LONDON (Alliance News) - EKF Diagnostics Holdings PLC said Friday that it is looking to undertake further market soundings with investors for the potential listing on AIM of its division Renalytix AI PLC.
Assuming a successful fundraising in the range of GBP21 million to GBP25 million, EKF's shareholding in Renalytix AI following admission would be approximately 37.4% to 42.8%.
If the fundraising is successful, Renalytix would have a pre-new money equity valuation in the range of GBP43 to GBP55 million, EKF said.
"In order to complete the spin-out of Renalytix AI as a separate business, it is expected that the company's shareholding in Renalytix AI will be distributed to shareholders in the company as soon as practicable following admission by way of a dividend in specie," EKF said.
EKF shares were trading up 0.9% at 38.80 pence each.
Ekf Diagnostics (EKF)