17 Oct 2012 11:41
17 October 2012
Immunodiagnostic Systems Holdings PLC
€1.9m settlement on Escalon debt
Immunodiagnostic Systems Holdings PLC ("the Company" or "the Group"), a leading producer of manual and automated specialist diagnostic testing kits and instrumentation for the clinical and research markets, today announces the receipt of €1.9m in cash from Escalon Medical Corporation ("EMC") as full and final settlement against a debt of €3.2m relating to outstanding deferred consideration from an earlier business disposal.
In December 2008, the Group disposed of its Haematology Division to BH Holdings SAS ("BHH"), with an element of deferred consideration guaranteed by its ultimate parent company EMC. BHH later went into administration and the Group made a full provision for the outstanding amount of deferred consideration of €3.2m in its financial year ended 31 March 2012.
This settlement agreement was reached today following the disposal by EMC of it clinical diagnostics business to ERBA Diagnostics for $6.5m on 4 October 2012 and will result in an exceptional gain for the Group of £1.5m during the year ending 31 March 2013.
For further information:
Immunodiagnostic Systems Holdings PLC | |
Patrik Dahlen, Chief Executive Officer | Tel : +44 (0)191 5190660 |
Gerard Murray, Finance Director | |
Peel Hunt LLP | Tel : +44 (0)207 418 8900 |
James Steel | |
Dr Vijay Barathan | |
FTI Consulting | Tel : +44 (0)207 831 3113 |
Ben Atwell | |
Simon Conway | |
Mo Noonan |