable insofar as its shareholders are concerned.
Ron Zwanziger, Non-Executive Chairman, commented:
"Today's sale of Selah, with the associated cost savings, is another step towards re-establishing EKF as a profitable, cash-generating point-of-care diagnostics business."
EKF Diagnostics Holdings Tel: 029 2071 0570 plc Ron Zwanziger, Non-Executive Tel: +1 339 221 6282 Chairman Julian Baines, CEO Mob: 07788 420 859 Panmure Gordon (UK) Tel: 020 7886 2500 Limited Robert Naylor (Corporate Finance) Paul Fincham (Corporate Finance) Walbrook PR Limited Tel: 020 7933 8780 or ekf@walbrookpr.com Paul McManus Mob: 07980 541 893 Lianne Cawthorne Mob: 07584 391 303
This information is provided by RNS
The company news service from the London Stock Exchange
END
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(END) Dow Jones Newswires
December 23, 2015 02:00 ET (07:00 GMT)
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