Payment of deferred consideration in relation to DiaSpect

 5th Jan 2015

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care, central laboratory and molecular diagnostics business, announces that, further to the announcement on 20 March 2014, the Company announces it will make a cash payment of £1.425m by 30 January 2015, as a settlement for the total deferred cash consideration due in relation to the acquisition of DiaSpect Medical AB (‘DiaSpect’), which completed in April 2014.

Following the payment the vendors of DiaSpect have agreed to relinquish their rights to any further potential deferred consideration, whereby the maximum deferred consideration could have totalled £4.75m, and so no further payments are now due in relation to this acquisition.

Julian Baines, CEO of EKF commented: “I am pleased that we have been able to settle the deferred cash consideration payable to the DiaSpect vendors at an early stage; this represents a substantial discount from the original contractual obligations and allows us to integrate the DiaSpect business into the rest of the Group more rapidly.”