IDH.L Regulatory News (IDH)

3 Sep 2007 07:00

Immunodiagnostic Systems Hldgs PLC03 September 2007 31 August 2007 Immunodiagnostic Systems Holdings PLC("IDS" or the "Group") Completion of Acquisition IDS, a leading producer of diagnostic testing kits, announces the completion ofthe acquisition of 99.93% of the ordinary share capital of Biocode Hycel S.A. ("Biocode"). As previously announced, the initial consideration for Biocode was €23,000,000,with €11,000,000 to be satisfied in cash, and the balance satisfied through theissue of 2,839,719 new Ordinary Shares in IDS, at a price of 216p. A placing of 5,000,000 New Ordinary Shares at a placing price of 240p per shareraised £12,000,000 before expenses to satisfy the cash portion of the initialconsideration and for additional working capital. The Ordinary Shares have been admitted to trading on AIM and Admission becameeffective on 31 August 2007. Following the Admission the Company's issued sharecapital consists of 23,967,686 ordinary shares with a nominal value of 2 penceeach. The Biocode Group is a Belgian-French group that develops, manufactures anddistributes IVD instruments and reagents for immunoassay, haematology and biochemistry. Biocode Hycel S.A. has four sites, namely Liege (Belgium) and Massy, Rennes and Pouilly (France), andcurrently employs 132 people. Biocode Hycel S.A. is in the final stages of developing a new generation ofautomation instruments, called the 3X3 Instrument. As announced on 4 December 2006, IDS already has acontractual working relationship with Biocode Hycel S.A. in that IDS is part of the Alliance thathas been developing tests for this new platform. For the year ending 31 December 2006, Biocode's EBIT was •-2.8m (c. £-1.9m), ona turnover of €12.1m (c. £8.1m). The acquired net assets as at 31 December 2006(adjusted for the elimination of net cash/net debt and the alignment ofaccounting policies) were €3.2m (c. £2.1m). Enquiries: Immunodiagnostic Systems Holdings plc Parkgreen Communications LtdDr. Roger Duggan, Managing Director Ben KnowlesTel: 0191 519 0660 Tel: 020 7851 7480www.idsltd.com ben.knowles@parkgreenmedia.com Landsbanki Securities (UK) LimitedSindre OttesenTel: 0207 426 9000 This information is provided by RNS The company news service from the London Stock Exchange