Last checked at 2 Jul 2010 12:16
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| International Brand Licensing plc ("IBL" or "the Company") |
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Result of General Meeting
International Brand Licensing Plc (AIM: IBL), a growing business within the in-vitro diagnostic devices market, is pleased to announce that at the General Meeting held earlier today all resolutions were duly passed. The passing of the resolutions will enable the Company to proceed with:
·; The acquisition of EKF-diagnostic GmbH which is conditional, inter alia, on Admission of the Placing Shares.
·; The allotment of the Placing Shares, to raise gross proceeds of approximately £15.06 million, the admission of which will take place in three stages:
o In the First Admission, 10,666,665 new ordinary shares of 1p each will be admitted to trading. The Company has made an application to the London Stock Exchange and it is expected that First Admission will take place on 5 July 2010;
o In the Second Admission, a further 25,499,998 new ordinary shares of 1p each will be admitted to trading. The Company has made an application to the London Stock Exchange and it is expected that Second Admission will take place on 6 July 2010; and
o In the Third Admission, a further 64,268,990 new ordinary shares of 1p each will be admitted to trading and all of the Existing Ordinary Shares will also be readmitted to trading. The Company has made an application to the London Stock Exchange and it is expected that Third Admission will take place on 7 July 2010.
·; The Change of Name of the Company to EKF Diagnostics Holdings plc, which will be effective (for the purposes of AIM) from 7 July 2010 (AIM trading symbol will be EKF.L).
Definitions in this announcement are consistent with those set out in the Admission Document issued to shareholders of the Company and dated 15 June 2010, a copy of which is available on the Company's website.
Julian Baines, CEO of EKF Diagnostics Holdings plc commented: "The acquisition of EKF-diagnostic GmbH is the first step in our strategy to build a diagnostics business and gives us a good platform for future growth both organically and by further acquisitions. We intend, in particular, to focus on devices and reagents relating to diabetes, one of the fastest growing diseases in the world."
Enquiries:
| International Brand Licensing plc |
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| Julian Baines, CEO | Mob: 07788 420 859 |
| Paul Foulger, Finance Director | Tel: 020 7823 1733 |
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| Zeus Capital (Nominated Adviser and Joint Broker) | Tel: 0161 831 1512 |
| Ross Andrews / Tom Rowley |
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| Matrix Corporate Capital LLP (Joint Broker) | Tel: 020 3206 7000 |
| Robert Naylor / Stephen Waterman |
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| Walbrook PR | Tel: 020 7933 8780 |
| Paul McManus / Ben Knowles | ben.knowles@walbrookpr.com |
Notes to editors
Details of acquisition and placing
In the announcement on 15 June 2010 IBL announced:
·; an agreement to acquire EKF-diagnostic GmbH ("EKF") for a total consideration of €14.32m to be satisfied by €11.32m in cash on completion and €3m deferred consideration in shares; and
·; a placing to raise approximately £15.06m (gross) by means of the issue of 100,435,653 new Ordinary Shares at 15 pence per share to fund the acquisition and to provide working capital
About EKF Diagnostics Holdings plc
The acquisition of EKF-diagnostic GmbH ("EKF") has provided the Company with an established, profitable and cash generative business within the diagnostic devices industry. The Enlarged Group will be a manufacturer and distributor of point of care diagnostic devices and reagents and will immediately have sales and distribution channels into over 65 countries (including the key markets of the US, Europe and Russia).
About EKF
EKF, based in Barleben, Germany, was founded in 1990 and focuses on the development, manufacture and selling of diagnostic instruments and reagents to clinical and research laboratories, doctors' offices and sports medicine testing sites worldwide. EKF focuses on diabetes and anaemia testing, two of the main segments of the point of care market.