Immunodiagnostic Systems Hldgs PLC Proposed Share Buyback (1978Z)

TIDMIDH

RNS Number : 1978Z

Immunodiagnostic Systems Hldgs PLC

30 August 2018

Share Buyback

Immunodiagnostic Systems Holdings PLC

30 August 2018

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Immunodiagnostic Systems Holdings plc

Proposed Share Buyback

Immunodiagnostic Systems Holdings PLC ("IDS" or "the Company"), a specialist producer of manual and automated diagnostic testing kits and instruments for the clinical and research markets, today announces that following unsolicited shareholder interest in expanding the existing share buyback programme, the IDS Board has instructed Peel Hunt LLP to acquire up to a further 1,000,000 Ordinary Shares of 2p each ("Ordinary Shares"), which amounts to 3.4% of the 29.4 million Ordinary Shares in issue at the date of this announcement (excluding treasury shares) (the "Proposed Share Buyback").

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 Ordinary Shares purchased in treasury.

Shareholders who want to participate in the Proposed Share Buyback are requested to contact Peel Hunt by no later than 4:30 p.m. on Monday 3 September 2018. Peel Hunt will carry out a bookbuild process to determine the price at which the shares may be purchased by the Company.

IDS has run a share buyback programme since 4 July 2017. Due to low liquidity the Company has only purchased 66,078 shares under the existing share buyback programme and believes the Proposed Share Buyback would provide an opportunity for shareholders to access liquidity. The existing programme will be suspended while the Proposed Share Buyback is ongoing.

The Proposed Share Buyback is expected to exceed the 25% limit of the average daily trading volume as laid down in Article 3 of Commission Delegated Regulation (EU) No 2016/1052.

IDS will operate within the remaining safe harbour provisions set out in the Market Abuse Regulation 596/2014 and Chapter 12 of the Listing Rules. Under these safe harbours, the maximum price at which the Company can purchase shares will be the lowest of the closing bid price on Monday 3 September 2018, the last independent trade on Monday 3 September 2018 and 105% of the average mid-market close price for the five business days up to and including Monday 3 September 2018. As at 30 August 2018, this would imply a maximum price payable of 220 pence per share.

Any purchases of Ordinary 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 2018 Annual General Meeting held on 26 July 2018.

There can be no certainty that IDS will purchase any Ordinary Shares under the Proposed Share Buyback.

Total Voting Rights

The Company's issued share capital prior to the buyback programme comprises 29,450,175 Ordinary Shares. Of these 66,078 are held in Treasury. The total voting rights of the Company are 29,384,097 Ordinary Shares and this figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure and Transparency Rules.

For further information:

 
 Immunodiagnostic Systems Holdings     Tel : [phone] 
  plc 
 Jaap Stuut, Chief Executive 
  Officer 
 Paul Martin, Group Finance Director 
 
 Peel Hunt LLP                         Tel : [phone] 
 James Steel 
 Oliver Jackson 
 Sohail Akbar (ECM) 
 

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August 30, 2018 02:00 ET (06:00 GMT)