Omega Diagnostics Group PLC Sale and leaseback of building owned by Omega GmbH (3275K)

TIDMODX

RNS Number : 3275K

Omega Diagnostics Group PLC

06 July 2017

Omega Diagnostics Group PLC

("Omega" or the "Company")

Sale and leaseback of the building owned by Omega GmbH

Omega (AIM: ODX), the medical diagnostics company focused on allergy, food intolerance and infectious disease, announces that it has concluded the sale and leaseback of the building owned by its wholly owned subsidiary, Omega Diagnostics GmbH.

The Company will receive gross proceeds of EUR800,000 and has simultaneously entered into a contract with the new landlord to lease the facility back over 15 years. A rent deposit of just under EUR100,000 will be retained by the landlord initially but which will reduce in stages of five-year periods.

As announced last week, the Company is proposing to raise funds from new and existing shareholders via a placing and open offer, subject to shareholder approval which will be sought at the General Meeting on 18 July 2017. The proceeds from the building sale will be used by the Company for its accelerated growth strategy as outlined in the circular sent to shareholders on 30 June 2017.

Kieron Harbinson, Chief Financial Officer of the Company commented: "We are pleased to be able to supplement our proposed fundraising from the placing and open offer with the sale proceeds from this property transaction. The timing makes good sense as we embark on our accelerated growth strategy and given where the current euro/pound exchange rate sits."

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

Contacts:

 
 Omega Diagnostics Group                             Tel: [phone] 
  PLC 
 Andrew Shepherd, Chief                        www.omegadiagnostics.com 
  Executive 
 Kieron Harbinson, Group 
  Finance Director 
 Jag Grewal, Group Sales 
  and Marketing Director 
 
 finnCap Ltd                                         Tel: [phone] 
 Geoff Nash/James Thompson 
  (Corporate Finance) 
 Mia Gardner (Corporate 
  Broking) 
 
 Walbrook PR Limited         Tel: [phone] or [e-mail] 
 Paul McManus                                        Mob: [phone] 
 Lianne Cawthorne                                    Mob: [phone] 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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July 06, 2017 06:56 ET (10:56 GMT)