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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 0.0% 40.00 40.00 40.90 40.10 40.00 40.10 318,571 16:35:16
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Health Care Equipment & Services 81.8 21.4 3.5 11.5 182

EKF Diagnostics Holdings PLC Distribution of shares in Verici Dx plc

20/06/2022 7:00am

UK Regulatory (RNS & others)


Ekf Diagnostics (LSE:EKF)
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From Apr 2022 to Oct 2022

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TIDMEKF

RNS Number : 3845P

EKF Diagnostics Holdings PLC

20 June 2022

EKF Diagnostics Holdings plc

("EKF", the "Company" or the "Group")

Distribution of shares in Verici Dx plc

Approval of dividend in specie of investment in Verici Dx plc

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed global diagnostics business, declares the distribution of shares in its investment, Verici Dx plc ("Verici") via a distribution in specie of shares to the Company's shareholders.

In March 2022, EKF confirmed its intention to distribute, to its own shareholders, the Verici ordinary shares it would receive as a result of the Company's participation in the recent fundraising by Verici, in addition to its existing shareholding in Verici (together the "Investment Shares"), as soon as reasonably practicable and subject to appropriate arrangements to maintain an orderly market in Verici's shares following such distribution(1) . Shareholder approval was granted at EKF's Annual General Meeting held on 18 May 2022, to distribute the Investment Shares by way of a dividend in specie to EKF shareholders ("Relevant EKF Shareholders") on the register at the close of business on 24 June 2022 (the "Record Date").

On 17 June 2022, the board of EKF (the "Board") convened and declared a dividend in specie of the Investment Shares to trustees, to be held on trust for the Company's shareholders (the "Dividend"). The Investment Shares comprise a total of 9,098,611 ordinary shares in Verici of GBP0.001 each. Relevant EKF Shareholders will receive one Investment Share for every 50 ordinary shares held in the Company.

Relevant EKF Shareholders will become the beneficial owners of their respective Investment Shares upon completion of the transfer of the Investment Shares to Broadway Nominees Limited ("Broadway"), at which time an 'omnibus' share certificate in respect of the Investment Shares will be issued and held by Broadway, on trust on behalf of the Relevant EKF Shareholders for a period of 365 days from the date of transfer (the "Lock-up Period"). Relevant EKF Shareholders will receive a letter informing them of their beneficial holdings of Investment Shares shortly after the transfer of the Investment Shares to Broadway.

During the Lock-up Period, Relevant EKF Shareholders will not be permitted to transfer the legal or beneficial ownership of their Investment Shares.

All ordinary shares in Verici, including the Investment Shares, will rank equally in respect of voting and dividend rights.

The legal title to the Investment Shares will be held by Broadway as trustee during the Lock-Up Period. During the Lock-up Period, Broadway will request that Verici's registrar seeks the voting instructions of the Relevant EKF Shareholders in relation to any shareholder resolution of Verici and will vote those Investment Shares in accordance with such instructions as it receives.

Within 28 days of the expiry of the Lock-up Period, Relevant EKF Shareholders will be sent a certificate for the number of Investment Verici Shares indicated above, which shareholders will then have the option to dematerialise and hold via CREST.

Should a Relevant EKF Shareholder holding their qualifying interest in EKF via CREST wish to receive their Investment Shares (i.e. Verici shares from this distribution) in due course directly into the same account, an announcement will be issued 30 days prior to end of the Lock-up Period setting out the details of how the legal title in the Investment Shares can be transferred to you at the end of the Lock-up Period.

The anticipated timetable for the Dividend is:

 
EKF ordinary shares marked as ex dividend   Start of trading on 23 June 
                                                                   2022 
Record Date for the distribution of the    Close of business on 24 June 
 Investment Shares                                                 2022 
Transfer of Investment Shares in Verici                    27 June 2022 
 to Broadway as trustee 
Lock-up Period ends                                        26 June 2023 
 

Notes:

   1    The following links are the relevant previous announcements in relation to EKF's intentions: 
   a.     Proposed Fundraise   (RNS 6654D, 07:10, 4 March 2022) 

https://www.londonstockexchange.com/news-article/VRCI/proposed-fundraise/15353841

   b.     Result of Fundraise   (RNS 7473D, 16:13, 4 March 2022) 

https://www.londonstockexchange.com/news-article/VRCI/result-of-fundraise/15355048

 
EKF Diagnostics Holdings plc                                   www.ekfdiagnostics.com 
Mike Salter, CEO                                             Tel: +44 (0)29 2071 0570 
Marc Davies, CFO 
 
Singer Capital Markets (Nominated Adviser                    Tel: +44 (0)20 7496 3000 
 & Joint Broker) 
Aubrey Powell / George Tzimas 
 
Investec Bank plc (Joint Broker)                             Tel: +44 (0)20 7597 4000 
Gary Clarence / Daniel Adams / Ben 
 Farrow 
 
Walbrook PR Limited                    Tel: +44 (0)20 7933 8780 or ekf@walbrookpr.com 
Paul McManus / Lianne Applegarth                       Mob: +44 (0)7980 541 893 / +44 
                                                                      (0)7584 391 303 
 
 

About EKF Diagnostics Holdings plc ( www.ekfdiagnostics.com )

EKF is a leading global diagnostics business with custom manufacturing facilities across sites in the US, UK and Europe for a variety of life science products. EKF is focussed on the following areas:

 
 Point-of-Care            Providing a portfolio of Point-of-Care analysers 
                           and consumables, particularly for use in the area 
                           of Hematology and Diabetes, for use in hospital 
                           and research laboratories, doctor's offices, blood 
                           banks and for in-field anaemia screening programmes. 
                           EKF has an estimated 80,000 hemoglobin, hematocrit, 
                           HbA1c, glucose and lactate analysers in regular 
                           use across more than 100 countries. 
 Central Laboratory       Clinical chemistry, Small lab analysers, Centrifuges 
                           Beta-Hydroxybutyrate (<BETA>-HB) LiquiColor, 
                           Glycates Albumin, Glycated Serum Protein, Nitro-tab, 
                           Procalcitonin 
 Life Sciences            Enzyme fermentation, Custom products and Bulk 
                           fermentation 
 Contract Manufacturing   Bulk formulation, Sample collection kits, Private 
                           labelling, Molecular and forensic kits 
 Laboratory Services      In September 2021, EKF completed the acquisition 
                           of Advanced Diagnostic Laboratory LLC ("ADL Health"), 
                           a Texas based testing laboratory certified under 
                           the Clinical Laboratory Improvement Amendments 
                           ("CLIA") for high complexity testing. The laboratory 
                           provides testing for a variety of clinical, forensic 
                           and microbiological sample types using a range 
                           of analytical techniques. This acquisition positions 
                           EKF as a leading 'one stop' provider of diagnostic 
                           products and services from sample collection to 
                           results. 
 

EKF's growth strategy to 2024 and beyond can be summarised as:

 
 --   continuing innovation in products and services in Point-of-Care, 
       Central Laboratory and Life Sciences leveraging new and existing 
       routes to market and relationships; 
 --   investment in expanded production and kitting capabilities to 
       offer a suite of diagnostic Contract Manufacturing solutions to 
       third party businesses; 
 --   expansion of CLIA Laboratories Testing offering, building on the 
       acquired capabilities in ADL Health; and 
 --   concluding complementary earnings-enhancing acquisitions with 
       key strategic value. 
 

EKF will also continue to generate enhanced shareholder value through:

 
 --   a progressive dividend policy; and 
 --   its agreement with Mount Sinai Innovation Partners ("MSIP"), which 
       allows us advanced access to innovative commercial opportunities 
       and where we can build on the ongoing successes of Renalytix plc, 
       Verici Dx plc and Trellus Health plc. 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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June 20, 2022 02:00 ET (06:00 GMT)

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