6 Dec 2013 07:00
6 December 2013
Akers Biosciences, Inc.
("ABI" or the "Company")
Director Dealing
Update on Conversion of Preferred Shares
Akers Biosciences, Inc. (AIM:AKR), a leading designer and manufacturer of rapid diagnostic screening and testing products, announces that Thomas Knox, a director of the Company, has returned 58,515 common shares of no par value in the Company ("Common Shares") to the Company on 5 December to effect a cashless conversion of the Preferred Shares, which had been previously announced on 18 November 2013.
The 58,515 Common Shares have been cancelled by the Company, but remain part of the authorised capital and may be reissued in the future.
Mr Knox now holds 358,152 Common Shares, representing 17.44 per cent. of the Company's total voting rights.
Following the cancellation of these 58,515 Common Shares, the Company's issued share capital will consist of 2,053,765 Common Shares. Therefore, the total number of voting rights in the Company is 2,053,765.
The above figure of 2,053,765 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interests in, or a change to their interest in the Company under the FCA's Disclosure and Transparency Rules.
Given that Mr Knox is a director of the Company, this transaction is a related party transaction under Rule 13 of the AIM Rules for Companies. Accordingly, the independent directors of the Company, being Thomas Nicolette, Dr Raymond Akers and Gavin Moran, having consulted with the Company's Nominated Adviser, Daniel Stewart, consider that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
About Akers Biosciences, Inc.
Akers Biosciences develops, manufactures, and supplies rapid, point‐of‐care screening and testing products designed to bring health status information, both rapidly and directly, to the consumer or healthcare provider. The Company has advanced the science of diagnostics while responding to major shifts in healthcare through the development of several proprietary platform technologies. The Company's state‐of‐the‐art rapid diagnostic assays can be performed virtually anywhere, in minutes, since time is always of essence. ABI is aligned with high volume medical product distributors to help facilitate the Company's growth into a major, worldwide competitor in the field of rapid diagnostics. Additional information on the Company and its products can be found at www.akersbiosciences.com
Enquiries:
Thomas A. Nicolette
President and CEO
Tel. +1 856 848 8698
Antony Legge or James Thomas
Daniel Stewart & Company plc (Nomad and Broker)
Tel. +44 (0) 20 7776 6550
Ben Simons
Vigo Communications
Tel. +44 (0) 20 7016 9574