EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care diagnostics business, announces:
- An agreement to acquire the entire issued share capital of Stanbio Laboratory L.P. (“Stanbio”) for atotal consideration of US$25.5 million of which US$14 million is payable in cash on Completion and US$5.5 million is to be satisfied by the issue of 16,189,675 new Ordinary Shares; a further US$2 million in cash will be payable if the EBITDA of Stanbio exceeds defined targets in each of the years ending 31 December 2011 and 2012 and a further US$4 million in cash will be payable if the sales of the Enlarged Group exceed US$50 million in any calendar year before 31 December 2015; and
- A Placing by Matrix and Zeus Capital to raise £13 million by means of the issue of 65,000,000 new Ordinary Shares at 20p per share to fund the acquisition and future working capital. The Placing Price represents a 2.44 per cent. discount to the closing middle market share price on 20 May 2011. The Placing Shares will represent approximately 26.0 per cent. of the Enlarged Issued Share Capital.
Read full press release here.