Immunodiagnostic Systems Hldgs PLC Share Buyback Programme (6579I)

TIDMIDH

RNS Number : 6579I

Immunodiagnostic Systems Hldgs PLC

21 June 2017

Share Buyback Programme

Immunodiagnostic Systems Holdings PLC

21 June 2017

Immunodiagnostic Systems Holdings PLC ("IDS"), a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical market, today announces a proposed share buy-back programme.

The IDS Board has approved a programme to buy back up to 500,000 of the Company's ordinary shares ("Shares"), which amounts to 1.7% of the 29.4 million Shares in issue at the date of this announcement. The purpose of the programme is to reduce the capital of the Company and to meet future obligations under the IDS Co-Investment Share Option plan. IDS plans to hold the Shares purchased in treasury.

The buy back will be funded from IDS's cash reserves which stood at GBP31.5m as at 31 March 2017. The programme will commence on 4(th) July 2017.

Share purchases will take place in open market transactions and may be made from time to time depending on market conditions, share price, trading volume and other factors. The Company has appointed Peel Hunt LLP to manage an irrevocable, non-discretionary share buy-back programme to repurchase on its behalf, subject to a pre-agreed maximum price and general availability of Shares in the market.

Any purchases of Shares by the Company in relation to this announcement will be carried out on the London Stock Exchange and will be effected within certain pre-set parameters and in accordance with (and subject to the limits prescribed by) the general authority to purchase shares granted by IDS shareholders at the 2016 Annual General Meeting held on 28 July 2016, the Market Abuse Regulation 596/2014 ("MAR") and Chapter 12 of the Listing Rules.

This announcement includes inside information.

For further information:

   Immunodiagnostic Systems Holdings PLC                      Tel : [phone] 

Regis Duval, Chief Executive Officer

Paul Martin, Group Finance Director

Peel Hunt LLP Tel : [phone]

James Steel

Oliver Jackson

This information is provided by RNS

The company news service from the London Stock Exchange

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June 21, 2017 02:01 ET (06:01 GMT)